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NFTs and Bitcoin? That doesn't add up for many people

 


NFTs are entering the Bitcoin blockchain with the launch of the Ordinals protocol. Casey Rodarmor, the creator of Ordinals, claims that his protocol enables users to "assign any content, such as text or images, to specific Satoshis" and thereby produce "digital artifacts.".

The age-old argument about whether Bitcoin should be used for non-financial purposes has been reignited by the new protocol.

Such a "proof-of-work quorum system could not scale," according to the self-styled Satoshi Nakamoto, who created Bitcoin, in 2010.

Opponents of the protocol claim that the project could overwhelm Bitcoin blocks and drive up transaction fees.

Rodarmor disagrees. He tells Coindesk, "There is this fee market pricing mechanism that Bitcoin has that allows people to pay the amount of fees based on how valuable the transaction is to them to complete. ".

We'll have to wait and see if the Ordinals are successful. However, the protocol is already being used by interested parties to link digital inscriptions to transactions.

With only seven transactions per second, the mainnet scales very slowly. NFTs, Smart Contracts, and DeFi applications are therefore not very common. But most recently, Internet Computer (ICP) announced the adoption of Bitcoin as a layer 2 blockchain.

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