April 19, 2024
Nostr Assets Halts Deposits Due to 'Maximum Capacity'
Bitcoin News

Nostr Assets Halts Deposits Due to ‘Maximum Capacity’

Bitcoin infrastructure developer Nostr Assets has temporarily halted deposits amid surging user activity, marking a record high. In a Telegram announcement on December 5, Nostr Assets developers urged users to “await further announcements” and refrained from depositing funds at this time. The platform facilitates transactions of Satoshis, equivalent to 1/100 millionth of a Bitcoin, using Lightning and Taproot Networks. It reported onboarding over 70,000 users since October 30, with 280 Bitcoin in new deposits (valued at $11.8 million) during this period.

Allegations surfaced on December 4 when Fiatjaf, the creator of the Nostr protocol, accused Nostr Asset of operating as an affinity scam. Fiatjaf asserted, “Nostrassets has nothing to do with the Nostr protocol itself. You should not deposit any sats to this platform.” Nostr Assets developers countered the claims, dismissing them as “unfounded.” They clarified that NostrAssets incorporates Nostr, Taproot Assets, and Lightning in its structure, emphasizing the decentralized and open-sourced nature of Nostr.

Despite the controversy, the Bitcoin network experienced significant milestones, with total non-fungible token (NFT) sales surpassing $1 billion on December 5. Additionally, Ordinals, a meme token minted on the Bitcoin network, achieved a $1 billion market cap. BRC-20 tokens, introduced in January by Web3 developer Rodarmor, have gained popularity as a substantial technological advancement in the 15-year-old blockchain.

Bitcoin Ordinals, employing a numbering system assigning unique identifiers to individual Satoshis, enables tracking and transfer. The Bitcoin Inscription process, adding an extra layer of data to each satoshi, facilitates the creation of unique digital assets on the Bitcoin blockchain. Notably, the token listed on Binance as ORDI is not associated with the developers of Bitcoin Ordinals.

Image by rawpixel.com on Freepik

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