The ordinal protocol sparks controversy over the place of NFTs in the Bitcoin ecosystem

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The recent launch of a Non-Fungible Token (NFT) protocol on the Bitcoin mainnet has divided the crypto community on whether it will be good for the Bitcoin ecosystem.

The protocol, referred to as “Ordinals,” was created by software engineer Casey Rodarmor, who officially launched the software on the Bitcoin mainnet after January 11th. 21 blog posts.

The protocol essentially allows Bitcoin to be issued from NFTs – described as “digital artefacts” on the Bitcoin network.

These “digital artifacts” can include JPEG images, PDF files, or video or audio formats.

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Meme-inspired “digital artifacts”, such as NFTs, are now being listed on the Bitcoin network. Source: arrangement

The introduction of the protocol divided the Bitcoin community, however, with some arguing that it provides more financial use cases for Bitcoin, while others say it departs from Satoshi Nakamoto’s vision of Bitcoin as a peer-to-peer monetary system.

Bitcoin bull Dan Held was one of those involved in the development, noting that it will drive up demand for block space — and therefore fees — while bringing more use cases to Bitcoin.

some have pointing to It is clear that these NFT-like structures have taken up a lot of space on the Bitcoin network, which can lead to higher transaction fees.

Among them is the Twitter user “Bitcoin is Saving.” argue to their 237,600 followers in January. 29 that “privileged wealthy whites” willing to use JPEGs as status symbols may exclude marginalized people from participating in the Bitcoin network.

Cryptocurrency researcher Eric Wall Disagreearguing that Bitcoin’s built-in block size limit would prevent transaction fees from skyrocketing.

Blockstream CEO and Bitcoin core developer Adam Backe wasn’t happy about bringing meme culture to Bitcoin, suggesting that developers are taking the “stupidity” elsewhere:

However, Ethereum bull Anthony Sasano, host of The Daily Gwei, took a shot at the Blockstream CEO for wanting to censor “unwanted” transactions, which many believe goes against the spirit of Bitcoin:

Related: The Stacks ecosystem has become the first Web3 project on Bitcoin

Rodarmor explained in a blog post that NFT-like structures are created by registering satoshis — the native currency of the Bitcoin network — with random content.

These listed satoshi — which are cryptographically represented by a string of numbers — can then be secured or transferred to other Bitcoin addresses, according to notes in Ordinal’s technical documentation:

“The inscription is accomplished by sending a Satoshi to be recorded in a transaction that reveals the content of the inscription on the chain. This content is then intimately linked to that satoshi, turning it into an immutable digital artifact that can be traced, transferred, stored, bought, sold, lost and rediscovered.”

The inscriptions are done on the main Bitcoin network, and there is no need for a side chain or separate token, the document states.

It appears that only 277 digital artifacts have been recorded so far, according to the Ordinals website.

Interestingly, Rodarmour confessed in August. 25 Interviews on Hell Money Podcast The Ordinals were created to bring Bitcoin memes to life:

“This is 100% meme-driven development.”