Adam Back, an early Bitcoin developer and the co-founder and CEO of That -block the blockloyedhas weighed the debate about what he called “JPEG SPAM” to the Bitcoin Blockchain.
Back argued that it drops the main purpose of cryptocurrency as money in a Thread to x (dating twitter) on Friday.
Bitcoin should be considered that “ownership of mankind” along with the developers acting as “stewards” who need the user’s agreement to change the material material, Back said. That principle, he added, was strengthened During the Block-size wars of 2015–2017When led by the user’s economic pressure stops the miners from pushing through protocol changes.
Returns the goal to advance JPEG inscriptions -images that are stored directly to Bitcoin by upgrading taproot and The protocol of ordinals That helped the spaw.
The number of JPEGs who were embedded in the Bitcoin ledger rose from 88 million in May to 105 million in September, an increase of 20%. Fees tied to these inscriptions are total -approximately 7,000 BTC ($ 777 million).
The main mission of bitcoin
Proponents of the development -enabled of Taproot upgrading, such as ordinances, meanwhile, argue that as long as users are willing to pay for the block space, they are a valid network use.
Being a system without consent.
Moreover, the “JPEG SPAM” also strengthens the Economic incentive for miners To maintain the Bitcoin network, which could be more important because the block rewards they received were cut off by 50% every four years.
While miners benefit from the higher fees, the back is arguing the effect is minimal when the hashrate is increased and the costs are factored. He estimated that JPEG’s inscriptions could contribute only 0.1% to mining revenues, which further hurt potential reputation damage, higher transaction costs for ordinary users, and reduced access to Bitcoin’s basic function as a peer-to-peer currency system.
Divided community
The issue is therefore a separate of the Bitcoin community.
Supporters view inscriptions as legitimate economic activity and the use of blockchain. Critics, including the back, say they are wasting a block space and avoidance activity that strengthens the Bitcoin value proposal.
Possible remedies returned, including outreach to miners and pools to discourage the processing of such transactions, and purse level changes that could guide the fees to their rejection. While the warning of centralization dangers, he suggested that even small economic nudge could make JPEG mining inscriptions that were unprofitable.
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