Unchained The Chopping Block: Why Canto, Up Nearly 500% This Month, Has Its Haters - Ep. 452
Feb 4, 2023
This week, the hosts dive into the tension between Bitcoin maximalists and the emerging NFT scene on Bitcoin. They scrutinize Canto's recent surge and debate its unique claims versus established blockchain norms. LayerZero's interoperability concerns spark a heated discussion about security risks. Finally, they tackle Uniswap's critical choice on bridging services, weighing transparency against competing technologies. The episode offers a fresh perspective on blockchain governance and innovation amidst traditional expectations.
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Bitcoin NFTs and Ordinals
- Bitcoin NFTs exist through the Ordinals project, which leverages Taproot's larger witness size.
- This allows metadata to be attached to Satoshis, creating NFTs, much to some Bitcoin maximalists' chagrin.
Bitcoin Maximalists and NFTs
- Bitcoin maximalists' resistance to on-chain NFTs contrasts with their embrace of off-chain NFTs in 2021.
- This highlights a social element to blockchain upgrades, where community desires can challenge intended use cases.
Bitcoin's Limited Innovation
- Bitcoin's community and infrastructure don't support auxiliary uses like NFTs, unlike Ethereum's more tolerant environment.
- This discourages innovation and reinforces Bitcoin's focus on transferring value.