Bitcoin NFT marketplace Bioniq has rolled up its sleeves to alleviate network congestion. In this direction, Bioniq is collaborating with Internet Computer Protocol. Thus, it aims to alleviate network congestion and high fees associated with Ordinals inscriptions.
Bioniq is making a new move in cooperation with Internet Computer
Bitcoin Non-Fungible Token (NFT) marketplace Bioniq will leverage Internet Computer Protocol (ICP). Thus, the project aims to reduce network fees associated with the emergence of Bitcoin Ordinals inscriptions. Ahead of the platform’s launch, Bioniq CEO and co-founder Bob Bodily says the project has been in development since February 2023. The team built a marketplace on ICP that includes Ordinals smart contract auctions, a complete cross-chain wallet between Bitcoin and ICP, and an inscription tool. Regarding the development, Bodily said, “It has only been two weeks since Casey Rodarmor released Ord 0.4.0. “I knew the Ordinals were going to be absolutely massive.” says.
The Bioniq team highlights the growth in the market value of BRC-20 tokens since its inception in January 2023. With more than 42.6 million Ordinals minted to date, its market value has now exceeded $3 billion. As you follow from Kriptokoin.com, this situation directly affected the congestion in the Bitcoin network. This led to the highest increase in Bitcoin transaction fees since 2021.
Bitcoin transaction fees increased significantly in 2023 following the emergence of BTC Ordinals and BRC-20 tokens. Source: Blockchain.comHow does Bitcoin NFT market Bioniq function?
Bioniq’s platform features a smart wallet for users to manage private keys using Web3Auth. This allows users to log into the platform using their traditional Web2 Google accounts. It also maintains non-custodial control of their wallets and assets. The platform also uses partially signed BTC transactions (PSBTs) through ICP’s Bitcoin network integration. This unlocks smart contract capabilities for Bitcoin. Thus, it eliminates the need for users to use central cross-chain bridges.
ICP is a “fantastic Bitcoin sidechain”
Being built on Internet Computer allows Bioniq to charge sub-two-second transaction processing times as well as zero gas or network fees. Its architecture provides optimized storage costs averaging around $5 per gigabyte of data stored annually. Bob Bodily says Toniq, the studio behind Bioniq, has been developing on ICP since May 2021. He also notes that he has extensive experience building smart contract wallets, marketplaces, NFT launchpads, and collateralized NFT lending protocols. In this context, Bodily said, “ICP is a great Bitcoin sidechain right now. Because there are great BTC primitives at the protocol layer.” says.
Bodily notes that ICP operates a fully on-chain Bitcoin light node. He explains that this makes it easier to read the Bitcoin Blockchain through native smart contracts. ICP also has a threshold digital signature algorithm known as the Elliptic Curve Digital Signature Algorithm. The application allows ICP smart contracts to sign layer-1 BTC transactions and publish them to the mempool. In this regard, Bodily makes the following statement:
These protocol primitives also allowed us to create a wrapped Ordinals entirely at the application layer. So, we didn’t have to touch the consensus layer of the protocol at all. So currently building Bitcoin technology on ICP is very fast.
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