TL;DR
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With the advent of Bitcoin Ordinals (aka Bitcoin NFTs), transaction volume on the network is skyrocketing and causing all sorts of congestion.
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To solve this, the creators of the Bitcoin NFT marketplace ‘Bioniq,’ want to create a wallet that acts as the ‘DoorDash of Bitcoin NFTs.’.
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Instead of orders for Bitcoin NFTs on the Bioniq marketplace being processed through the Bitcoin network, all payments will go through a third party blockchain (called ICP) which is way faster and cheaper to transact on. The NFT itself won’t move.
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Instead, the ledger of ‘who owns what’ will be updated/tracked on ICP, until the user chooses to move the NFT into a Bitcoin wallet.
Full Story
It’s Sunday morning.
You’re hankering for a sandwich from Edith’s.
To save yourself the pain of a 30 minute wait in line, you order ahead through DoorDash.
(We’ve all done it).
This is a simple process for you, but in the background, there’s some complex stuff going on….
DoorDash takes your order total, sends it to a third party payment provider (probably Stripe), who then reaches out to your bank requesting the money.
Once that’s complete, DoorDash sends the order to Edith’s, where a weirdly enthusiastic dude named Larry starts making your sandwich.
We lay all of this out because, right now, the Bitcoin Network is operating like a sandwich shop in 2005 (pre-delivery apps).
And with the advent of Bitcoin Ordinals (aka Bitcoin NFTs), transaction volume on the network is skyrocketing and causing all sorts of congestion.
To solve this, the creators of the Bitcoin NFT marketplace ‘Bioniq,’ want to create a wallet that acts as the ‘DoorDash of Bitcoin NFTs.’
Here’s our understanding of how it works:
Instead of orders for Bitcoin NFTs on the Bioniq marketplace being processed through the Bitcoin network, all payments will go through a third party blockchain (called ICP) which is way faster and cheaper to transact on.
The NFT itself won’t move.
Instead, the ledger of ‘who owns what’ will be updated/tracked on ICP, until the user chooses to move the NFT into a Bitcoin wallet.
This way, users can trade Bitcoin NFTs as frequently as they please, without getting hit with lofty fees, and without clogging the Bitcoin network.
Smart!
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