Ordinals is a project created to number sats. It also has a feature called inscriptions, which is the problematic part and what is mainly being touched on in this guide. An inscription is basically data stored on chain associated with a sat.
And why are they an attack on Bitcoin?
First of all, we probably should look at what Bitcoin is:
There is no mention of data storage on the chain and only financial transactions.
Ordinals abuse the Bitcoin timechain which was meant to process financial transactions to store data, and this has some issues, such as:
Pushing out financial transactions, such as ones that need immediate confirmation such as force closes with pending HTLCs or a sweep-all TX.
Driving up fee rates for the sole reason of inscribing a JPEG.
1) It makes it way more expensive to maintain their node on the long term.
2) It makes them liable for any illegal content in their jurisdiction that they store on their disk and broadcast freely.
How
It's a simple if statement that prevents txs with a certain pattern from reaching the mempool
1ma
commented
1 year ago
What
Ordinals is a project created to number sats. It also has a feature called inscriptions, which is the problematic part and what is mainly being touched on in this guide. An inscription is basically data stored on chain associated with a sat. And why are they an attack on Bitcoin?
First of all, we probably should look at what Bitcoin is:
There is no mention of data storage on the chain and only financial transactions. Ordinals abuse the Bitcoin timechain which was meant to process financial transactions to store data, and this has some issues, such as:
while paying 4x less for the same bytes.
Source
Why
1) It makes it way more expensive to maintain their node on the long term. 2) It makes them liable for any illegal content in their jurisdiction that they store on their disk and broadcast freely.
How
It's a simple if statement that prevents txs with a certain pattern from reaching the mempool
Scope
Test & maintenance
Building...
Animated GIF