Bitcoin Vulnerability Exposed: Ordinals Protocol Under Scrutiny
A recent security revelation has brought Bitcoin's vulnerability into the limelight, shedding light on a loophole that gave rise to the Ordinals Protocol in 2022.
The National Vulnerability Database (NVD) sounded the alarm on December 9, uncovering an exploit by the Inscriptions group between 2022 and 2023, targeting specific versions of Bitcoin Core and Bitcoin Knots.
This vulnerability in Bitcoin’s infrastructure is currently under scrutiny, with potential repercussions being the inundation of the blockchain with excessive non-transactional data. This influx could trigger an expansion of the network, compromising its efficiency and leading to escalated transaction fees.
The significance of this loophole stems from its connection to the Ordinals Protocol. This technique involves embedding supplementary data into specific satoshis, effectively making them an inseparable part of the blockchain.
The surge in Ordinals transactions in 2023 caused network congestion, resulting in heightened competition for transaction confirmations, increased fees, and slowed processing times.
READ MORE: Asset Manager VanEck Forecasts Bitcoin and Solana Trends
Luke Dashjr, a Bitcoin Core developer, addressed this issue, pointing out that inscriptions exploit a vulnerability within Bitcoin Core to overload the network.
Efforts are underway to address this through subsequent upgrades, potentially curtailing Ordinals inscriptions. Dashjr also confirmed that rectifying the vulnerability could hinder the creation of new Ordinals and BRC-20 tokens on the network.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
