Gideon Nweze, the founder and CEO of the newly-launched Digital Bitcoin Art and Assets (DIBA) nonfungible token (NFT) marketplace believes there’s an alternative way to bring NFTs to Bitcoin (BTC) that doesn’t impact blockspace and transaction fees.

Nweze recently put this belief to the test, launching a beta version of his NFT marketplace on May 19 that leverages the RGB Smart Contract Protocol to mint NFTs on the Bitcoin network, rather than Ordinals.

Since the introduction of Ordinals Protocol in January, Bitcoin-based NFTs and tokens have exploded in popularity, with more than 9 million total “inscriptions” according to data from Dune Analytics. However, the rise of Ordinals has also invited its fair share of controversy, including its purported impact on block space and transaction fees.

The total number of Ordinals inscriptions since inception. Source: Dune Analytics.

On the other hand, the RGB Smart Contract Protocol comes from 2016 and was initially introduced as the “BHB Network” by Bitcoin developer Giacomo Zucco but was relaunched in 2019. It enables encrypted transactions, with Lightning Network functionality, allowing users to mint NFTs without taking up huge amounts of space on the network.

Nweze told Cointelegraph that it is “extremely complex” but essentially works the same as a layer-2 scaling solution on Ethereum, and claims it could solve Bitcoin’s newfound blockspace problems.

Assets minted by way of the newly-introduced Ordinals Protocol have attracted widespread criticism for being inefficient and “clunky.” Nweze says this is because…

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.