‘DoorDash, but for Bitcoin NFTs.’ Confused? Lettuce explain…
TL;DR
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With the arrival of Bitcoin Ordinals (aka Bitcoin NFTs), transaction quantity on the community is skyrocketing and inflicting all types of congestion.
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To resolve this, the creators of the Bitcoin NFT market ‘Bioniq,’ need to create a pockets that acts because the ‘DoorDash of Bitcoin NFTs.’.
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As a substitute of orders for Bitcoin NFTs on the Bioniq market being processed by way of the Bitcoin community, all funds will undergo a 3rd occasion blockchain (referred to as ICP) which is manner quicker and cheaper to transact on. The NFT itself will not transfer.
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As a substitute, the ledger of ‘who owns what’ will likely be up to date/tracked on ICP, till the person chooses to maneuver the NFT right into a Bitcoin pockets.
Full Story
It is Sunday morning.
You are hankering for a sandwich from Edith’s.
To avoid wasting your self the ache of a 30 minute wait in line, you order forward by way of DoorDash.
(We have all completed it).
This can be a easy course of for you, however within the background, there’s some complicated stuff happening….
DoorDash takes your order complete, sends it to a 3rd occasion cost supplier (in all probability Stripe), who then reaches out to your financial institution requesting the cash.
As soon as that is full, DoorDash sends the order to Edith’s, the place a weirdly enthusiastic dude named Larry begins making your sandwich.
We lay all of this out as a result of, proper now, the Bitcoin Community is working like a sandwich store in 2005 (pre-delivery apps).
And with the arrival of Bitcoin Ordinals (aka Bitcoin NFTs), transaction quantity on the community is skyrocketing and inflicting all types of congestion.
To resolve this, the creators of the Bitcoin NFT market ‘Bioniq,’ need to create a pockets that acts because the ‘DoorDash of Bitcoin NFTs.’
Here is our understanding of the way it works:
As a substitute of orders for Bitcoin NFTs on the Bioniq market being processed by way of the Bitcoin community, all funds will undergo a 3rd occasion blockchain (referred to as ICP) which is manner quicker and cheaper to transact on.
The NFT itself will not transfer.
As a substitute, the ledger of ‘who owns what’ will likely be up to date/tracked on ICP, till the person chooses to maneuver the NFT right into a Bitcoin pockets.
This manner, customers can commerce Bitcoin NFTs as often as they please, with out getting hit with lofty charges, and with out clogging the Bitcoin community.
Sensible!
