For the past two weeks, members of the cryptocurrency community have been discussing the non-fungible token (NFT) concept known as Ordinals. Since the 3.96 MB block (#774.628) was mined, there has been a significant increase in ordinal signups on the Bitcoin blockchain.
Ordinal Enrollments on the Bitcoin Blockchain Spark Debate Among the Crypto Community
The controversial concept of NFTs known as ordinals, which uses the Bitcoin blockchain to mint inscriptions, has been a hot topic recently. Since its introduction, there has been a marked increase in the number of signups being added to the Bitcoin blockchain without permission. This includes JPEG images, NFTs from other blockchains like Bored Apes, and even a DOOM video game archive. The biggest surprise was when the Luxor mining pool mined a 3.96 MB block (#774,628) that contained ordinal inscription #652a JPEG image of a magician.
Since that block was mined, the number of ordinals minted has increased further, and the mint rate has grown significantly since the start of the project. According Statistics from Dune Analytics, as of January 20, 2023, less than 10 ordinals were minted a day. By January 22, the number increased to 36. On January 29, 2023, there were over 100 mints, and the next two days saw numbers just below 75. After the Luxor block bearing the inscription # was produced. 652, the number of mints increased to 420 on February 2, 2023, and the next day saw 203 ordinal inscriptions.
There have also been a number of large blocks, not reaching 4MB, but approaching the 3MB range. For example, block heights #774,997 and #774,996 were close to the 3 MB range, higher than the previous record, before the Luxor block, of 2,765 MB (#748,918) mined on August 11, 2022. Despite the fact that February 4, 2023 has not ended, 547 ordinal inscriptions were already added to the Bitcoin blockchain on Saturday, making it the largest daily number of mints regular to date. Currently, the proportion of block space used by ordinal entries is not substantial, but it is growing by the day.
Bitcoin maximalists and small block advocates are raising concerns about ordinal enrollments and sharing their views on it. Bitcoin advocate Jimmy Song has reclaimed that the Luxor mining pool will be “punished by the market” and suggested that smaller blocks may be needed. “Unpopular Opinion”, Song tweeted, “If signups start to bloat the chain, a reduced block size should be considered.” The issue has drawn criticism from Bitcoin developer Luke Dashjr, who has often said that ordinal inscriptions are similar to “attack Bitcoin”.
Blockstream’s Adam Back has also commented on the situation, expressing his opinion. “You can’t stop them, of course,” Back saying. “Bitcoin is designed to be resistant to censorship. That doesn’t stop us from commenting gently on the sheer waste and stupidity of a coding. At least do something efficient. Otherwise, it’s just another block space consumption test.” Others have referred to ordinals as a “spam attackand some have called in developers to address the issue with a soft fork. “Ordinals are an attack on Bitcoin”, Derek Ross tweeted. “It is being orchestrated by known bad actors,” he added.
Many others disagree with calling ordinal inscriptions an attack. Cryptocurrency advocate Udi Wertheimer tweeted: “Bitcoin maximalists are not true bitcoiners. True bitcoiners are a happy bunch who like to have fun. Hal Finney, for example, would have loved Bitcoin NFTs (Taproot Wizards). Let’s make Bitcoin fun again.” Wertheimer shared an old email from Hal Finney sent to the Cypherpunks mailing list about “crypto trading cards.” Digital currency supporter Eric Wall emphasized This week no Bitcoin maximalists celebrated the rise in Taproot adoption.
“After 14 months of below 3% Taproot adoption, we suddenly hit 99.5% Taproot adoption this week and not a single Bitcoin maximalist celebrated,” Wall said. “I don’t get you guys. What do you want?” Wall aggregate.
What do you think about the recent increase in ordinal signups on the Bitcoin blockchain? Are they a positive or negative development for the future of the Bitcoin network? Share your thoughts in the comments section below.
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