dow on Nostr: how does bitcoin nft work without it behaving like Ethereum, a programmable contract ...
how does bitcoin nft work without it behaving like Ethereum, a programmable contract ?
AI conversation about #nft #art :
Bitcoin NFTs, also known as Ordinal NFTs, are a type of NFT that is created on the Bitcoin blockchain. They work by storing the data for the NFT, such as the metadata and the ownership record, in a Bitcoin transaction. This means that Ordinal NFTs are not as programmable as Ethereum NFTs, which are created using smart contracts.
However, Ordinal NFTs do have some advantages over Ethereum NFTs. They are more secure, as they are not subject to the same risks of smart contract hacks. They are also more decentralized, as they do not rely on a centralized platform like Ethereum.
Here is how Ordinal NFTs work in more detail:
The creator of the NFT creates a Bitcoin transaction that includes the metadata for the NFT, such as the name, description, and image.
The creator of the NFT also includes the ownership record in the Bitcoin transaction. The ownership record specifies who owns the NFT.
The Bitcoin transaction is broadcast to the Bitcoin network.
The Bitcoin network validates the Bitcoin transaction and adds it to the blockchain.
The NFT is now stored on the Bitcoin blockchain.
The ownership of an Ordinal NFT can be transferred by broadcasting a Bitcoin transaction that transfers the ownership record to a new address.
Here are some of the limitations of Ordinal NFTs:
They are not as programmable as Ethereum NFTs.
They cannot be used to create complex smart contracts.
They are not as widely supported as Ethereum NFTs.
Overall, Ordinal NFTs are a promising new technology that offers some advantages over Ethereum NFTs. However, they are still in their early stages of development and there are some limitations that need to be addressed.
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Ordinal NFTs VS Ethereum NFTs
Ordinal NFTs and Ethereum NFTs are both types of non-fungible tokens (NFTs) that can be used to represent ownership of digital assets. However, there are some key differences between the two.
Ordinal NFTs
Are created on the Bitcoin blockchain.
Are stored in a Bitcoin transaction.
Are not as programmable as Ethereum NFTs.
Are more secure, as they are not subject to the same risks of smart contract hacks.
Are more decentralized, as they do not rely on a centralized platform like Ethereum.
Ethereum NFTs
Are created on the Ethereum blockchain.
Are stored in a smart contract.
Are more programmable than Ordinal NFTs.
Are not as secure, as they are subject to the risks of smart contract hacks.
Are not as decentralized, as they rely on a centralized platform like Ethereum.
Comparison
Feature . Ordinal NFTs . Ethereum NFTs
Blockchain . Bitcoin . Ethereum
Storage . Bitcoin transaction Smart contract
Programmable No Yes
Security More secure Less secure
Decentralization More decentralized Less decentralized
Support Less widely supported More widely supported
Which is better?
The best type of NFT for you depends on your needs and preferences. If you are looking for a secure and decentralized NFT, then Ordinal NFTs may be a good choice. If you are looking for a more programmable NFT, then Ethereum NFTs may be a better choice.
A decentralized NFT is an NFT that is not stored on a centralized server or platform. Instead, it is stored on a decentralized network, such as a blockchain. This makes decentralized NFTs more secure and resistant to censorship.
There are several benefits to using decentralized NFTs:
Security: Decentralized NFTs are more secure than centralized NFTs because they are not stored on a single server. If a centralized server is hacked, all of the NFTs stored on that server could be compromised. However, if a decentralized NFT is hacked, only the NFT that was hacked would be compromised.
Resistance to censorship: Decentralized NFTs are more resistant to censorship than centralized NFTs. If a centralized NFT platform decides to ban an NFT, the NFT will be inaccessible to users of that platform. However, if a decentralized NFT is banned from one platform, it can still be accessed on other platforms.
Transparency: Decentralized NFTs are more transparent than centralized NFTs. The ownership history of a decentralized NFT is stored on the blockchain, which is a public ledger. This means that anyone can verify the ownership history of a decentralized NFT.
There are also some challenges associated with using decentralized NFTs:
Complexity: Decentralized NFTs can be more complex to create and use than centralized NFTs. This is because decentralized NFTs require the use of blockchain technology.
Cost: The cost of minting and transacting with decentralized NFTs can be higher than the cost of minting and transacting with centralized NFTs. This is because decentralized NFTs require the use of blockchain technology, which can be expensive.
Overall, decentralized NFTs offer a number of benefits over centralized NFTs. However, they can also be more complex and expensive to use. The best choice for you will depend on your specific needs and preferences.
Here are some examples of decentralized NFT marketplaces:
OpenSea: OpenSea is the largest decentralized NFT marketplace. It allows users to buy, sell, and trade NFTs on the Ethereum blockchain.
Rarible: Rarible is another popular decentralized NFT marketplace. It allows users to create, sell, and collect NFTs on the Ethereum blockchain.
SuperRare: SuperRare is a decentralized NFT marketplace that focuses on high-quality digital art. It allows users to buy, sell, and collect NFTs on the Ethereum blockchain.
AI conversation about #nft #art :
Bitcoin NFTs, also known as Ordinal NFTs, are a type of NFT that is created on the Bitcoin blockchain. They work by storing the data for the NFT, such as the metadata and the ownership record, in a Bitcoin transaction. This means that Ordinal NFTs are not as programmable as Ethereum NFTs, which are created using smart contracts.
However, Ordinal NFTs do have some advantages over Ethereum NFTs. They are more secure, as they are not subject to the same risks of smart contract hacks. They are also more decentralized, as they do not rely on a centralized platform like Ethereum.
Here is how Ordinal NFTs work in more detail:
The creator of the NFT creates a Bitcoin transaction that includes the metadata for the NFT, such as the name, description, and image.
The creator of the NFT also includes the ownership record in the Bitcoin transaction. The ownership record specifies who owns the NFT.
The Bitcoin transaction is broadcast to the Bitcoin network.
The Bitcoin network validates the Bitcoin transaction and adds it to the blockchain.
The NFT is now stored on the Bitcoin blockchain.
The ownership of an Ordinal NFT can be transferred by broadcasting a Bitcoin transaction that transfers the ownership record to a new address.
Here are some of the limitations of Ordinal NFTs:
They are not as programmable as Ethereum NFTs.
They cannot be used to create complex smart contracts.
They are not as widely supported as Ethereum NFTs.
Overall, Ordinal NFTs are a promising new technology that offers some advantages over Ethereum NFTs. However, they are still in their early stages of development and there are some limitations that need to be addressed.
profile picture
Ordinal NFTs VS Ethereum NFTs
Ordinal NFTs and Ethereum NFTs are both types of non-fungible tokens (NFTs) that can be used to represent ownership of digital assets. However, there are some key differences between the two.
Ordinal NFTs
Are created on the Bitcoin blockchain.
Are stored in a Bitcoin transaction.
Are not as programmable as Ethereum NFTs.
Are more secure, as they are not subject to the same risks of smart contract hacks.
Are more decentralized, as they do not rely on a centralized platform like Ethereum.
Ethereum NFTs
Are created on the Ethereum blockchain.
Are stored in a smart contract.
Are more programmable than Ordinal NFTs.
Are not as secure, as they are subject to the risks of smart contract hacks.
Are not as decentralized, as they rely on a centralized platform like Ethereum.
Comparison
Feature . Ordinal NFTs . Ethereum NFTs
Blockchain . Bitcoin . Ethereum
Storage . Bitcoin transaction Smart contract
Programmable No Yes
Security More secure Less secure
Decentralization More decentralized Less decentralized
Support Less widely supported More widely supported
Which is better?
The best type of NFT for you depends on your needs and preferences. If you are looking for a secure and decentralized NFT, then Ordinal NFTs may be a good choice. If you are looking for a more programmable NFT, then Ethereum NFTs may be a better choice.
A decentralized NFT is an NFT that is not stored on a centralized server or platform. Instead, it is stored on a decentralized network, such as a blockchain. This makes decentralized NFTs more secure and resistant to censorship.
There are several benefits to using decentralized NFTs:
Security: Decentralized NFTs are more secure than centralized NFTs because they are not stored on a single server. If a centralized server is hacked, all of the NFTs stored on that server could be compromised. However, if a decentralized NFT is hacked, only the NFT that was hacked would be compromised.
Resistance to censorship: Decentralized NFTs are more resistant to censorship than centralized NFTs. If a centralized NFT platform decides to ban an NFT, the NFT will be inaccessible to users of that platform. However, if a decentralized NFT is banned from one platform, it can still be accessed on other platforms.
Transparency: Decentralized NFTs are more transparent than centralized NFTs. The ownership history of a decentralized NFT is stored on the blockchain, which is a public ledger. This means that anyone can verify the ownership history of a decentralized NFT.
There are also some challenges associated with using decentralized NFTs:
Complexity: Decentralized NFTs can be more complex to create and use than centralized NFTs. This is because decentralized NFTs require the use of blockchain technology.
Cost: The cost of minting and transacting with decentralized NFTs can be higher than the cost of minting and transacting with centralized NFTs. This is because decentralized NFTs require the use of blockchain technology, which can be expensive.
Overall, decentralized NFTs offer a number of benefits over centralized NFTs. However, they can also be more complex and expensive to use. The best choice for you will depend on your specific needs and preferences.
Here are some examples of decentralized NFT marketplaces:
OpenSea: OpenSea is the largest decentralized NFT marketplace. It allows users to buy, sell, and trade NFTs on the Ethereum blockchain.
Rarible: Rarible is another popular decentralized NFT marketplace. It allows users to create, sell, and collect NFTs on the Ethereum blockchain.
SuperRare: SuperRare is a decentralized NFT marketplace that focuses on high-quality digital art. It allows users to buy, sell, and collect NFTs on the Ethereum blockchain.