This is a proposal for enabling Bitcoin ordinals and inscriptions to be “transferred” to Rootstock using the current Powpeg bridge. Once ordinals or inscriptions have representations in Rootstock, they can be traded as EIP-721 tokens or in other NFT standard. At any moment they can be “transferred” back into any Bitcoin address.
While NFTs on Bitcoin are cool, I think we make Bitcoin a favor by moving the trading of NFTs out of the Bitcoin blockchain, leaving the Bitcoin block space for financial transactions.
Trading Ordinals on Rootstock is much cheaper, faster and more secure due to how easy is to create decentralized NFT exchanges.
You can read the full proposal here:
Nice! I would love to see this implemented
Awesomeness, this would be great!!
In my opinion, the yearly paid parking approach appears somewhat unnecessary. I can appreciate the concern about excessive inscriptions on the bridges, but if our goal is to encourage more users to join Rootstock seamlessly, we should aim for a hassle-free experience. Just imagine owning numerous inscriptions on Rootstock and constantly worrying about their status.
I propose that we consider implementing a one-time fee for pegging in and pegging out per usage instead of an annual fee. Other than that I think your proposal is great! Cheers - Jvar Vsev
I agree that parking is a burden, and I have received more opinions against parking. However the Powpeg is a dynamic federation, which means that once in a while a new member is added or a member quits. These events require moving all assets to the new multisig scheme. it’s not clear how to handle migration fees for all the ordinals. If in the future Bitcoin transaction fees become 10 times higher, who will pay the cost of the migration of all ordinals?
We can extend the parking period from 1 year to 5 years, to make sure that nobody loses their inscriptions by mistake. Would that make it more usable in your opinion ?
Your argument is well-founded. While extending the parking duration to 5 years could alleviate the situation somewhat, it still imposes a certain degree of inconvenience. Ideally, users should be able to peg in and then effortlessly forget about it. The intricacies of periodic migrations might potentially discourage the ordinals community and deviate Rootstock from meeting their preferences.
Exploring alternative revenue streams within the Rootstock ecosystem to offset parking costs is indeed a valid proposal. This approach could facilitate the maintenance of a seamless user experience and better align with the community’s needs and expectations. Delving further into sustainable revenue models within the ecosystem could prove to be a worthwhile pursuit.
One potential method for the Ordinals Bridge to become self-sustaining is to implement a staking system. In this system, users could stake their RBTC to cover the parking fees of other users, and in return, they would receive a percentage of every transaction of the ONFT made within the sidechain. This would not only ensure the financial stability of the bridge but also incentivize active participation within the ecosystem.
Only problem is what happens if no one stakes or if we have an insufficient amount of RBTC staked to cover the parking fees?
I propose implementing an automated function that would depeg the inscription, returning it to its original source native bitcoin address or the user’s designated emergency bitcoin address. This should also resolve your original proposal instead of have the inscription being lost forever.
Forgive me if I don’t make any sense, I just started coding 3 months ago XD - Jvar Vsev