Bitcoin Inscriptions have increased the average size of the cryptocurrency’s blocks; here’s how this could impact the blockchain.
Impact Of Inscriptions On The Bitcoin Blocksize
Very recently, “Inscriptions” have emerged on the Bitcoin network, basically an application of the BTC blockchain similar to non-fungible tokens (NFTs), but not the same.
Unlike NFTs on other blockchains like Ethereum, these Inscriptions are directly inscribed on the Bitcoin blockchain (hence the name). Inscriptions can be data, images, audio, video, or even software.
Since they are directly stored as a transaction on the blockchain, they have been quickly inflating the size of the chain. This has made these assets a hotly debated topic around the community regarding their impact on the future of the cryptocurrency.
In its new report, the on-chain analytics firm Glassnode has shown how this new BTC application has affected the network. One obvious implication has been on the blocksize, which has been ne
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