Bitcoin Core Developer Aims to Eliminate BRC-20 Tokens and Bitcoin-based NFTs
Bitcoin Core developer Luke Dashjr is working on upgrades that will effectively put an end to BRC-20 tokens and Bitcoin-based non-fungible tokens (NFTs) known as Bitcoin Ordinals. Dashjr identified a loophole in the Bitcoin blockchain that allows users to “spam the blockchain” through Inscriptions, a method of storing metadata on the blockchain. He considers this a bug and aims to fix it before v27 next year.
Divided Opinions in the Crypto Community
Some members of the crypto community are skeptical about Dashjr’s efforts, suggesting that miners may not support the proposed changes. However, Dashjr remains steadfast in his stance, arguing that NFTs on the Bitcoin network are fraudulent and never truly existed.
The Impact of Bitcoin Ordinals on the Network
Data from Mempool.space reveals that the Bitcoin network has faced congestion since February 2023, shortly after the introduction of Bitcoin Ordinals by developer Casey Rodarmor. Despite technical challenges, Bitcoin-based NFTs have proven profitable for miners, with total Ordinals fees nearing $150 million according to Dune data.
Understanding Bitcoin Ordinals and Network Congestion
Bitcoin Ordinals are unique artifacts that allow data to be inscribed onto individual satoshis, the smallest units of Bitcoin. Since their launch in January 2023, the popularity of inscriptions has caused congestion and transaction fee spikes on the Bitcoin network.
Hot Take: Dashjr’s Mission to Eliminate NFTs on Bitcoin
By addressing a vulnerability in the Bitcoin blockchain that allows for spamming through Inscriptions, Bitcoin Core developer Luke Dashjr aims to eliminate BRC-20 tokens and Bitcoin-based NFTs. While his efforts have divided the crypto community, Dashjr remains firm in his belief that NFTs on the Bitcoin network are fraudulent and never truly existed. The introduction of Bitcoin Ordinals has caused congestion and fee spikes on the network, but it has also proven to be profitable for miners. It will be interesting to see how Dashjr’s proposed upgrades are received by the broader community and whether they will be implemented successfully.
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