Bitcoin updates

On the 6th, the latest version of the software “Bitcoin Core” for the crypto asset (virtual currency) Bitcoin (BTC), “v26.0,” was released.

Bitcoin Core v26.0 was released!
It is available from: https://t.co/wXCpf4qscl
Release annoucement: https://t.co/2oLlmkYWlT

— Bitcoin Core Project (@bitcoincoreorg) December 6, 2023

This update fixes bugs, improves performance, and adds new features.

One of the updates that is attracting attention is the content related to communication on the network, which is published in 324 of “Bitcoin Improvement Proposals (BIP)”.

BIP324 aims to improve confidentiality and observability against attacks on networks, and to realize upgradeability and compatibility.

Since the Bitcoin blockchain is an open network, the transmitted data is made public, and there have been issues such as private information being seen by others and a lack of consideration for privacy.

This update will experimentally implement BIP324’s suggestions.

Future of Ordinals and BRC-20 tokens

After this v26 and before the release of v27, the possibility has emerged that the function “Ordinals” that allows issuing tokens such as NFT (non-fungible tokens) and the function that issues BRC-20 tokens will no longer be available.

Bitcoin Core developer Luke Dashjr announced on the 6th that these features exploit vulnerabilities in Bitcoin Core.pointing outare doing.

Since 2013, Bitcoin Core has been able to limit the size of extra data in transactions, but the act of “inscription” on these tokens circumvents the limits by obfuscating the data as program code. claimed to have done so.

Issuing a token requires block space. These tokens have long been subject to concerns about network congestion, increased transaction costs, and the increased need for scaling solutions.

connection:What is BRC-20?Possibilities and challenges brought about by Bitcoin token standards

Dashjr explained that he wants to address this vulnerability before next year’s v27 release. It remains unclear whether this proposal will materialize, but Dashjr said that once the vulnerability is fixed, the ability to issue Ordinals and BRC-20 tokens will no longer be available.

Furthermore, “ORDI”, a representative BRC-20 token, is down 5.2% from the previous day, but has risen about 680% in the past 30 days.

connection: What is the current status of Bitcoin Ordinal and its competitors, which continue to attract investor interest, and the BTC ecosystem?

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