Bitcoin Community Debates Over Non-Financial Data, Suggests New Blockchain

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The Key Points at a Glance

The Bitcoin community is facing a controversial debate: Are ordinals and inscriptions on the Bitcoin blockchain to be considered as spam? Luke Dash Jr, a core developer of Bitcoin and Chairman of Ocean Mining, believes that these applications are attacking the network by overloading it with non-financial transactions. He suggests storing such data on a new blockchain linked to Bitcoin, to keep the core of the network untouched.

Ordinals: Innovation or Network Spam?

Ordinals have caused a stir since their introduction by generating new types of transactions and additional fees for the Bitcoin network. Especially after the introduction of Spot-BTC-ETFs in the USA and the associated bull market, the cumulative fees for ordinals have skyrocketed. While some welcome the new opportunities that ordinals offer, others, like Luke Dash Jr, see them as a threat to Bitcoin’s original purpose and stability.

Critical Voices from the Developer Community

Luke Dash Jr has been critical of the introduction of ordinals and inscriptions on the Bitcoin blockchain. “Anyone who has adopted Bitcoin has chosen it for its monetary use and financial transactions,” emphasizes Dash. He refers to the introduction of non-financial data and transactions, which are not unanimously supported, as spam. Dash Jr suggests that such applications could be realized on a separate blockchain, which is connected to Bitcoin but represents an opt-in solution, to protect the core of the network.

The Future of Bitcoin Ordinals

Despite the criticism of some core developers, the area of Bitcoin NFTs, led by projects like Runestones and Bitcoin Puppets, has reached a market capitalization of over 2 billion US dollars. This shows the growing interest and acceptance of this new form of digital assets within the Bitcoin community. However, the debate about the permissibility and usefulness of ordinals and inscriptions on the Bitcoin blockchain is far from over.

Our Assessment

The introduction of ordinals and inscriptions on the Bitcoin blockchain has sparked an important discussion about the limits and possibilities of Bitcoin. While innovations have the potential to expand the usefulness and applicability of Bitcoin, it is crucial that such developments are in line with the basic principles and the consensus of the community. The proposals by Luke Dash Jr offer an interesting approach to allow innovations without compromising the core of the Bitcoin network. Ultimately, the future of ordinals and similar applications will depend on the ability of the Bitcoin community to find a common path that promotes innovation while preserving the integrity and security of the network.

Sources: Coingecko, AMBCrypto

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Last update: 24. June 2024

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