Ordinals: A Bitcoin NFT Controversy

Irene Maria
A recent NFT project by Casey Rodarmor known as Ordinals is causing a ruckus in the Bitcoin community. This project is unique compared to other NFTs as it is native to Bitcoin. The issue has rekindled a long-standing debate among Bitcoin developers regarding the usage of Bitcoin blockspace.Some developers believe that the Bitcoin blockspace should be reserved exclusively for financial transactions while others believe it can be utilized to store a broader range of data, including NFTs. The disagreement was addressed by the Bitcoin Core in 2014, with the implementation of the OP_RETURN function. This function enables the inclusion of short messages in blocks.

However, Ordinals have found a way to post non-financial data to the Bitcoin blockchain cheaper than financial transaction data. This has resulted in criticism and suggestions from some, including Adam Back, that mining pools should censor these transactions. This controversy raises questions regarding the balance between Bitcoin’s openness and its permissionless nature, and limiting certain transactions.

The problem of finding a balance between openness and limiting transactions is not unique to Bitcoin. Other appchain builders are also facing similar challenges. The controversy surrounding Ordinals serves as a valuable opportunity for discussion and highlights the differences between the generalized blockspace used in Ethereum and the app-specific blockspace used in Osmosis.

Censorship is a highly sensitive issue, but the fact is that there are norms in society that dictate what types of information and actions are acceptable. The challenge for Bitcoin is to find a way to maintain its open and permissionless nature while also limiting certain transactions.

Finding a solution to this issue has not been easy, and there are different opinions on the matter. Some believe that censorship is necessary to prevent the Bitcoin blockchain from being cluttered with non-financial data. Others argue that censorship goes against the principles of Bitcoin as an open and permissionless system.

Despite the differences in opinions, the debate around Ordinals serves as a reminder of the importance of finding a balance between openness and limiting certain transactions. This is particularly relevant in the context of NFTs and the usage of the Bitcoin blockchain.

The controversy surrounding Ordinals highlights the challenges that the Bitcoin community faces in finding a balance between its openness and permissionless nature and limiting certain transactions. The debate serves as a valuable opportunity for discussion and finding a solution to this issue. The solution, however, has not been found yet, but the conversation continues.

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Maria Irene
Maria Irenehttp://ledgerlife.io/
Maria Irene is a multi-faceted journalist with a focus on various domains including Cryptocurrency, NFTs, Real Estate, Energy, and Macroeconomics. With over a year of experience, she has produced an array of video content, news stories, and in-depth analyses. Her journalistic endeavours also involve a detailed exploration of the Australia-India partnership, pinpointing avenues for mutual collaboration. In addition to her work in journalism, Maria crafts easily digestible financial content for a specialised platform, demystifying complex economic theories for the layperson. She holds a strong belief that journalism should go beyond mere reporting; it should instigate meaningful discussions and effect change by spotlighting vital global issues. Committed to enriching public discourse, Maria aims to keep her audience not just well-informed, but also actively engaged across various platforms, encouraging them to partake in crucial global conversations.

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