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- The Monero community has expressed several concerns, including a potential loss of anonymity.
- Mordinals are a modified version of Ordinals that can be utilized on the Monero blockchain.
The well-known privacy-centric blockchain now accommodates non-fungible tokens (NFTs), although this development has not been embraced by all. Similar to Bitcoin Ordinals, anyone can utilize Mordinals (or Monero Ordinals) to inscribe data alongside transactions on the Monero blockchain.
The Monero community has voiced various concerns, including the risk of diminished anonymity on the network and the possibility of illegal content being stored in a permanent database. Additionally, to facilitate the inclusion of arbitrary data in Bitcoin transactions, Casey Rodarmor introduced the Bitcoin Ordinals protocol in January. This allows information to be linked to a single satoshi.
Legitimate Worry by Community
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Furthermore, Mordinals represent a slightly modified version of Ordinals that can be employed on the Monero blockchain. In contrast to Ordinals, which rely on the “witness” section of a Bitcoin transaction, Mordinals can retain information in the “tx_extra” field of each Monero transaction.
This capability has been theoretically possible on Monero since 2014, but support for it has only recently emerged. The objections to Mordinals closely mirror those raised against Bitcoin, with the additional concern that it could undermine the anonymity that Monero offers.
Moreover, given the high value the Monero community places on anonymity, implementing NFTs on a network that strives to keep its tokens discreet was never going to be simple. Monero transactions are verified using “ring signatures,” which obscure user data by merging a transaction with a collection of fake signatures.
Additionally, it would be relatively easy to differentiate genuine transactions from counterfeit NFTs if a wealthy attacker flooded Monero blocks with Mordinals. This presents a valid concern for Monero.
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