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904 sats \ 0 replies \ @cryotosensei 8 Feb 2023 \ on: What are you working on this week? bitcoin
Trying to find out more about Orbitals:
  • Casey Rodarmor leveraged Taproot to store fully on-chain NFT-like structures on Bitcoin. He came up with a NFT protocol called Ordinals.
  • The Ordinals protocol pairs NFT content with a Bitcoin transaction which is in turn assigned to an individual satoshi and comes with an unique serial number. Take note of the word “inscription” - it means assigning NFT-like content to a satoshi and will probably go viral soon.
  • Ordinals encourages the storage of JPEG-like images, PDFs, videos and audio files up to 4MB large. Detractors believe that these NFT-like structures will hog blockchain space, which leads to the increase in transaction fees.
  • The detractors may have valid concerns about the sustainability of Ordinals since Ordinals already occupy 50% of the blockchain
  • BTC supporters are divided into two camps. The first group are purists who believe that BTC should be solely used for financial transactions and that Ordinals deviate away from its original purpose of facilitating permissionless P2P transactions. The opposing camp, however, feels that various use cases should be embraced and integrated into the BTC blockchain.
  • Rock NFTs on Bitcoin blockchain seem to be selling like hot cakes.
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