Bitcoin startup Trust Machines has reportedly observed an “explosive growth in Bitcoin use cases” in Q1 2023.
Stacks ($STX) is an open-source layer 2 blockchain aimed at enabling smart contracts, DeFi, NFTs, and apps for Bitcoin.
According to an article by CoinDesk published on 28 April 2023, Bitcoin non-fungible tokens (NFTs), Bitcoin name services (BNS), and recent advancements on the Stacks blockchain were identified in a recent Trust Machines research report as “the key use cases driving new growth and adoption.”
CoinDesk says that Muneeb Ali, Co-Founder and CEO of Trust Machines said during a Consensus 2023 panel titled “Building on Top of Bitcoin (for Real)“:
“It’s the revival of the developer culture that I’m by far the most excited about. It’s like Bitcoin is fun again because there’s a place to build again, and that’s the best thing that could have happened.“
On 6 February 2023, the Trust Machines CEO, who is the co-creator of Stacks, commented on the topic of Bitcoin NFTs. Dr. Ali had this to say about the Ordinals protocol, which supports on-chain Bitcoin-native NFTs.
On 14 February 2023, James Killick wrote an article for “Start With NFTs” that explained the differences between Stacks NFTs and Ordinals:
- “Inscriptions store all content immutably—rendering it impossible to remove any unauthorized or inappropriate material.
- When the transaction size increases, nodes may be required to pay higher fees and experience increased demands.
- As a consequence of the soaring acceptance of ordinals, the average block size has amplified, meaning greater fees per block. This could have an incredibly unfavourable impact on the Bitcoin community if it continues to grow exponentially.
- The recent NFTs and media on Bitcoin have already taken up a shocking 500 megabytes of storage, costing creators over 6 BTC (around $155K) in no time. That’s an incredible amount of money for such little memory!“