A second huge wave of NFTs is currently hitting the Bitcoin network, but these aren’t Ordinals.
The new STAMPS (Secure Tradeable Art Maintained Securely) protocol proposes an alternate method of integrating image data into the OG blockchain, with correspondingly distinct downsides, as opposed to the inscription technique that saw such rapid acceptance earlier this year.
Bitcoin Stamps store image data in the outputs that can actually be spent, not in the public transaction witness data.
The advantages of Bitcoin Stamps
The advantages of the system were outlined on GitHub by the creator of Stamps, who goes by the alias “Mike In Space.” “By doing so, the data is preserved in such a manner that is impossible to prune from a full node, preserving the data immutably forever,” he wrote. In order for users to purchase and trade Stamps on the platform, the developer claimed that he has been in contact with Emblem and Hiro Wallet about merging their protocols with OpenSea.
Supporters of Ordinals, which experienced explosive growth in early February, argued that the cryptocurrency was superior than NFTs on other platforms because it could store visual data within the Bitcoin blockchain. However, Ethereum NFTs are often just image pointers to centralized hosting services, making it possible for any user with access to the image URL to change the image.
The benefits of immutability and decentralization are undermined by the fact that, even with Ordinals, data can be deleted at the whim of node administrators. Because they force nodes to distribute image data among several unused transaction outputs, Bitcoin Stamps are hence comprehensive. (UTXOs). were outlined on GitHub by the creator of Stamps, who goes by the alias “Mike In Space.” “By doing so, the data is preserved in such a manner that is impossible to prune from a full node, preserving the data immutably forever,” he wrote. In order for users to purchase and trade Stamps on the platform, the developer claimed that he has been in contact with Emblem and Hiro Wallet about merging their protocols with OpenSea.
Ordinals: Superior to Ethereum NFTs
Supporters of Ordinals, which experienced explosive growth in early February, argued that the cryptocurrency was superior than NFTs on other platforms because it could store visual data within the Bitcoin blockchain. However, Ethereum NFTs are often just image pointers to centralized hosting services, making it possible for any user with access to the image URL to change the image.
The benefits of immutability and decentralization are undermined by the fact that, even with Ordinals, data can be deleted at the whim of node administrators. Because they force nodes to distribute image data among several unused transaction outputs, Bitcoin Stamps are hence comprehensive. (UTXOs).
The NFT is then spread over the network via Counterparty, an older technology that first incorporated Bitcoin images in 2014—before the term “NFT” even existed.
These are “good for the preservation of art forever,” the inventor told Decrypt in a direct message (DM), because they are “stored securely on the strongest ledger ever devised by man backed by Proof of Work.” Additionally, he said that other services, like Rarity Garden’s Name Service, use the STAMPS protocol.
The use of all Bitcoin nodes as a central data storage facility comes with a cost, though. The protocol’s creator advises using stamps with modest “24×24 pixel, 8-color-depth PNG or GIF” pictures to make up for the extra space they take up.
The limitations of this “canvas” are perfect for pixel art, he claimed on GitHub. For instance, “the CryptoPunks use the native resolution of 24×24 pixels.”
Because they can be issued as either a “1 of 1” or a “1 of many” digital asset, stamps are “semi-fungible.” This attribute, which is comparable to the Ethereum ERC-1155 multi-token standard, has been highlighted as the reason for its startlingly quick growth by Trevor.btc on Twitter, host of The Ordinals Show.
According to the Stamps website, more than 8,300 Stamps have been produced since their debut on March 7 compared to fewer than 500 Ordinals.
Dune Analytics claims that the number of Ordinals on Bitcoin is increasing, and that there are currently over 910,000 inscriptions. The technology is already being used by a number of well-known businesses, including Bugatti and Bored Ape Yacht Club.
Content Source: decrypt.co
The post Bitcoin Stamps’ NFTs are surpassing Ordinals appeared first on NFT News Pro.