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RGB Protocol May Offer a Solution to Bitcoin’s Ordinals Jam, Proponent Claims
The founder of Digital Bitcoin Art and Assets, Gideon Nweze, believes that smart contracts on Bitcoin could provide a solution to the numerous problems caused by Ordinals. Nweze recently launched a beta version of his non-fungible token (NFT) marketplace, Digital Bitcoin Art and Assets (DIBA), which leverages the RGB Smart Contract Protocol instead of Ordinals. This alternative approach aims to bring NFTs to Bitcoin without affecting block space and transaction fees. In this article, we will explore the potential of the RGB Protocol and its implications for the Bitcoin ecosystem.
The Rise of Ordinals Protocol and its Challenges
Since the introduction of Ordinals Protocol in January, Bitcoin-based NFTs and tokens have gained immense popularity, witnessing over 9 million total “inscriptions,” as per Dune Analytics data. However, this surge in Ordinals adoption has not been without controversy. One of the major concerns is its impact on block space and transaction fees. As the number of Ordinals inscriptions increases, it puts a strain on the Bitcoin network, leading to congestion and higher fees.
