Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain

During the past two weeks, members of the cryptocurrency community have discussed the non-fungible token (TVN) concept known as Ordinals. Since the 3.96 MB block (#774,628) was mined, there has been a significant increase in Ordinal inscriptions on the Bitcoin blockchain.

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Ordinal Inscriptions on Bitcoin Blockchain Spark Debate Among Crypto Community

The controversial NFT concept known as Ordinals, which uses the Bitcoin blockchain to mint inscriptions, has been a highly topical subject recently. Since its introduction, there has been a marked increase in the number of inscriptions being added to the Bitcoin blockchain in a permissionless manner. This includes JPEG images, NFTs from other blockchains like Bored Apes, and even a DOOM video game file. The biggest surprise was when the Luxor mining pool mined a 3.96 MB block (#774,628) that contained Ordinal inscription #652, a JPEG image of a wizard.

Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain
Charts show a rise in Ordinal mints since the Feb. 2, 3.96 MB block mined by Luxor.

Since that block was mined, the number of Ordinals minted has increased further and the mint rate has grown significantly since the project’s inception. Selon statistiques from Dune Analytics, until Jan. 20, 2023, there were fewer than 10 Ordinals minted daily. By Jan. 22, the number rose to 36. On Jan. 29, 2023, there were over 100 mints, and the next two days saw numbers just under 75. After the Luxor block with inscription #652 was produced, the number of mints surged to 420 on Feb. 2, 2023, and the next day saw 203 Ordinal inscriptions.

Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain
Taproot spending transactions have increased a great deal this year.

There have also been a number of large blocks, not quite reaching 4 Mo, but close to the 3 MB range. Par exemple, block heights #774,997 et #774,996 were near the 3 MB range, larger than the previous record, before Luxor’s block, de 2.765 Mo (#748,918) mined on Aug. 11, 2022. Despite the fact that Feb. 4, 2023, is not over, 547 Ordinal inscriptions have already been added to the Bitcoin blockchain on Saturday, making it the highest daily number of Ordinal mints to date. Actuellement, the proportion of block space used by Ordinal inscriptions is not substantial, but it is growing daily.

Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain

Bitcoin maximalists and proponents of small blocks are expressing concern about the Ordinal inscriptions and sharing their opinions on the matter. Bitcoin advocate Jimmy Song has revendiqué that the Luxor mining pool will be “punished by the market” and suggested that smaller blocks may be necessary. “Unpopular opinion,” Song tweeté, “If inscriptions start bloating the chain, a decreased block size must be considered.” The issue has drawn criticism from Bitcoin developer Luke Dashjr, who has frequently stated that Ordinal inscriptions are similar to “attacking Bitcoin.”

Debate Intensifies Over Significance and Implications of Ordinal Inscriptions on Bitcoin Blockchain
Crypto supporter and “Taproot Wizard #2,” otherwise known as Eric Wall, has shared a great number of memes about the subject.

Blockstream’s Adam Back has also commented on the situation, expressing his opinion. “You can’t stop them, bien sûr,” Back mentionné. “Bitcoin is designed to be censor-resistant. That doesn’t prevent us from mildly commenting on the sheer waste and stupidity of an encoding. At least do something efficient. Otherwise, it’s just another proof-of-consumption of block-space thing.” Others have referred to Ordinals as a “spam attack,” and some have appelé on developers to address the issue with a soft fork. “Ordinals are an attack on Bitcoin,” Derek Ross tweeté. “It’s being orchestrated by known bad actors," il ajouta.

Many others disagree with calling Ordinal inscriptions an attack. Crypto advocate Udi Wertheimer tweeté: “Bitcoin maximalists aren’t real bitcoiners. Real bitcoiners are a happy bunch that likes to have fun. Hal Finney, par exemple, would have loved the [Taproot Wizards] Bitcoin NFTs. Let’s make bitcoin fun again.” Wertheimer shared an old Hal Finney email sent to the Cypherpunks mailing list discussing “cryptographic trading cards.” Digital currency supporter Eric Wall emphasized this week that no Bitcoin maximalist celebrated the increase in Taproot adoption.

“After 14 months of sub-3% Taproot adoption we suddenly reached 99.5% Taproot adoption this week and not a single Bitcoin maximalist celebrated,” Wall said. “I don’t understand you guys. What do you want?” Wall ajoutée.

Tags dans cette histoire
Adam Back, adoption, Bitcoin, Chaîne de blocs Bitcoin, bitcoin maximalists, Bitcoin NFTs, block-space, Chaîne de blocs, Bored Apes, censor-resistant, Crypto-monnaie, cryptographic trading cards, Cypherpunks, DOOM video game file, Analyse des dunes, eric wall, Hal Finney, inscriptions, Jimmy Song, JPEG images, Luke Dashjr, Luxor mining pool, Maximalist, mint rate, TVN, Jeton non fongible (TVN), ordinals, proof-of-consumption, small blocks, Fourche souple, Spam Attack, stupidity, Racine pivotante, Udi Wertheimer, waste, wizard

What are your thoughts on the recent surge of Ordinal inscriptions on the Bitcoin blockchain? Are they a positive or negative development for the future of the Bitcoin network? Partagez vos pensées dans la section des commentaires ci-dessous.

Jamie Redman

Jamie Redman est le responsable de l'information chez Bitcoin-Tidings.com News et un journaliste spécialisé dans les technologies financières vivant en Floride. Redman est un membre actif de la communauté des crypto-monnaies depuis 2011. Il a une passion pour Bitcoin, code open-source, et applications décentralisées. Depuis septembre 2015, Redman a écrit plus de 6,000 articles pour Bitcoin-Tidings.com Actualités sur les protocoles perturbateurs qui émergent aujourd'hui.




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