Is Ordinals Protocol allowed to issue NFT on the Bitcoin Blockchain?
“Ordinals,” a NFT protocol developed by Casey Rodarmor, was officially launched on Bitcoin’s mainnet on January 30. The protocol allows users create Bitcoin versions for NFTs. It was created by Casey Rodarmor, a software engineer. Some encryption experts wanted to change this and launch a new protocol. Some encryption practitioners wanted to change this situation and launch a new protocol. The Ordinals protocol will make these contents immutable digital artifacts and allow users to track and transfer, store, buy and sell. Inscriptions can be created on the Bitcoin mainnet without the need for sidechains or other tokens. Users can insert large amounts “data/content” into transactions using the Ordinals protocol. This will allow users to track, transfer, store, buy, and sell. The Ordinals protocol was released, but there was much controversy in the Bitcoin community. While some believe the NFT protocol will allow Bitcoin to have more financial use cases than it does, others feel it is not in line with Satoshi Nakamoto’s vision of Bitcoin being a peer-to–peer cash system. NFT may also occupy block space on Bitcoin’s network, driving up transaction fees. NFT opponents believe that NFT avatars, which are a status symbol that only wealthy investors can obtain, are a privilege symbol. As network fees rise, more people will be excluded from Bitcoin. It is not conducive for encryption adoption outside the network. However, there are people who are optimistic about Bitcoin NFT market. Dan Held, a former Kraken executive, is one of the supporters for the Ordinals protocol. He believes that the NFT protocol will increase Bitcoin block space demand and increase transaction fees but it will also allow Bitcoin to bring more financial use cases.
“If you pay a fee to send it, it’s not spam. Bitcoin is permissible. It is permissible to build it.
Additionally, the launch in 2017 of Segregated Witness (SegWit), and the 2021 launch of Taproot, Bitcoin today can fully satisfy protocols such as Oridinals to expand NFT functionality on the network. NFT is an important part in reimagining Web3. NFT can be used to meet the needs of users in financial services, games, and social media. NFT has been “occupied” for a long time by Ethereum. NFT already holds approximately 70% of all NFT sales. Many blockchain networks (such As Cardano Solana, Polygon and others) have been unable to meet user needs through NFT. He believes that the Bitcoin blockchain can break Ethereum’s NFT monopoly through its “historical advantages.” He believes that the Bitcoin blockchain will break Ethereum’s NFT Monopoly because of its “historical benefits .””[ It’s] been around for longer than any other — ten years now — plus they have a large, huge user base. However, Ethereum still offers many advantages. However, Ethereum still has many advantages. Source: DuneAccording the Hashrate Index data on January 21, Ordinals generated 2.1% of the network transaction fees in miners block rewards. However, this number rose to 3.44% on Jan 24, and even to 3.86% on January 25, and the transaction fees have risen to $1.27 per transaction since then. The amount of data involved in a transaction and the speed at the user wishes to complete it determine the Bitcoin transaction fee. Transaction fees for Bitcoin depend on how much data is involved in the transaction and the speed at which the user wants to complete the transaction. While “Bitcoin maximalists,” have always maintained Satoshi Nakamoto’s original intention to make it a peer–to-peer electronic money, the Ordinals protocol has made it more practical. It can support the exponential growth in NFTs on the network, even though there are transaction fees. The additional effect of using BTC for NFT trading may also increase the price of Bitcoin, which could be a benefit to both long-term holders and miners. The community and users will decide whether BTC will remain a peer-to-peer electronic money. It is impossible to limit the number of Bitcoin uses. People have been exploring and experimenting in Bitcoin since its inception. It is not possible to limit the use of Bitcoin. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comHaroldCoincu NewsTags: bitcoinBlockchainEthereumNFTOrdinals Protocol