{"id":25139,"date":"2023-12-19T12:33:59","date_gmt":"2023-12-19T12:33:59","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/blockstream-ceo-adam-back-proposes-innovative-solution-for-bitcoin-inscriptions\/"},"modified":"2023-12-19T12:33:59","modified_gmt":"2023-12-19T12:33:59","slug":"blockstream-ceo-adam-back-proposes-innovative-solution-for-bitcoin-inscriptions","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/blockstream-ceo-adam-back-proposes-innovative-solution-for-bitcoin-inscriptions\/","title":{"rendered":"Blockstream CEO Adam Back Proposes Innovative Solution for Bitcoin Inscriptions"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Adam Back, the CEO of Blockstream and a reputable cryptographer, has acknowledged that inscriptions\u2014directly added media on Bitcoin\u2014are inevitable. He emphasized that trying to stop this trend would just make individuals select \u201cworse ways\u201d to achieve the same objective. In response, Back unveiled an innovative scheme to permit inscriptions within the Bitcoin network.<\/p>\n

Back recently said that attempting to erase Ordinal inscriptions is futile and that such attempts are ineffectual. He made the argument that high inscription prices might encourage the adoption of layer 2 solutions and innovation. Back advocated for a more relaxed approach and asked the community to focus on constructive development.<\/p>\n

Back stated, \u201cComplaining will only make them do it more. Trying to stop them and they\u2019ll do it in worse ways. The high fees drive adoption of layer2 and force innovation. So relax and build things.\u201d<\/em><\/p>\n

Recognizing the challenges posed by rising transaction fees due to media embedding protocols like Ordinals and stamps, Back proposed a solution\u2014an addition of a dedicated data blob, a \u201csegwit annex,\u201d to each Bitcoin block. This space, financed by miners, aims to provide ample room for various Bitcoin-centric data, including inscriptions.<\/p>\n

\u201cInscriptors want unavoidable scarcity derived from bitcoin mining and blockspace limits, and they want to pay less not more. So a segwit annex for another 4MW space, paid by miners, with a higher discount than taproot inscriptions,\u201d<\/em> explained Back.<\/p>\n

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Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong> <\/p>\n

New players only. Exclusive Welcome Bonus of up to $2,500<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Coincidentally, Back\u2019s proposal bears resemblance to Ethereum\u2019s EIP-4844, known as Proto-Danksharding. This Ethereum improvement proposal introduces data blobs with a limited lifespan and their own fee market. The comparison highlights a shared challenge faced by major blockchains\u2014finding ways to integrate additional data while managing fees.<\/p>\n

As Bitcoin continues to evolve, innovative proposals like Back\u2019s underscore the need for adaptive solutions to address the dynamic landscape of blockchain development.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Adam Back, the CEO of Blockstream and a reputable cryptographer, has acknowledged that inscriptions\u2014directly added media on Bitcoin\u2014are inevitable. He emphasized that trying to stop this trend would just make individuals select \u201cworse ways\u201d to achieve the same objective. In response, Back unveiled an innovative scheme […]<\/p>\n","protected":false},"author":34,"featured_media":25140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25139"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=25139"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/25139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/25140"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=25139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=25139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=25139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}