Bitcoin-Based NFT Protocol Ordinals Causes Massive Divide In Community
Bitcoin-Based NFT Protocol Ordinals Causes Massive Divide In Community.
This month, the Ordinals protocol made its big debut, promoting itself to be a protocol which helps NFTs to transact directly on the Bitcoin blockchain. This has in turn caused a lot of divide within Bitcoin investors, with some arguing NFT transactions in Bitcoin itself should be banned.
The Ordinals protocol itself was developed by Casey Rodarmor earlier this month. Rodarmor, who was previously a former Bitcoin Core contributor, designed the protocol to allow “inscriptions,” which can be any type of data including images and videos, through inscribing additional information onto a single Bitcoin “satoshi” or Sat for short.
Rodarmor told Decrypt that the protocol itself is “just a system for numbering Satoshis, giving individual sats a serial number, and then tracking them across transactions.”
Ordinals can be sent to and received in any BTC wallet and the entire process remains within the Bitcoin network, meaning that it doesn’t require a sidechain or additional token.
“My design goal, from the beginning, was to create something that would strike people as being Bitcoin native. That means it can’t have a token, and it can’t be a sidechain.” Rodarmor says.
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Ordinals = NFTs on Bitcoin.
This is good for Bitcoin.
— Dan Held (@danheld) January 29, 2023
Responses to the Ordinals have been rather divided however, with some in the community claiming that bringing NFTs to Bitcoin could be groundbreaking while others argue that it has more negative effects than positive.
Some of the biggest complaints from Bitcoin investors has been the fact that these Ordinals will end up causing a lot of crowding to Bitcoin’s block space. This could in turn drive up Bitcoin’s transaction costs.
Many in the community have also pointed out that the Ordinals protocol goes directly against Bitcoin creator Satoshi Nakamoto’s ideas in which he wrote that Bitcoin would be and should remain to be “a peer-to-peer electronic cash system.”
BREAKING: 🚨 NFTs ON #BITCOIN
Ordinals are taking up most of the BLOCKSPACE 😯 pic.twitter.com/Gxwq4vV8MI
— Bitcoin News ⚡ (@BitcoinNewsCom) January 29, 2023
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