In this text I will explain what are Ordinals and why we need to incentivize LTC core team to do what they can to STOP Ordinals in the Litecoin chain.
What are Ordinals ?
If you have not heard the news in the crypto world lately, Ordinals Protocol allows users to send and receive sats that carry optional extra data. This data can be text, JPEGs, audio or videos.
Adding such kinds of data to a satoshi is known as inscription and the end result can be considered as a Bitcoin NFT or an ordinal.
Isn’t this a good thing ?
NO, because this can be very easily used to do great damage to Bitcoin (and Litecoin)
If we take a look at Block 774628
You will see that only around 60 transactions passed on this block, this is because it was used to upload a useless picture on the blockchain and this caused a delay in the network. If you had to send money to someone, you had to wait an extra ~10 minutes just because someone decided to forever upload a useless picture on the blockchain.
Right now this is still on the developing stages, and not everyone is aware of this. But, when it becomes mainstream, this can be very easily used to upload illegal content on the blockchain (illegal pornography, classified documents, doxxed information, etc) and this will give a push to governments to criminalize Bitcoin (and Litecoin) and prosecute anyone who runs a node.
Even if somehow we manage to let only “good content” in the blocks, the size of the blockchain will rise rapidly and many nodes will not be able to run anymore making BTC and LTC more centralized. This is NOT why BTC and LTC were created, and this is not how it is supposed to be used.
I think it is in the best interest of most of us to support this movement, share this issue and grab the attention of the core team before it’s too late.