Introduction to Bioniq: The New Bitcoin-based NFT Marketplace

Toniq Labs has launched Bioniq, a brand new Bitcoin-based NFT market on the Internet Computer (ICP) platform, touting its pace and ease of use for Ordinals buying and selling. The platform’s distinctive promoting level is its adoption of Web3Auth. This safety protocol allows customers to handle their non-custodial personal keys and log into crypto wallets utilizing e-mail addresses.

Bioniq goals to supply a user-friendly expertise by integrating a built-in pockets that comes with sensible pockets options. This enables customers to purchase and promote NFTs on Bitcoin with simplicity and comfort. The platform’s efficiency is additional enhanced by leveraging the Web Pc’s native Bitcoin integration, making actions like promoting, buying and selling, or transferring Bitcoin-based Ordinals and Inscriptions sooner and less expensive.

Constructed on Web Pc: The Potential for Speedy Transactions and Decreased Charges

Supported by Polychain Capital and scheduled to launch formally on Wednesday, Bioniq operates on the Web Pc (ICP), a layer-1 blockchain developed by Dfinity. With its integration with Bitcoin, the Web Pc primarily capabilities as a layer-2 scaling community for Bioniq. The platform claims a number of benefits over different Ordinals marketplaces, together with being the “world’s quickest” Ordinals market. It additionally affords a built-in pockets with an optionally available Google login by way of Web3Auth.

To make use of Bioniq, Bitcoin fanatics can transfer their Bitcoin and Ordinals belongings into {the marketplace}’s pockets by way of a token wrapping process on Web Pc. They then ship the Ordinals asset to a delegated Bitcoin pockets handle for safe storage, after which a corresponding NFT is created on the Web Pc community.

Bioniq’s integration with ICP’s native Bitcoin capabilities allows sensible contract performance for Bitcoin. This implies customers can commerce their belongings inside the ICP ecosystem with out counting on “Partially Signed Bitcoin Transactions” (PSBTs). Bioniq guarantees speedy transaction speeds for merchants, with transactions taking lower than two seconds, mixed with the extra good thing about zero community charges.

What are Bitcoin Ordinals?

On the Bitcoin blockchain, satoshis, the smallest models, are used to create a novel digital asset just like non-fungible tokens (NFTs) by way of Bitcoin Ordinals. Every satoshi is numbered primarily based on its mining sequence, generally known as an ordinal. This numbering system aids in monitoring every satoshi’s motion and possession. Customers can add information, equivalent to photos or textual content, to those ordinals – a course of generally known as inscribing, enabling the creation of distinctive NFT-like belongings on Bitcoin’s safe blockchain.