{"id":18605,"date":"2023-06-05T21:14:28","date_gmt":"2023-06-06T01:14:28","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-developers-divided-over-how-to-deal-with-meme-coin-explosion-whats-going-on\/"},"modified":"2023-06-05T21:14:29","modified_gmt":"2023-06-06T01:14:29","slug":"bitcoin-developers-divided-over-how-to-deal-with-meme-coin-explosion-whats-going-on","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18605","title":{"rendered":"Bitcoin Developers Divided Over How to Deal with Meme Coin Explosion \u2013 What’s Going On?"},"content":{"rendered":"
\n

While many celebrate Bitcoin (BTC)\u2019s plethora of new applications related to its new \u201cOrdinals\u201d protocol, developers maintaining the network\u2019s source code are in disarray on the matter.\u00a0<\/p>\n

Critics claim that new types of transactions beyond simple Bitcoin transactions are clogging the blockchain for those trying to use it for its intended purpose.\u00a0<\/p>\n

One such critic is Ali Sherief, who told Bloomberg that he thinks Bitcoin\u2019s system is being \u201cabused.\u201d The developer recommended<\/u> introducing a Bitcoin upgrade in early March that would delete all transactions related to the new protocol.\u00a0<\/p>\n

\u201cWorthless tokens threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency,\u201d he said to fellow devs in an email group at the time.<\/p>\n

On May 9, Bitcoin transaction fees returned to highs<\/u> not seen since 2017 after a pseudonymous Twitter user developed the BRC-20 token standard \u2013 an Ordinals<\/u>-based project for issuing fungible assets on Bitcoin.\u00a0<\/p>\n

What immediately followed was an explosion of speculative memecoins on Bitcoin that now boast a near $500 million market cap<\/u>. Ordinals transactions exploded as a consequence, and have recently crossed 10 million in total.\u00a0<\/p>\n

The Bitcoin blockchain uses a limited amount of hard drive space for recording transactions, limiting its settlement speeds to roughly 7 transactions per second. When users request more transactions than new blocks can handle, they must bid for miners to prioritize processing their transfers using higher transaction fees.\u00a0<\/p>\n

As such, other developers like Luke Dashjr think regular transactions ought to be prioritized, while others should be classified as \u201cspam.\u201d He even created a tool called \u201cOrdisrespector\u201d for Bitcoin node runners to ignore such problematic transactions.<\/p>\n

\u201cAction should have been taken months ago,\u201d he wrote in a developer group. \u201cSpam filtration has been a standard part of Bitcoin Core since day 1.\u201d\u00a0\u00a0<\/p>\n

Many think the innovation ought to be celebrated, however, and view it as unethical for developers to attempt discounting transactions that they subjectively disapprove of.\u00a0<\/p>\n

Jameson Lopp, co-founder of the Bitcoin custody solution Casa, thinks transactions are valid so long as users are willing to pay the attractive fee. Critics, he claimed, are effectively claiming that \u201cany form of auction is a denial of service, and whoever wins is denying all of the losers of the auction,\u201d Lopp said.<\/p>\n

Bitcoin billionaire and advocate Michael Saylor also welcomes the advent of Ordinals \u2013 especially for the applications it could usher in beyond speculative tokens and assets.\u00a0<\/p>\n

\u201cWhat if I was using [BRC-20] to tokenize all of the stocks and ETFs trading on NASDAQ so that individuals can take personal custody of their shares of stock instead of leaving them locked up with a centralized custodian\u201d he said at Bitcoin 2023 in May. \u201cIf it was presented that way, then Bitcoiners would love it.\u201d<\/p>\n

Stably has already leveraged the BRC-20 standard to launch Bitcoin\u2019s first native US dollar stablecoin, Stably USD (USD).\u00a0<\/p>\n

\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

While many celebrate Bitcoin (BTC)\u2019s plethora of new applications related to its new \u201cOrdinals\u201d protocol, developers maintaining the network\u2019s source code are in disarray on the matter.\u00a0 Critics claim that new types of transactions beyond simple Bitcoin transactions are clogging the blockchain for those trying to use it for its intended purpose.\u00a0 One such critic […]<\/p>\n","protected":false},"author":1,"featured_media":18606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-18605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nBitcoin Developers Divided Over How to Deal with Meme Coin Explosion \u2013 What's Going On? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"While many celebrate Bitcoin (BTC)\u2019s plethora of new applications related to its new \u201cOrdinals\u201d protocol, developers maintaining the network\u2019s source code\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=18605\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Developers Divided Over How to Deal with Meme Coin Explosion \u2013 What's Going On? 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