• Monero has recently released Non-Fungible Tokens (NFTs) which have caused a stir among the community due to their potential to compromise the anonymity of the network.
• Mordinals are an altered version of Ordinals that may be used on the Monero blockchain, and use the “tx_extra” field of every Monero transaction to store information.
• There is a legitimate worry that Mordinals would be easy to distinguish from real transactions if a wealthy attacker inundated Monero blocks with them, compromising users’ privacy.
What Are Mordinals?
Mordinals are an altered version of Ordinals that may be used on the Monero blockchain. Unlike Ordinals, which depend on the “witness” section of a Bitcoin transaction, Mordinals may keep information in the “tx_extra” field of every Monero transaction. This has been theoretically feasible on Monero since 2014, but support for it has just recently surfaced.
The most notorious privacy-focused blockchain now supports non-fungible tokens (NFTs), although this has not been welcomed by everybody. The arguments against Mordinals are quite similar to those made against Bitcoin; with the added concern that it may compromise the anonymity provided by Monero. As such, many people view NFTs as having negative implications for user privacy and security within the network due to their potential for being distinguished easily from real transactions if exploited by wealthy attackers.
Bitcoin Ordinal Protocol
To enable the addition of arbitrary data to Bitcoin transactions, Casey Rodarmor released the Bitcoin Ordinals protocol in January 2021. In this way, information may be associated with a single satoshi – making it possible for individuals or organizations to securely store data onto immutable ledgers like Bitcoin and Ethereum blockchains without worrying about censorship or manipulation attempts from third parties.
Monero transactions are authenticated using “ring signatures,” which encrypt user information by combining a transaction with a group of bogus signatures. This ensures that no single user can be identified as having originated any particular transaction – while also ensuring all participants remain anonymous throughout each individual payment process.