What are the influence of order numbers on the BTC network? (Research)
What are the influence of order numbers on the BTC network? (Research)
NFTS have arrived at Bitcoin-and they quickly conquer the network in storm.
On Wednesday, the Bitmex blog checked the introduction of Ordinals, the NFT sectors, which was the subject of heated debates in the Bitcoin community last week. How much steam does the new feature create in the chain?
order numbers: the data
According to the numbers of Bitmex, the number of transactions per block was deported in February 2023 and exceeded an average of 225 on February 5. For comparison: A Bitcoin block is produced about every ten minutes.
as report explains , ordinal transactions can be seen in your taproot input script. Taproot was a Bitcoin upgrade that was activated at the end of 2021 and brought Bitcoin more data protection and smart contract ability.
Ording numbers, however, were an unforeseen consequence for developers-they made it possible to identify individual satellite (the smallest unit of Bitcoin) in the network and to label with data such as images or videos. Transactions of this kind are a lot of life NFTS that circulate on blockchains such as Ethereum - except that their image data are embedded directly into Bitcoin's blockchain.
the first order number transaction localized by Bitmex took place on 14 December and was embedded in the face of an uncomfortable sophisticated skeleton. However, the cumulative number of the transactions of Ordinals did not start to rise until the end of January.
until February 7th-when the report was published by Bitmex-over 13,000 ordinal transactions had taken place. However, data from dune analysis shows that the registration increases exponentially from day to day. At the time of writing, there are over 49,000 recorded inscriptions, the vast majority of which contain image data.
Just like other blockchains, people buy these pictures: an ordinary point was sold for 9.5 BTC (~ 200,000 $) at the beginning of this week.
At the beginning of this week the blockchain intelligence company Glassnode was able to do this identify The popularization of an increasing number of troot transactions, that are noticeable in the chain. The proportion of transactions with this technology had almost tripled compared to the previous month.
worries about order numbers
Since new file types find input in Bitcoin, many Bitcoin developers fear that order numbers could have unintentional consequences. One of their main worries concerns the inflation of the blockchain - the refilling of block room, which could otherwise be used for purely financial transactions, which makes the network for standard users slower and more expensive.
"You can't stop them" Gut Ofc! Bitcoin is designed in such a way that it is censor resistant. Does not stop us from commenting the sheer waste and stupidity of a coding mild. do at least something efficient. Otherwise it is further proof of the consumption of block space things.
-Adam back (@adam3us) The data from Bitmex show that ordinals now take over 500 megabytes of cumulative block storage space after only a few weeks of intensive use.
supporter arguing Higher fees could be good for Bitcoin in the long term and miners offer a more sustainable source for fee income, since the network produces fewer new BTC over time.
Bitmex refused to comment in his report on the advantages and disadvantages of ordinals.
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