Bioniq, a Utah-based startup, gets on an objective to streamline and reduce the prices of buying and offering Bitcoin Ordinals by introducing a cutting-edge NFT marketplace.
Bioniq, sustained by Polygon Capital, has revealed its mission to help people in purchasing, selling, swapping, and auctioning their Bitcoin NFTs with utmost convenience and performance, all while mitigating congestion on the Bitcoin network.
Bitcoin lately surpassed Ethereum in terms of average transaction fees as Ordinals producing and trading rebounded last month. Bitcoin Ordinals are a type of non-fungible token taped on the Bitcoin network.
Bioniq chief executive officer and co-founder Bob Bodily stated that there is presently no famous platform or marketplace created specifically to sustain the Bitcoin Ordinals market on a different Layer 1 without gas or network fees that can be broadened. He also pointed out that although the new Ordinals activity will certainly enhance the energy of the BTC network, it will additionally cause raised congestion and higher network fees.
Utilizing the power of the Internet Computer to decrease expenditures.
Bioniq declared to be making use of the connection between the Web Computer blockchain and Bitcoin in order to reduced expenses and accelerate deal periods.
“The Net Computer’s innovative layout allows dramatically reduced storage space costs, according to the company.”
The Dfinity Structure, a non-profit company based in Switzerland, has created Internet Computer system, a blockchain that aims to operate at a quicker pace than other blockchains and have the capacity to handle an unrestricted amount of data.
If customers develop and keep Ordinals in their Bioniq wallet, they will certainly then be able to “cover these possessions by sending them to a BTC address produced by a smart contract,” the firm stated. “Wrapping an Ordinal results in an [Net Computer] NFT that includes all of the information from the initial Bitcoin NFT, such as inscription information, metadata, and web content, which can then be traded on the Bioniq market.”
According to Bodily, other markets have attempted to incorporate Ordinals right into their existing items, however this strategy has proven unsuccessful because of a complicated individual experience. In contrast, Bioniq is an industry specifically designed for Bitcoin individuals, offering a native experience customized to their demands.
