Ordinals Summoned by Bitcoin Core Developer

Bitcoin Core developer Luke Dashjr is planning a series of upgrades to the Bitcoin network that aim to eliminate BRC-20 tokens and Bitcoin-based NFTs. Dashjr identified a loophole in the blockchain that allowed users to “spam the blockchain” with Inscriptions, a method of storing metadata. He referred to this as a “bug.” Dashjr expects Bitcoin Core to address this “vulnerability” before v27 is released next year. However, not everyone in the crypto community supports Dashjr’s efforts, with some miners unlikely to back the proposed changes. Despite technical challenges, Bitcoin-based NFTs have been profitable for miners, with total fees for Bitcoin Ordinals nearing $150 million. Bitcoin Ordinals are non-fungible asset artifacts that allow for data inscription on satoshis, the smallest unit of Bitcoin. The popularity of this inscription trend has led to congestion and increased transaction fees on the Bitcoin network.