Meet Ordinals, the new bitcoin NFT engine, and the drama surrounding them
A new use case for the bitcoin chain is now being tested by individuals who have discovered a way to get content directly into the blockchain and launched just a few days ago. Certainly anyone has been enabled to create bitcoin NFTs as part of its functionality. The often unintended tap was opened by the root upgrade that went through the network in November and which increased the length of bitcoin transactions to almost the entire size of a block.
This is significant for what is happening currently and prior to taproot, we could only keep transactions as small as 80 bytes in size which limited the utility of keeping them in block space but now bitcoin can chain NFTs directly. This enables the portability, stability, and decentralization benefits that characterize bitcoin. This can present unique advantages to content creators and users, and given that every piece of content stored via ordinal means on the blockchain will need to be synced by the nodes on the blockchain that support them and Most NFT projects that use this chain of course initialize pointers for information only and do not live directly on the blockchain. While there are few gains surrounding the adoption of bitcoin NFC and now the emergence of this new feature has been put to good use to represent the actual workings of the network and constitutes an attack against the bitcoin ecosystem. There are already two groups in this public debate that support the face of bitcoin and that it is a spam attack that should be avoided and even censored. The former group alleges that this is a positive for the chain, bringing in more fees and being useful to the chain, and there is the case of well-known bitcoin-influencer Dan Held, who believes that paying fees for each transaction is spam. is not and does not allow the chain to work on top of it.
The second group says that even though they cannot do anything to stop it, they will suffer in terms of its financial transactions. Blockstream CEO Adam Back, believed by some to be Satoshi Nakamoto, is part of this faction, saying that Bitcoin users can “educate and encourage developers and developers on whether bitcoin cares or doesn’t.” and use it in a practical way – efficient example time-stamp method.
The bitcoin developer, Luke Dashjr, called this an “attack” on the protocol and called for spam filters to be developed to counter the gradual functionality. Another user titled “Bitcoin is Saving” also criticized it from the other distinct side, explaining that it would affect the viability of marginalized people in developing countries to run bitcoin nodes and send transactions.