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BRC-20 tokens are presenting new opportunities for Bitcoin

December 8, 2023 Coin Telegraph

Bitcoin

The possibilities for development on the Bitcoin network are expanding — and the BRC-20 ecosystem's rapidly growing market cap reflects the new opportunities.

As the first blockchain and cryptocurrency, Bitcoin (BTC) paved the way for everything that’s come since: nonfungible tokens (NFTs), smart contracts, tokenization, layer-2 solutions, and all the rest. Due to Bitcoin’s value to the cryptosphere, forming the bedrock that supports the rest of the market, its protocol is rarely altered. With hundreds of billions of dollars and global trust in the decentralized network at stake, it doesn’t make sense to meddle.f

While the ossification of Bitcoin’s codebase has brought stability and reliability, it’s made Bitcoin a little… well, boring. Where once the Bitcoin ecosystem formed a hub of innovation and a hive of activity, that momentum has shifted to second- and third-generation chains whose architecture is better suited to supporting multiple use cases and applications. At least that was the case until the emergence of Ordinals, a technology that has sparked a new wave of innovation on Bitcoin.

Throughout 2023, Bitcoin’s ecosystem developed rapidly. Emerging asset types, exemplified by Ordinals NFTs and BRC-20 tokens, have sparked widespread community enthusiasm, leading to a substantial increase in BTC miners' earnings.

Bitcoin Ordinals could be stopped if blockchain bug is patched, claims dev

December 6, 2023 Coin Telegraph

Bitcoin Core

A Bitcoin Core developer claimed Bitcoin Ordinals exploit a vulnerability allowing inscribers to bypass data size limits, which could soon be fixed.

A bug fix on the Bitcoin network could put a stop to new Bitcoin Ordinals and BRC-20 tokens as they’re causing network congestion by “exploiting a vulnerability,” claims a Bitcoin Core developer.

In a Dec. 6 X (Twitter) post, developer Luke Dashjr said inscriptions — used by Ordinals and BRC-20 creators to embed data on satoshi’s — exploit a Bitcoin Core vulnerability to “spam the blockchain.”

He explained the Bitcoin Core code has allowed users to set limits on the size of extra data in transactions since 2013, but “by obfuscating their data as program code, inscriptions bypass this limit.”

PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Core to spam the blockchain.
— Luke Dashjr (@LukeDashjr) December 6, 2023

The bug allowing inscriptions to bypass this limit was recently fixed in the latest update to Bitcoin Knots, a Bitcoin Core derivative with less tested or untested features backported from and sometimes maintained outside of the core code.

Another X user asked if Ordinals and BRC-20 tokens “would stop being a thing” if the vulnerability was fixed to which Dashjr replied, “Correct.” Existing inscriptions would still remain.

"Bitcoin Core is still vulnerable in the upcoming v26 release," he said.

On Dec.

We are happy to announce testing of Bitcoin Knots v25.1 has completed successfully, and is now deployed to production.
Read more

Bitcoin Ordinals ORDI token tops $1B market cap after 850% monthly gain

December 6, 2023 Coin Telegraph

Polygon gas fees spike 1000% amid Ordinals-inspired token craze

November 17, 2023 Coin Telegraph

bitcoin ordinals

Gas fees on the Polygon network reached as high as $0.10 during a mad rush to mint an Ordinals-inspired token called POLS.

Gas fees on Ethereum layer-2 Polygon (MATIC) surged more than 1,000% to reach a peak of $0.10 as users inundated the network with the minting of Ordinals-inspired tokens dubbed POLS.

In a Nov. 16 X (formerly Twitter) post Polygon founder Sandeep Nailwal shared his surprise at the elevated transaction activity on the network saying the spike could’ve been due to the launch of a new Polygon-based nonfungible token (NFT) collection.

What is going on on @0xPolygon POS chain? 6m transactions in last 24 hrs. 170 TPS on average. 1mn+ MATIC burnt by the protocol. The chain worked smoothly, gas fees went crazy though but no reorgs or 0 blocks etc.

I hear there is some game Baby Shark Launching, could that be the…
— Sandeep Nailwal | sandeep. polygon (@sandeepnailwal) November 16, 2023

The reason for the uptick in network activity and sudden spike in gas fees seems to be coming mainly from a frenzy of enthusiasm for minting the new POLS token.

Dune Analytics data showed the rush of minting activity for POLS coincided with more than 102 million MATIC tokens — worth $86 million at current prices— being used as gas.

*POLS caused more than $86 million of MATIC to be used as gas.*

The POLS token is built on a protocol dubbed PRC-20, which operates similarly to the Bitcoin Ordinals-derived BRC-20 token standard.

According to data from Ethereum Virtual Machine data provider EVM, only 8.7% of the total POLS supply has been minted, with just over 18,100 owners claiming the token.

At the time of publication, Polygon gas fees have since returned to typical levels, settling at around 882 gwei. Gas fees quantify the amount of computing effort needed to conduct a transaction on a given blockchain, with 1 gwei equal to approximately 0.000000001 MATIC.

*Polygon gas fees have since returned to slightly above-average levels. Source: Livdir*

The Bitcoin network witnessed a similar, albeit more prolonged, spike in activity in May this year following the release of the Ordinals protocol, which allowed users to mint NFTs directly onto the Bitcoin blockchain.

The ensuing frenzy for Ordinals NFTs and BRC-20 tokens saw Bitcoin fees reach levels not since April 2021, a development that saw more traditionally-minded Bitcoiners such as Samson Mow and Adam Back cast down the NFT protocol and token standard as wasteful.

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BRC-20

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