Nostr Assets Stops Deposits Amid Record User Activity & Allegations; Bitcoin NFT Sales Hit $1B
Summary:
Nostr Assets temporarily halts deposits amid a surge in user activity, while handling scam allegations from Fiatjaf, the creator of the Nostr protocol. Meanwhile, nonfungible token sales on the Bitcoin network exceed $1 billion. Additionally, the Ordinals meme token, minted on Bitcoin Network, attains $1 billion in market cap. Bitcoin Ordinals, a new system that assigns unique numbers to individual Satoshis, sees growing usage, although it is not related to the token, ORDI, listed on Binance.
Bitcoin tech developer Nostr Assets has temporarily suspended deposits due to an unprecedented surge in user activity. In a notice issued on Dec. 5 via Telegram, the team at Nostr Assets advised its users to refrain from making any deposits for the time being and to wait for further instructions. The service, offering users the chance to transact tiny fractions of a Bitcoin (BTC) known as Satoshis via the Lightning and Taproot networks, states that over 70,000 new users have joined, and an additional 280 BTC ($11.8 million) has been deposited since Oct. 30. An elucidation of the event was put forth on Nostr Assets' official Telegram.
Fiatjaf, the creator of the Nostr protocol that enables interchangeability of social profiles and followers across multiple platforms, accused the Nostr Assets team of being a scam on Dec. 4. Fiatjaf made assertions that Nostr Assets had no connection to the Nostr protocol per se and merely borrowed the name. Fiatjaf urged users not to deposit any sats to the platform. These accusations have yet to be legally validated.
Nostr Assets has rebutted everything accused as "baseless", by stating that Nostr, along with Taproot Assets and Lightning form the foundation of Nostr Assets, making it relative to Nostr. They further emphasized the open-sourced, decentralized and censorship-resistant nature of Nostr, which permits anyone to build on it. They expressed that their main aim behind setting up the Nostr Assets environment is to empower builders to create business applications on both the Lightning Network and Nostr.
The total value of nonfungible token sales on the Bitcoin network has crossed the $1 billion mark. Also, a meme token called Ordinals, developed on the Bitcoin platform, has hit a market cap of $1 billion. The BRC-20 tokens, introduced in January by Web3 developer Rodarmor, have gained massive popularity as one of the most significant tech advancements in a blockchain that's been around for 15 years.
Bitcoin Ordinals functions as a numbering system that gives unique numbers to each individual satoshi, facilitating tracking and transfer. This, in tandem with the Bitcoin Inscription method, which affixes additional data to each satoshi, allows the minting of unique digital resources on the Bitcoin blockchain. However, the token currently listed on Binance, ORDI, isn't affiliated with the developers of Bitcoin Ordinals.
Published At
12/5/2023 5:41:29 PM
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