The Bitcoin network has made history after mining the largest block (ever recorded) on February 1st, 2023.
As per reports, this block consisted of approximately 4 million transactions. The developer who carried out the transaction based it on the concept of “Ordinals” and used “Taproot Wizard”, an NFT project.
Bitcoin lacked a stable public identity, which is what the Ordinals were introduced for. The public and private keys were non-transferable for Bitcoin. By introducing ordinals, this issue may be resolved as it marks each satoshi (smallest unit of BTC) in each output, creating a transferable account for BTC.
The Taproot Wizard, on the other hand, will promptly increase the Bitcoin blockchain size and requirements for devices running a full node. However, this has also caused quite a commotion in the crypto industry as people have varying views about how it may impact the following aspects:
- Anti-censorship capabilities of the network
- Browser facilities
- Crypto wallets
- Mining pool
- Security of the network
Despite the innovation brought forth by the largest block ever mined, the conflict of opinion has highlighted the significance of finding a solution to eliminate the limitations faced by the Bitcoin network.
The discussion has also inspired enthusiasts within the crypto community to conduct various experiments and test out innovative solutions.
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