- Some developers of the Bitcoin network objected to the existence of Ordinals and BRC-20.
- While others saw no problem, the memecoins market cap did see a decline.
A scuffle erupted in the Bitcoin [BTC] camp of coders because of the problem the group has been facing since the introduction of Bitcoin Ordinals. And also the BRC-20 standard. Bloomberg, in his June 4 reportmentioned that some coders were on the same page regarding the issue.
The coders, who are known to have debates and discussions about various aspects of the Bitcoin blockchain, are responsible for keeping the network alive.
However, the deployment of meme tokens via BRC-20shortly after Pepes [PEPE] monumental surge did not sit well with many Bitcoin believers, especially on Twitter.
Quarrel in the land of the king’s coin
Some argued that it wasn’t a bad idea to start trying an unusual route. Others felt that the experiment was inconsistent with basic Bitcoin principles.
According to Bloombger’s report, Bitcoin developer Ali Sherief said in an email to the developer group:
“Worthless tokens threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.”
He also maintained his previous position stating that the Bitcoin layer was not a shelter for meme tokens.
Earlier this year, Casey Rodarmor announced Ordinals. At the time, he said the idea was to allow users to write digital content such as videos, audios and texts on satoshis, the smallest unit of Bitcoin.
Unexpectedly, Rodarmor’s experiments paid off as Inscriptions touch as as high as 10 million. This propelled pseudonymous blockchain analyst Domo to develop the BRC-20 token standard on the network.
Can success be fatal?
Domo’s action led to another The success of ordinals while BRC-20 tokens reached a market cap of $1 billion.
However, Casa founder Jameson Lopp didn’t seem to have much of a problem with the token implementation. In support of his position, the crypto storage provider leader noted:
“Bitcoin Network is meant to be an “auction market for the block space” – the place where data is stored – and Ordinals have only driven demand for it.”
Meanwhile, another Bitcoin developer, Luke Dashjr, supported Sherief’s view. He believed that Ordinals transactions are like spam and should be kept off Bitcoin’s blockchain.
Read From Bitcoin [BTC] Price prediction 2023-2024
In keeping with his beliefs, Dashjr created a program, Ordisrespector, to enable computer nodes on the network to perform his aforementioned bidding. Communication in the developer group, the old guard said,
“Action should have been taken months ago. Spam filtration has been a standard part of Bitcoin Core since day 1.”
At press time, BRC-20.io showed that more than $24,000 tokens were set under the default.
Source: BRC-20.io
However, the market cap dropped to $475 million. This suggested a decrease in interest and minting of the tokens. On the other hand, BTC traded hands at $26,659.