Bitcoin Core, the software that powers the Bitcoin network, has been found to have a significant vulnerability. This flaw, known as the ‘Inscriptions’ feature, has caused network congestion and has prompted Bitcoin Core developer Luke Dashjr to announce a fix in the upcoming v27 update next year.
This fix, however, has implications for two types of tokens: Ordinals and BRC-20 tokens. Dashjr has stated that these tokens will become obsolete once the vulnerability is addressed. This announcement has had a significant impact on the cryptocurrency market, with the price of ORDI experiencing a sharp decline of 15% within an hour of the news.
The decision to phase out Ordinals and BRC-20 tokens has not been well-received by everyone in the crypto community, particularly miners. Miners argue that these tokens have been beneficial for their profits and have sparked a debate about decentralization and decision-making power within the Bitcoin ecosystem.
The vulnerability in Bitcoin Core revolves around the manipulation of transaction data sizes. Inscriptions have found a way to exceed the data size limit by disguising extra data as program code. While the Bitcoin Knots v25.1 release addressed this bug, the upcoming v26 version of Bitcoin Core remains vulnerable.
This vulnerability has caused severe network congestion, resulting in a backlog of over 250,000 unconfirmed transactions and a significant increase in Bitcoin transaction fees. Some cryptocurrency exchanges have reported delays in BTC withdrawals due to the congestion.
Despite these challenges, Bitcoin’s value has been on the rise recently. The cryptocurrency has experienced a 25% increase in value within the last 30 days and a remarkable 162% growth year-to-date. This surge can be attributed to renewed interest from institutional investors, with the anticipation of a potential approval for a spot Bitcoin ETF by the Securities and Exchange Commission (SEC).
Overall, the vulnerability in Bitcoin Core and the subsequent decision to phase out Ordinals and BRC-20 tokens have had significant implications for the cryptocurrency market. The debate surrounding decentralization and the impact on miners continues, while Bitcoin’s value remains on an upward trajectory.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Luke Dashjr |
| Companies | Bitcoin Core, ORDI, Upbit, f2pool, BRC-20 |
| Currencies | Bitcoin |
| Securities | None |
