Bitcoin Core Developers Advocate for Transparent Governance with Minimal Rules
Bitcoin miners currently earn over $1.2 billion monthly for securing the network. Their role is to ensure that malicious entities cannot create competing chains and to protect against invalid transactions, relying on full node operators to validate these transactions.
Key points include:
- The hash power of miners prevents bad actors from establishing longer fraudulent chains.
- Full nodes determine transaction validity through Bitcoin Core’s relay code, enforcing standardness rules.
- These policy rules define Bitcoin's characteristics and are subject to ongoing debate.
Ordinals and Bitcoin Activity
Two years ago, the introduction of Ordinals led to a surge in Bitcoin transactions, with 425,000 transactions recorded in the mempool, surpassing previous highs. Transaction fees peaked at over $31, up from $2 shortly before.
Ordinals allow large files (up to 4MB) to be inscribed on the blockchain without adhering to OP_RETURN limits, transforming Bitcoin into a content storage network. This innovation enables the trading of tokenized non-financial data.
Currently, activity related to Ordinals has slowed, but developers aim to lift restrictions on OP_RETURN outputs to encourage more efficient use of the network. Blockstream engineer Gregory Sanders emphasized that this change promotes transparent governance of Bitcoin.
In summary, Bitcoin evolves through collective developer input, allowing for modifications based on community consensus and emerging needs.