Bitcoin developers call Inscriptions a technical vulnerability? Jason Fang rebuts: Inscriptions are unstoppable, driving the future of Bitcoin

Inspired by the new technology application "Inscription" in the Bitcoin ecosystem, the BRC20 token has performed exceptionally well in this round of the Bitcoin bull market. However, it has also faced criticism from some developers who claim that Inscription has technical flaws. Nevertheless, this is not the opinion of all Bitcoin developers. In addition, Jason Fang, founder of the venture capital firm Sora Ventures, stated that Inscriptions are unstoppable.

An overview of Ordinals technology, ecosystem, and data

Exploring Controversy Surrounding Bitcoin Ordinals Inscription

The Latest Challenge in the Bitcoin Blockchain

A new phenomenon in the world of Bitcoin has sparked heated discussions within the community: the Bitcoin Ordinals protocol utilizing the technology of Inscription has caused a stir. Despite the increase in transactions and the surge in Bitcoin price to $45,000, the Bitcoin network is facing unprecedented congestion.

Technical Flaw? "Bitcoin Core" Developers Vow to Fix "Ordinals" Vulnerability

Bitcoin Core developer Luke Dashjr has issued a warning regarding the Inscriptions, claiming that the Inscription exploit in Bitcoin has led to network congestion. Dashjr's stance highlights the growing divide between traditionalists and innovators within the Bitcoin community.

Luke Dashjr stated that the Inscriptions are exploiting a loophole in the Bitcoin Core Bitcoin network client software to flood the blockchain with junk data. Since 2013, Bitcoin Core has set limits on the size of additional data in transactions relayed or mined by users using the '-datacarriersize' parameter. Inscriptions bypass this limit by obfuscating data.

Luke Dashjr has pledged that this issue has been addressed in version v25.1 of the Bitcoin Knots client software but remains unresolved in the upcoming Bitcoin Core v26 release. He hopes to rectify this error before the release of Bitcoin Core v27 next year.

PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Core to spam the blockchain. Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`). By obfuscating their data as program code,…

— Luke Dashjr (@LukeDashjr) December 6, 2023

This is not the first time Luke Dashjr has issued warnings about the Bitcoin ecosystem. However, other core developers have a more neutral stance towards the Inscriptions. In a report in May this year, several developers are still observing the situation.

Misconception! Bitcoin Core Does Not Represent the Bitcoin Network Itself

The term "Bitcoin Core" used by developer Luke Dashjr may have led some in the crypto community to believe that the Inscriptions are being opposed by the "official" Bitcoin developers. In fact, Bitcoin Core is an open-source project where participants collaborate to build client software for the Bitcoin network, with Luke Dashjr being one of the contributors expressing personal opinions.

Many netizens have responded to Luke Dashjr, stating they will not use Bitcoin Core as a client and believe that Luke Dashjr's views do not represent a consensus on Bitcoin.

Impact of Inscriptions on Bitcoin Network Performance: Surge in Unconfirmed Transactions!

Inscriptions have had a significant impact on the Bitcoin network, with over 260,000 unconfirmed transactions. This surge not only increases transaction costs but also strains network capacity. Due to the larger volume of Inscription transactions, memory usage has exceeded the allocated limits.

Ordinals Debate | Jason Fang's Perspective:

Critics like Dashjr view Ordinals as a problematic vulnerability, while others see it as a natural evolution of the blockchain.

In stark contrast to Dashjr, Jason Fang of Sora Ventures sees these Inscriptions as proof of Bitcoin's original consensus and open-source innovative spirit, believing that the future of the Bitcoin network is now more hopeful.

Inscriptions are now unstoppable, providing miners with more network fee revenue and profits.

Bitcoin Core urgently discusses transaction exclusions, why does BRC-20, Ordinals spark controversy?

The Dilemma for Miners: Balancing Increased Fees and Network Health

This controversy has extended to the mining community, as Inscriptions offer profit opportunities through increased network fees but also intensify network pressure. Conversely, in a bear market for cryptocurrencies, Bitcoin miners also face significant economic pressures due to reduced network activity.

Profit and Envy: Understanding the Backlash against Inscriptions

Jason Fang of Sora Ventures believes that the animosity towards Inscriptions is not just technical. Fang suggests that some of the backlash stems from jealousy over the attention and profits garnered by Ordinals and other BRC-20 projects.

In conclusion, the debate surrounding Bitcoin and Ordinals Inscription highlights the delicate balance between innovation and tradition, a theme that will continue to shape the future of the pioneering cryptocurrency - Bitcoin.

Sora Summit 2023 | Asia's only "Bitcoin ecosystem" themed summit, with Ordinals creator Casey Rodarmor visiting Taiwan