Author: vjudeu at gazeta.pl 2023-07-26 05:30:32+00:00
Published on: 2023-07-26T05:30:32+00:00
The problem of inscriptions in the Bitcoin network has not been addressed seriously because there are currently no viable options available. If the ECDSA algorithm were to be compromised, the default response would be to do nothing and wait for a backward-compatible solution. This could involve burning old coins or redistributing them, resulting in different factions within the network. Alternatively, leaving everything untouched could lead to a split in the network, with the strongest chain ultimately determining the course of action.When it comes to inscriptions, there are currently no alternatives except for a patch created by Luke Dashjr. However, this patch only addresses a specific issue related to the growing download time of the initial blockchain and the increasing size of the UTXO set. Other changes aimed at tackling these problems are still under development and incomplete.The absence of options to reject inscriptions in the mempool of a node is due to the fact that it would result in an endless chase. Blocking one type of inscription would simply lead to the creation of different ones. Moreover, inscriptions can exist even on chains without Taproot or Segwit. Attempting to eliminate them would only divert attention from more pressing underlying issues such as the time it takes to initialize the blockchain and the size of the UTXO set.It is worth noting that inscriptions are primarily used to sell NFTs or Tokens, concepts that have been consistently rejected by the Bitcoin community. However, certain concepts like sidechains, which were also initially rejected, have found a place in the network albeit in a more centralized form. Additionally, some ideas such as soft-forks cannot be stopped once implemented. In the case of inscriptions, creators have essentially introduced a non-enforced soft-fork, assuming their rules are being followed strictly. However, this is not the case as it is possible to create valid Bitcoin transactions that are considered invalid under the additional rules imposed by inscriptions.
Updated on: 2023-07-27T02:05:11.083468+00:00