Proposal to limit the functionality of Bitcoin version of NFT “Ordinals” causes confusion

Discussion is deadlocked

A proposal by Bitcoin (BTC) core developer Luke Dashjr has so far failed to garner enough support for implementation.

Dashjr’s proposal would remove the functionality of Ordinals, also known as Bitcoin’s version of NFTs (non-fungible tokens), from Bitcoin L1.

Discussions were taking place on github, but one of the core developers, Andrew Chow, ended the discussion on the 5th with the following statement:

Bitcoin’s code cannot be changed without majority agreement.

Dashjr’s proposal addressed a vulnerability in Bitcoin core that would disable issuance functions such as BRC-20 and Ordinals.

He said Bitcoin Core has been able to limit the size of extra data in transactions, but the act of “inscribing” these tokens circumvents the limits by obfuscating the data as program code. I am of the opinion that it is.

Issuing tokens requires block space, and there have been concerns for some time that BRC-20 and Ordinals tokens could be affected by network congestion and increased transaction fees.

Dashjr’s “datacarriersize: Match more datacarrying” proposal aims to limit transactions involving different types of data.

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Pros and cons of Ordinals

Opinions on BRC-20 tokens and Ordinals are divided even within the Bitcoin community.

Proponents argue that these are innovations that will renew interest in Bitcoin, and that rising fees also show demand from the market. There is also the view that it will create a new source of revenue for miners.

Last December, the long-established auction house Sotheby’s held its first auction of Ordinals’ artwork.

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On the other hand, some argue that Bitcoin’s mission is to store value, and that token creation and trading should be done on sidechains or layer 2 solutions such as RGB or the Lightning Network.

Others are calling for rules to be set for transactions such as Ordinals, as it would cause node operators to face increased costs.

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