Tuesday, 27 February 2024
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Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion

Bitcoin NFT marketplace Bioniq eyes lofty goal of alleviating network congestion

A new Bitcoin nonfungible token (NFT) marketplace aims to reduce network fees associated with the advent of Bitcoin Ordinals inscriptions by tapping into the Internet Computer Protocol (ICP).

Developed off the back of the creation of Bitcoin Ordinals in early 2023, Bioniq operates on the ICP and taps into its native Bitcoin integration to power the trade of Bitcoin-based Ordinals inscriptions.

Speaking to Cointelegraph on the eve of the platform’s launch, Bioniq CEO and co-founder Bob Bodily said the project has been in development since February 2023. The team has built a marketplace featuring Ordinals smart contracts auctions on the ICP, a complete cross-chain wallet between Bitcoin and the ICP, as well as an inscription tool.

“It had only been two weeks after Casey Rodarmor released Ord 0.4.0, and I knew Ordinals were going to be absolutely massive.”

The Bioniq team highlighted the growth in the market capitalization of BRC-20 tokens since their inception in Jan. 2023. The market cap now exceeds $3 billion, with over 42.6 million Ordinals minted to date. This has directly affected Bitcoin network congestion, leading to a spike in Bitcoin (BTC) transaction fees last seen since 2021.

Bitcoin transaction fees showed significant spikes in 2023 following the advent of Bitcoin Ordinals and BRC-20 tokens. Source: Blockchain.com

Bioniq’s platform features a smart wallet for users to manage private keys using Web3Auth. This allows users to log into the platform using conventional Web2 Google accounts while maintaining noncustodial control of their wallets and assets.

The platform also uses partially signed Bitcoin transactions (PSBTs) through the ICP’s Bitcoin network integration. This unlocks smart contract capabilities for Bitcoin, removing the need for users to use centralized cross-chain bridges.

ICP is a “fantastic Bitcoin sidechain”

Building on ICP also allows Bioniq to claim transaction finality times below two seconds, as well as zero gas or network fees. Its architecture provides optimized storage costs, averaging around $5 per gigabyte of data stored annually.

Bodily added that Toniq, the studio behind Bioniq, has been developing on the ICP since May 2021 and has extensive experience building smart contract wallets, marketplaces, NFT launchpads and collateralized NFT lending protocols:

“ICP is a fantastic Bitcoin sidechain right now because it has wonderful Bitcoin primitives at the protocol layer.”

Bodily explains that ICP operates a…

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