TL;DR

• With the advent of Bitcoin ​Ordinals​ (aka Bitcoin ​NFTs​), transaction volume on the network is skyrocketing and causing all sorts of congestion.

• To solve this, the creators of the Bitcoin NFT marketplace '​Bioniq​,' want to create a ​wallet​ that acts as the 'DoorDash of Bitcoin NFTs.'.

• Instead of orders for Bitcoin NFTs on the Bioniq marketplace being processed through the Bitcoin network, all payments will go through a third party ​blockchain​ (called ​ICP​) which is way faster and cheaper to transact on. The NFT itself won't move.

• Instead, the ledger of 'who owns what' will be updated/tracked on ICP, until the user chooses to move the NFT into a Bitcoin wallet.

Full Story

It's Sunday morning.

You're hankering for a sandwich from ​Edith's​.

To save yourself the pain of a 30 minute wait in line, you order ahead through DoorDash.

(We've all done it).

This is a simple process for you, but in the background, there's some complex stuff going on....

DoorDash takes your order total, sends it to a third party payment provider (probably Stripe), who then reaches out to your bank requesting the money.

Once that's complete, DoorDash sends the order to Edith's, where a weirdly enthusiastic dude named Larry starts making your sandwich.

We lay all of this out because, right now, the Bitcoin Network is operating like a sandwich shop in 2005 (pre-delivery apps).

And with the advent of Bitcoin ​Ordinals​ (aka Bitcoin ​NFTs​), transaction volume on the network is skyrocketing and causing all sorts of congestion.

To solve this, the creators of the Bitcoin NFT marketplace '​Bioniq​,' want to create a ​wallet​ that acts as the 'DoorDash of Bitcoin NFTs.'

Here's our understanding of how it works:

Instead of orders for Bitcoin NFTs on the Bioniq marketplace being processed through the Bitcoin network, all payments will go through a third party ​blockchain​ (called ​ICP​) which is way faster and cheaper to transact on.

The NFT itself won't move.

Instead, the ledger of 'who owns what' will be updated/tracked on ICP, until the user chooses to move the NFT into a Bitcoin wallet.

This way, users can trade Bitcoin NFTs as frequently as they please, without getting hit with lofty fees, and without clogging the Bitcoin network.

Smart!