Published on: 2023-02-07T12:17:24+00:00
The writer of the article is discussing the topic of storing unlimited amounts of Non-Fungible Token (NFT) content as witness data using the ordinal scheme. They are seeking opinions and actions from core developers regarding this matter. The main concern raised by the writer is whether allowing unlimited storage for NFTs is a wise decision, considering the potential future disk usage of all unpruned nodes.Currently, the block size limit applies to witness data, so individuals running unpruned bitcoin nodes need to plan their disk space capacity with the assumption that blocks will be more full in the future. As the demand for blockspace increases, people are expected to make better use of the existing space, resulting in an upward trend in average block weight.To address the issue of unlimited storage for NFTs, the writer suggests implementing a size limit similar to OP_RETURN for inscriptions related to these tokens. This would allow for a link between a sat (the smallest unit of Bitcoin) and a deed or other legal construct, providing proof of ownership in the real world. By utilizing ordinals, it would be possible to transfer real property on the blockchain. However, the writer expresses skepticism about storing the actual property itself on the blockchain, deeming it nonsensical.Overall, the writer raises valid concerns about the potential implications of storing unlimited amounts of NFT content as witness data. They propose imposing a size limit and exploring alternative methods, such as linking sats to legal constructs, to facilitate proof of ownership and property transfers on the blockchain. However, they caution against storing the property directly on the blockchain.
Updated on: 2023-08-02T08:51:15.280562+00:00