NFT: Schwartz Speaks Out on Bitcoin Block Space Controversy

CoinWorld reports:

According to foreign media, the debate over the use of block space has not cooled down after the Bitcoin proposal BIP-110, which aimed to restrict non-financial data, faced setbacks. David Schwartz, former Chief Technology Officer of Ripple and current CTO Emeritus, publicly stated that on a public blockchain, as long as users pay for resources, the opinions of others on whether a transaction "has value" are not important.

Controversy Escalates After BIP-110 Setback

The report mentions that BIP-110 originally attempted to temporarily limit content that would increase on-chain data volume, but the proposal failed to advance. Subsequently, the Bitcoin network saw blocks being intentionally made "heavier," with supporters labeling a significant amount of NFT inscriptions and custom scripts as "garbage" or "garbage transactions."

The focal point of the controversy is whether Bitcoin block space should only serve traditional transfers or remain neutral, allowing any on-chain data willing to pay to compete for block resources. The article notes that in the recent Bitcoin block 962266, the proportion of traditional currency transfers was not high, with more space occupied by inscriptions and scripts, which is seen as the latest example supporting the open usage side.

Schwartz Emphasizes Fee Market Priority

Schwartz's core argument is that a public blockchain should not be subject to subjective judgments by others regarding which uses can exist. As long as a certain type of transaction pays a fee comparable to other transactions for the resources it occupies, the economic balance of the network is not disrupted.

According to this logic, criticisms regarding excessive resource consumption only hold when users do not pay for the resources; once the fee mechanism functions normally, continuing to demand a ban on specific transaction types is no longer merely an efficiency issue but is closer to artificially filtering the uses of the network.

Debate Points to Bitcoin Neutrality

The article argues that the core of this debate is not just about NFT inscriptions or scripts themselves but whether Bitcoin should continue to uphold the neutral principle of "pay to use." Schwartz also stated that further demands to prohibit certain transactions should be viewed with skepticism, as this would make the blockchain more akin to a traditional financial system where access is determined by centralized institutions.

From the context outlined by foreign media, the failure of BIP-110 has not ended this divergence; rather, it has made "who has the right to define valid on-chain uses" the new focal point. At least in the current discussion, the fee market, rather than subjective value judgments, remains the most core basis for supporting the open network side.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.