Mordinals or Monero Ordinals are used to register data alongside transactions stored on the Monero blockchain. This unique feature allows users to include additional information in the Monero network. It thus allows the improvement of its capacities beyond the simple storage of transactional data.
What’s wrong with Mordinals?
Mordinals was introduced to simplify the issuance of tokens and NFTs on the Bitcoin network. Over the past month, Bitcoin Ordinals have become very popular in the cryptocurrency industry as indicated bitcoinist. However, this newfound popularity had a negative consequence. In fact, it led a noticeable increase in the average transaction fees on the Bitcoin network, which a lot of people don’t like.
There are a few people who are happy with this new use case for Monero tokens. However, the majority of Monero users have expressed strong opposition. According to them, threats exist to user privacy. They also evoke the centralized side of the Mordinals which represents a risk for confidentiality.
Moreover, they fear that an implementation of ordinals on the Monero blockchain will lead to a significant risk to user privacy. Moreover, we must not forget that the anonymity of Monero is the major reason for the success of this blockchain.
Are the concerns raised within the Monero community justified?
The criticisms leveled at Mordinals over network congestion resemble those facing Bitcoin. Except that Monero also has issues with privacy features. To protect user privacy, Monero transactions use “ring signatures” which combine a transaction with a group of decoy transactions.
However, if an attacker found a way to flood blocks with modals, a potential threat would arise. In such a scenario, it would become easy to distinguish legitimate transactions from fake NFTs. This would pose a real concern for user privacy.
Decentralization is another area of concern on Monero with Mordinals. During this time, US tax authorities step up efforts to track Monero transactions. In other words, there is a real organization whose purpose is to lift the confidentiality of Monero transactions. Was it really time to implement a feature that put her at risk?
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