- The Monero community has raised a number of concerns, including a loss of anonymity.
- Mordinals are an altered version of Ordinals that may be used on the Monero blockchain.
The most notorious privacy-focused blockchain now supports non-fungible tokens (NFTs), although this has not been welcomed by everybody. As with Bitcoin Ordinals, anybody may use Mordinals (or Monero Ordinals) to inscribe data alongside transactions on the Monero blockchain.
The Monero community has raised a number of concerns. Including a loss of anonymity on the network and the potential for unlawful material to be stored in an unerasable database. Also, to enable the addition of arbitrary data to Bitcoin transactions, Casey Rodarmor released the Bitcoin Ordinals protocol in January. In this way, information may be associated with a single satoshi.
Legitimate Worry by Community
Moreover, Mordinals are a slightly altered version of Ordinals that may be used on the Monero blockchain. Unlike Ordinals, which depend on the “witness” section of a Bitcoin transaction. Mordinals may keep information in the “tx_extra” field of every Monero transaction.
This has been theoretically feasible on Monero since 2014, but support for it has just recently surfaced. The arguments against Mordinals are quite similar to those made against Bitcoin. With the added concern that it may compromise the anonymity provided by Monero.
Moreover, considering how highly the Monero community regards anonymity, it was never going to be straightforward to implement NFTs on a network that works hard to keep its tokens inconspicuous. Monero transactions are authenticated using “ring signatures,” which encrypt user information by combining a transaction with a group of bogus signatures.
Furthermore, it would be easy to distinguish real transactions from fake NFTs if a wealthy attacker inundated Monero blocks with Mordinals. For Monero, this is a legitimate worry.
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