The Bitcoin developer rodarmor launched Ordinals, an NFT protocol on Bitcoin. Is it an attack or a blessing in disguise? FrederickMunawa reports.
. SegWit helped scale Bitcoin by introducing a block field to hold “witness data” – signatures and public keys for Bitcoin transactions. Potential vulnerabilities forced developers to impose limits on the size of that data. When Taproot came along, it resolved those security concerns, allowing the old SegWit restrictions to be removed and paving the way for large chunks of NFT data to be stored on-chain. Turns out it’s the perfect foundation for Ordinals.
The protocol’s opponents argue that Ordinals will compete with traditional payment transactions by crowding blocks and driving up transaction fees. Rodarmor disagrees. “To that I say, well, there's this fee market pricing mechanism that bitcoin has, that lets people pay the amount of fees according to how valuable doing the transaction is to them,” Rodarmor told CoinDesk in an interview. “And that applies both to financial transactions and to inscriptions.
Rodarmor has poured gasoline onto that fiery debate with the launch of Ordinals. “It’s also fair game for miners to censor the crap as a form of discouragement,” saidHe later posted: “We can recognize we can't really stop them and it's a free world with anonymous miners. But we can also educate and encourage developers who care about Bitcoin's use case to either not do that or do it in a prunable space-efficient e.g. time-stamp way.
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