The cryptocurrency world has been debating the concept of a non-fungible token (NFT) for the past two weeks. The activity has been centered around ordinals, and since the 3.96MB block (#774,628) was mined, there has been a surge in ordinal enrollments on the Bitcoin blockchain.
Ordinal Inscriptions on Bitcoin Blockchain Prompts Controversy Among Crypto Community
The NFT theory, commonly known as Ordinals, makes use of Bitcoin’s blockchain to register and mint inscriptions. The topic of blockchain and ordinal mints recently gained a lot of traction. After it was introduced, there was a marked increase in the number of signups. Bitcoin Blockchain can be used without permission to register JPEG images, which are then used to create NFTs from different blockchains. Bored Apes even got an archive of the DOOM video game.
Since the block was mined, the number of ordinals created has increased, and the cost of minting has gone up significantly since the start of the project. According to Dune Analytics Statistics, as of January 20, 2023: Less than 10 ordinals per day had been minted. On January 22, however, the number had risen to over 100. The numbers for the two following days were slightly lower at 75. After the Luxor Block carrying the number #652 was mined, the number of ordinals increased to 420 on February 2, 2023 and 203 the day after.
There were also several large blocks that exceeded 4MB but were close to the 3MB range. Block heights #774,997 and #774,996 were both close to the three-MB range, larger than the previous document.
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Adam Back of Blockstream has also commented on the current state of affairs and shared his opinion. “You can’t stop them, of course,” Back said. “Bitcoin is designed to be resistant to censorship. That doesn’t stop us from gently commenting on the sheer waste and foolishness of coding. At least do something efficient. Otherwise, it’s just another block space consumption test.” Some have referred to ordinals as a “spam attack” and Derek Ross tweeted “It is being orchestrated by known bad actors”.
Many others disagree with the notion of ordinal inscriptions being an assault. Cryptocurrency Advocate Udi Wertheimer tweeted: “Bitcoin Maximumists don’t make true bitcoiners. True Bitcoiners are happy and content people who enjoy having fun. Hal FinneyFor example, he would have loved the [Taproot Wizards] Bitcoin NFTs. Let’s make Bitcoin enjoyable once more.” Wertheimer shared an old email from Hal Finney sent to the Cypherpunks mailing list about “Crypto buying and selling of playing cards Digital Currency supporter Eric Wall emphasized this week that no Bitcoin maximalist celebrated the rise of 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 noted. “I don’t get you guys. What do you want?” Wall aggregated.
What do you think of the current surge in ordinal signups on the Bitcoin blockchain? Are they indicative of a positive or negative movement for the future of the Bitcoin community? Share your thoughts in the comments section below.
