Bioniq Launches NFT Marketplace Using ICP to Reduce Bitcoin Network Fees
Summary:
Bioniq, a Bitcoin nonfungible token (NFT) marketplace, is aiming to reduce network fees related to Bitcoin Ordinals inscriptions by utilizing the Internet Computer Protocol (ICP). The platform leverages ICP's inherent Bitcoin integration to facilitate the trade of Bitcoin-based Ordinals inscriptions. The Bioniq marketplace features a smart wallet that allows users to manage private keys, ensuring they maintain control over their wallets and assets. Bioniq, boasting transaction times below two seconds and offering zero gas or network fees, seeks to enhance the user experience of trading Bitcoin Ordinals.
In an effort to mitigate the network fees brought on by Bitcoin Ordinals inscriptions, a novel Bitcoin nonfungible token (NFT) marketplace has emerged, capitalizing on the Internet Computer Protocol (ICP). Bioniq, stemming from the genesis of Bitcoin Ordinals in 2023, operates through the ICP and leverages its inherent Bitcoin integration to facilitate Bitcoin-based Ordinals inscriptions trade.
On the threshold of the platform’s official rollout, Bioniq CEO and co-founder, Bob Bodily, dialogued with Cointelegraph, revealing that the project has been a work in progress since February 2023. The team has designed a marketplace that facilitates Ordinals smart contracts auctions via the ICP, and facilitates a cross-chain wallet for Bitcoin and the ICP, alongside an inscription tool. Bob Bodily reminisced about the impact of Casey Rodarmor’s release of Ord 0.4.0 a fortnight previously, and his recognition of the immense potential of Ordinals.
Market capitalization growth of BRC-20 tokens, dating back to their origin in January 2023, has been underlined by the Bioniq team. The market cap has grown to surpass $3 billion, with over 42.6 million Ordinals minted so far. The repercussion of this has been dramatic congestion of the Bitcoin network, incurring a spike in Bitcoin transaction fees not witnessed since 2021.
Bioniq’s platform hosts a smart wallet that permits users to manage private keys via Web3Auth. This grants users access to the platform through their conventional Web2 Google accounts, whilst ensuring noncustodial control over their personal wallets and assets.
Built on the ICP, the platform permits Bioniq to boast transaction finality times of under two seconds, and declare no gas or network fees. Bioniq's system guarantees reduced storage costs, averaging at about $5 per gigabyte of data per year.
Bodily asserted that the ICP supports a Bitcoin lightnode, running purely on-chain, which facilitates Bitcoin blockchain reading through inherent smart contract calls. The ICP also possesses a threshold digital signature algorithm, known as an Elliptic Curve Digital Signature Algorithm. This feature facilitates ICP smart contracts to sign layer-1 Bitcoin transactions and broadcast them to the mempool.
Cointelegraph questioned Bob Bodily about possible user resistance due to Bioniq’s wrapping procedure. Bodily acknowledged that whilst the procedure is largely automated by the Bioniq wallet and only requires BTC, there are two notable considerations.
On the topic of trust factors and the wrapping process, Bodily elucidated future prospects where Bioniq could evolve from being established on a sidechain with additional trust assumptions, to “becoming a Bitcoin sovereign rollup on ICP that is trust minimized”, with Bioniq eventually becoming a Bitcoin zero-knowledge rollup (ZK-rollup) on ICP.
Bodily stressed that other NFT marketplaces might offer Bitcoin Ordinals auctions and trading, but a dedicated Ordinals platform would yield a superior user experience. Tapping into Bitcoin’s status as the world's most recognized and largest cryptocurrency by market cap remains another attractive prospect for the continued interest in Bitcoin NFTs moving forward.
Finally, Bioniq ventures onto the stage as a Bitcoin-only Ordinals marketplace, joining platforms like Ordinals Market. Other marketplaces include Gamma, which directly mints onto Bitcoin’s layer-1 chain, as well as multichain platforms like Magic Eden which prominently list Bitcoin Ordinals NFTs.
Published At
11/29/2023 2:00:00 PM
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