Does exploiting the Bitcoin blockchain act as a major cause of congestion ?
The issue of scalability, which has raised my curiosity and lots of personal questioning, has refused to fade away in the past weeks. As a none expert who wants to gain more knowledge on so many Bitcoin technical terminologies, asking questions for the benefit of gaining knowledge from experts has always been my number one priority.
I raised a topic about two days back concerning the issue of scalability and possible solution to congestion and high TX fees we get sometimes. I came across so many opinions which I believe are all from expert perspectives, but I am not still satisfied. Perhaps, I might need to skip the scabiliity aspect of Bitcoin and go about reading other things, or I should try to find all necessary answers to my questions to understanding it properly.
The quoted text above was one of the reply I got, which wasn't too technical, but easy to read and understand even for someone who joins the forum at this instant. The writer was so confidence that spamming attack has literally been one of the main problems of congestion(please correct if I misquoted).
The introduction of Bitcoin Runes, Ordinals and BRC-20 has all been speculated as possible means of spamming the Blockchain. Ordinals which are also called Bitcoin NFTs allows the inscription of images, text, etc, on the Blockchain. BRC-20 token is an experimental standard token that allows minting and transferring of fungible tokens via ordinals protocol, while Runes is also a standard that allows the creation of fungible tokens in a more efficient way.
When I took my time to process what they are, I realized that the quoted text above might be correct.
An example of Rune which is already live since April, is the DOG memecoin. As we can see, it has a market cap of over $1B(all thanks to Bitcoin ). The circulating supply is 100B, which Bitcoin will be used in processing it's transactions, and also act as a store as for them. This is just what I could use as illustration. There are other runes that will follow same part, in addition to ordinals and BRC-20 tokens.
By having so many of these projects that will be built on any of these three protocols, increasing the block size won't help matters at all as there will be more taste to flood the supposed increased blocks. Not sure if anything can be done to handle Ordinals, Runes and BRC_20 token at the moment as they are already active. But I think we might start pointing fingers as more Runes projects are released, and investors begins to capitalize on early profits by making massive transfers
Am not sure if there is a limit to what the Bitcoin Blockchain can hold or do, but i see the intelligence of trying to create other things aside Bitcoin as a way of exploiting the Bitcoin Blockchain.
My Question:
1. Is this exploit done for selfish or general benefits?
2. Do you think Ordinals, Runes and BRC-20 will become a massive problem in the present and future?
3. should we focus more in resolving them or increasing block size instead?
4. What's the answer to the topic title above?
About Dog(Runes) : https://www.talkimg.com/image/cQAzN
Most visited Cryptocurrency according to coinmarketcap: https://www.talkimg.com/image/cQX33
Coinmarketcap: https://coinmarketcap.com/currencies/dog-go-to-the-moon-rune/
I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion
I raised a topic about two days back concerning the issue of scalability and possible solution to congestion and high TX fees we get sometimes. I came across so many opinions which I believe are all from expert perspectives, but I am not still satisfied. Perhaps, I might need to skip the scabiliity aspect of Bitcoin and go about reading other things, or I should try to find all necessary answers to my questions to understanding it properly.
What we've been experiencing for a long time is not a scaling issue. It is a spam attack issue that I've been talking about for just as long. The spam attack under the name Ordinals is injecting the mempool with a lot of junk transactions because there is a scam market creating the incentive for regular users to participate in that spam and basically fund the attack.
https://bitcointalk.org/index.php?topic=5498790.msg64171767#msg64171767The quoted text above was one of the reply I got, which wasn't too technical, but easy to read and understand even for someone who joins the forum at this instant. The writer was so confidence that spamming attack has literally been one of the main problems of congestion(please correct if I misquoted).
The introduction of Bitcoin Runes, Ordinals and BRC-20 has all been speculated as possible means of spamming the Blockchain. Ordinals which are also called Bitcoin NFTs allows the inscription of images, text, etc, on the Blockchain. BRC-20 token is an experimental standard token that allows minting and transferring of fungible tokens via ordinals protocol, while Runes is also a standard that allows the creation of fungible tokens in a more efficient way.
When I took my time to process what they are, I realized that the quoted text above might be correct.
An example of Rune which is already live since April, is the DOG memecoin. As we can see, it has a market cap of over $1B(all thanks to Bitcoin ). The circulating supply is 100B, which Bitcoin will be used in processing it's transactions, and also act as a store as for them. This is just what I could use as illustration. There are other runes that will follow same part, in addition to ordinals and BRC-20 tokens.
By having so many of these projects that will be built on any of these three protocols, increasing the block size won't help matters at all as there will be more taste to flood the supposed increased blocks. Not sure if anything can be done to handle Ordinals, Runes and BRC_20 token at the moment as they are already active. But I think we might start pointing fingers as more Runes projects are released, and investors begins to capitalize on early profits by making massive transfers
Am not sure if there is a limit to what the Bitcoin Blockchain can hold or do, but i see the intelligence of trying to create other things aside Bitcoin as a way of exploiting the Bitcoin Blockchain.
My Question:
1. Is this exploit done for selfish or general benefits?
2. Do you think Ordinals, Runes and BRC-20 will become a massive problem in the present and future?
3. should we focus more in resolving them or increasing block size instead?
4. What's the answer to the topic title above?
About Dog(Runes) : https://www.talkimg.com/image/cQAzN
Most visited Cryptocurrency according to coinmarketcap: https://www.talkimg.com/image/cQX33
Coinmarketcap: https://coinmarketcap.com/currencies/dog-go-to-the-moon-rune/
I am 100% open to correction as I still see myself as a learner. Pardon any of my error and share your personal opinion