The Bitcoin Core stands as a cornerstone, its decentralized nature and robust protocol serving as a testament to the resilience of blockchain technology. However, beneath the surface of this digital behemoth, developers have identified a potential vulnerability—ordinals, the seemingly inconspicuous elements that could pose a significant threat to the integrity and security of Bitcoin Core.
Bitcoin on the brink as core developer sheds light on an ‘Ordinal’ Weakness!
The Bitcoin community is currently engaged in an online discourse regarding the potential vulnerability of the BTC blockchain introduced by Ordinals. While Bitcoin core developers such as Luke Dashjr regard inscriptions as spam, others on the social media platform X view them as an evolution of the BTC blockchain.
In a recent tweet on X, Luke Dashjr informed his 83,300 followers that inscriptions are spamming the blockchain by exploiting a vulnerability in Bitcoin Core. Bitcoin Core has allowed users to restrict the size of additional data in transactions they relay since 2013. By bypassing this restriction, inscriptions constitute a “vulnerability.”
According to Dashjr, Bitcoin Core remains vulnerable in the forthcoming v26 release. However, the developer is optimistic that the matter will be resolved prior to v27 next year.
Bitcoin (BTC) is currently valued at $43,926.59, with a 24-hour trading volume of $13,332,779,854.53. This signifies a price decrease of -0.03% over the last twenty-four hours and a surge of 11.08% over the last seven days.
As of now, the value of cryptocurrencies on the global market is $1.71 trillion, representing a -0.66% day-on-day fluctuation and a 92.4% year-over-year change. At the present moment, Bitcoin holds a market capitalization of $858 billion, signifying a dominance of 50.05%.
Stablecoins, meanwhile, have a market capitalization of $131 billion, or 7.63% of the total crypto market capitalization.
The developer claims that while miners are assumed to be honest and not malicious, allowing inscriptions on the BTC blockchain increases transaction prices. While this is advantageous to miners, it is an attack on the Bitcoin blockchain network.
Inscriptions are regarded as a technological weakness that may have long-term consequences for Bitcoin users due to their impact on the network’s security and integrity.
BTC Ordinals market presence
Ordinals inscription sales set daily records on this week as the controversial but buzzy tagalong on the BTC blockchain reached another milestone. Ordinals inscription number eight from the Honey Badger series sold for 10.4 BTC on Magic Eden on Thursday, according to the NFT marketplace’s Twitter feed.
According to Magic Eden, Honey Badger is a collection of 10K Ordinal Inscriptions ranging from 8 to 1029518.
The pseudonymous Twitter user “OG General” acquired the inscription,” according to Magic Eden, who tagged the account. Magic Eden, already the number one marketplace for NFTs on the Solana blockchain, introduced an Ordinals NFT store in March, as the enthusiasm surrounding Ordinals inscriptions grew.
In June, Magic Eden enabled support for BRC-20 tokens. Ordinals fans can use the BRC-20 protocol to produce not only inscriptions on the Bitcoin blockchain but also meme currencies.
BTC Ordinals reshape the NFTs industry
As market expectation for BTC ETFs grows, BTC has broken beyond the $43,000 barrier, continuing its ascent to new yearly highs.
The rise of BTC is aided further by active trading in Ordinals: according to Dune Analytics, the daily trading volume on mainstream platforms for Bitcoin Ordinals inscriptions rose to approximately $15.94 million on December 3rd, a more than 200% increase from the previous low of $4.94 million on November 26th.
Despite skepticism about BTC Ordinals, such as the lack of smart contracts and high transaction gas prices, the Ordinals community’s enthusiasm continues unabated.
Ordinals’ evolution, like BTC’s evolution, proves that what doesn’t kill you just makes you stronger.