At the beginning of the year, the cryptocurrency world was captivated by the Ordinals protocol, which allowed for the inscription of NFT-like assets on the Bitcoin blockchain. Since then, the space has expanded and changed. Here's a fresh turn, too: Not even Bitcoin is the foundation of the most recent Bitcoin Ordinals marketplace.
Instead, Bioniq—which is supported by Polychain Capital and makes its official debut on Wednesday—is based on Internet Computer (ICP), a layer-1 blockchain created by Dfinity that provides Bitcoin integrations. In this instance, Bioniq claims to provide a number of advantages over existing Ordinals marketplaces, treating Internet Computer as a kind of layer-2 scaling network.
It claims to be the "fastest Ordinals marketplace in the world," has an integrated wallet with an optional Google login via Web3Auth, and doesn't charge dealers for network transactions or gas.
It operates on an Internet computer through a token wrapping procedure. Users of Bitcoin can move their Ordinals and Bitcoin holdings into the marketplace wallet in order to utilize Bioniq. An identical NFT is then generated on the Internet Computer network if they decide to package the Ordinals asset and transfer it to a designated Bitcoin wallet address for safekeeping.
After that, assets can be exchanged without gas or transaction fees over the quicker ICP network. Even while doing so requires additional steps, Bioniq thinks that in the end, this method is better than what the majority of Ordinals marketplaces do, which is to use partially signed Bitcoin transactions (PSBTs) to manage transactions on the slower Bitcoin network.
"Bob Bodily, the CEO and co-founder of Bioniq, told Dark Tech that even in environments with high Bitcoin fees, everything that is wrapped can be transacted at the speed and cost of ICP rather than the speed and cost of Bitcoin, giving users a more reliable (faster and smoother) experience regardless of the fee spikes on Bitcoin."
In addition, Bioniq provides features that it says are absent from other Ordinals marketplaces, like the ability to make "easily adjustable" offers and conduct English auctions with a predetermined reserve price.
Bodily and his team also have big plans for the market: they want to create a platform where new collections can be launched, allow users to borrow cryptocurrency using their Ordinals assets as collateral, and allow collection offers made with the intention of purchasing any asset in a specific project.
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Crypto