As a new Bitcoin ordinary marketplace, Bioniq takes a unique approach by running on the Internet computer (ICP) blockchain.
The launch of Bioniq, a marketplace for Bitcoin Ordinals, is a significant step forward in the changing cryptocurrency scene. Unlike other companies, Bioniq runs on the Internet Computer (ICP) blockchain, a platform created by Dfinity, instead of Bitcoin itself. This method represents ICP as a layer-2 network for Bitcoin, a major departure from the industry norms.
In addition to being the “world’s fastest” marketplace for Bitcoin Ordinals, Bioniq also has a built-in wallet with an optional Google login via Web3Auth and doesn’t charge dealers for network transactions or gas.
By transferring Bitcoin and Ordinals assets to Bioniq’s wallet and then “wrapping,” the platform creates a corresponding NFT on the ICP network. This makes it possible to trade on the ICP network, which is said to be more affordable and quicker than the Bitcoin (BTC) network.
Notwithstanding these benefits, Bioniq’s method necessitates extra procedures, making the user experience more difficult. A simpler, Bitcoin-centric trading process may not appeal to users who need to transfer and wrap their assets on a different network.
In addition, the platform’s dependence on the Internet Computer network adds another level of complexity and possible dangers because it raises questions about the security and stability of this less-developed blockchain.
To further enhance the functionality of ordinary markets, Bioniq also adds new capabilities, including movable offers and English auctions with predetermined reserve prices.
The platform will eventually have a launchpad for new collections, a cryptocurrency lending system with collateralized Ordinals assets, and collection offers tailored to certain projects.
