Toniq Labs has launched Bioniq, a new Bitcoin-based NFT marketplace on the Internet Computer (ICP) platform, highlighting its speed and ease of use for Ordinals trading. This platform’s distinct Selling point is its adoption of Web3Auth. This security protocol lets users manage their non-custodial private keys and log into crypto wallets using email addresses.
Bioniq strives to provide a user-friendly experience by incorporating a built-in wallet that comes with smart wallet features. This enables users to buy, sell, and trade non-fungible tokens (NFTs) on Bitcoin with convenience and simplicity. The platform’s performance is also boosted by leveraging the Internet Computer’s native Bitcoin integration, making activities such as trading, selling, and transferring Bitcoin-based Ordinals and Inscriptions quicker and more cost-effective.
Built On Internet Computer: The Potential For Quick Transactions And Reduced Fees
Supported by Polychain Capital and scheduled to launch officially on December 6, 2023, Bioniq operates on the Internet Computer (ICP), a renowned layer-1 blockchain created by Dfinity. With its incorporation with Bitcoin, the Internet Computer fundamentally works as a layer-2 scaling network for Bioniq.
The platform comes with several benefits over other Ordinals marketplaces, including being the ‘world’s fastest’ Ordinals marketplace. It also provides a built-in wallet that has an optional Google login via Web3Auth.
Bitcoin users and enthusiasts can move their Ordinals assets and Bitcoin into the marketplace’s wallet via a token wrapping process found on Internet Computer to use Bioniq. They then send the Ordinal asset to a designated Bitcoin wallet address for secure storage, after which a corresponding NFT is minted on the Internet Computer network.
Bioniq’s fusion with ICP’s native Bitcoin capabilities activates smart contract functionality for Bitcoin. It means users can trade their assets within the ICP network without having to rely on “Partially Signed Bitcoin Transactions” (PSBTs). Bioniq promises quick transaction speeds for traders, with transactions taking less than two seconds, together with the extra benefit of zero network fees.
What Are Bitcoin Ordinals?
On the Bitcoin blockchain, satoshis, the smallest units, are used to create a distinct digital asset similar to non-fungible tokens (NFTs) via Bitcoin Ordinals. Each satoshi is numbered according to its mining sequence, called an ordinal. The numbering system helps in tracking every satoshi movement and ownership.
Users can add data, such as text or images, to the ordinals – a process called inscribing, supporting the creation of distinct NFT-like assets on Bitcoin’s secure blockchain.
