Bitcoin Developer Announces End for Ordinals and BRC-20 Tokens

• Bitcoin Core vulnerability exposes network congestion, leading to the removal of Ordinals and BRC-20 tokens next year.
• The crypto community is divided over Bitcoin developers’ decisions, and miners benefit from the tokens’ existence.

Bitcoin Core developer Luke Dashjr’s recent announcement has stirred the cryptocurrency community. He revealed a significant vulnerability within Bitcoin Core, the software underpinning the Bitcoin network. A feature known as ‘Inions’ has exploited this flaw, causing severe network congestion. Dashjr highlighted that the upcoming v27 update, slated for next year, would address this issue.

So if this “bug/vulnerability” is fixed, does it mean ordinals and brc-20 token would stop being a thing??

I’m confused, someone pls explain the implications to me like I’m 5

— Jaspee (@Jaspee_X) December 6, 2023

This revelation has profound implications for Bitcoin’s network, particularly regarding Ordinals and BRC-20 tokens. According to Dashjr, the fix of this vulnerability will lead to the obsolescence of these tokens. This information has sent ripples through the cryptocurrency market, with the ORDI price witnessing a sharp 15% decline within an hour of the announcement.

Community and Miner Reactions

The decision to phase out Ordinals and BRC-20 has not been received favorably by all. Many in the crypto community, especially miners, have expressed their dissent. They argue that introducing Bitcoin ordinals and BRC-20 tokens has benefited miners, notably improving their profits. This move by Bitcoin developers has sparked a debate about the decentralization and decision-making power within the Bitcoin eco.

Shenyu, the co-founder of f2pool, commented on the fundamental difference between Bitcoin and Ethereum regarding governance and developer influence. The discontent also stems from the forced consent to accept inions, which many view as spam, affecting the blockchain’s efficiency.

Technical Details and Network Impact

The crux of the issue lies in the manipulation of transaction data sizes. Inions have found a loophole to exceed the “datacarriersize” limit set within Bitcoin Core by disguising extra data as program code. The Bitcoin Knots v25.1 release addressed this bug, but the forthcoming v26 version of Bitcoin Core remains vulnerable.

The network congestion caused by this exploitation has led to a backlog of over 250,000 unconfirmed transactions, as per data from mempool.space. The situation has also affected Bitcoin transaction fees, causing them to escalate significantly. For example, Upbit, a cryptocurrency exchange, reported delays in BTC withdrawals due to network congestion.

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