The Bitcoin community is buzzing with yet another scandal. Developers and users are unhappy with the growing transaction fees in the network of the first cryptocurrency. And the tokens that are to blame for this.
The thing is that the new BRC-20 token standard, launched in March 2023 on the basis of the Ordinals project, allows you to “record” unique information in satoshi, the smallest indivisible particle of one bitcoin, equal to 0.00000001 BTC. By the beginning of the week, the increased popularity of BRC-20 tokens (including PEPE, which had an impressive growth) led to the fact that the commission on the network jumped to $20. Now the situation has returned to normal and the commissions have dropped to $2, but the community is eager to find a solution so that this does not happen again.
Bitcoin Core Developer Luke Dash Jr. offered apply “spam filters” to BRC-20 and Ordinals standard tokens, insisting that they negatively affect the Bitcoin network. He wrote a related note for his colleagues.
This measure would help weed out transactions related to the Ordinals and BRC-20, which are essentially garbage that clogs the bitcoin mempool. He noted that changes can be made in two ways. In this case, the spam filter can be implemented immediately, without waiting for the network to update.
However, not all fans of bitcoin believe that it is necessary to act so decisively. Michael Saylor, co-founder of Microstrategy, the largest institutional holder of bitcoin thinksthat PEPE and similar tokens help the mass distribution and adoption of the first cryptocurrency. Therefore, there is no need to fight them.
I stopped by @PBDsPodcast this morning to discuss currencies, cryptocurrencies, politics, #bitcoinbanking, macro, money, and the media with @patrickbetdavid. https://t.co/IctlB4l7gN pic.twitter.com/e6ljbGM124
— Michael Saylor (@saylor) May 9, 2023
Last week, the capitalization of the PEPE meme-token reached $1 billion. This was facilitated by the listing on the largest cryptocurrency exchange Binance. The growth of capitalization led to the fact that the coin for some time got into the top 50 largest cryptocurrencies according to CoinMarketCap. At the time of publication, she occupies the 75th line of the rating.
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