Luminex, a launchpad for Bitcoin Ordinals, has recently introduced a new standard known as BRC-69. The purpose of this standard is to reduce the costs associated with inscribing on the Bitcoin Ordinals network. This proposal comes only a month after the introduction of recursive inscriptions by the developers of Bitcoin Ordinals, which was aimed at addressing the block size limit of 4 MB. Recursive inscriptions are different from normal Ordinals inscriptions in that they can reference each other's content through a unique syntax.
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New BRC standard for Bitcoin could reduce inscription fees by 90%. BRC-69 Standard Can Reduce Inscription Fees By 90%: Luminex
Luminex has introduced a new standard called BRC-69 that aims to facilitate the creation of Recursive Ordinals collections. The launchpad claims that this standard will reduce inscription fees by 90%. New BRC standard for Bitcoin could reduce inscription fees by 90%.
In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen significant adoption. According to Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of over $249 million.
The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network, resulting in an increase in BTC transaction fees due to more pending transactions. According to a quarterly report by IntoTheBlock, Bitcoin network fees surged by over 300% in 2023 Q2, with the creation of new tokens being one of the major driving forces behind the increased on-chain fees.
To address this issue, Luminex has developed the BRC-69 standard, which it claims is a "revolutionary standard." The launchpad states that it will help reduce the cost of inscriptions while optimizing the Bitcoin block space as the number of inscriptions increases.
BRC-69 Standard To Cut Inscription Fees In 4 Steps
Luminex claims that the BRC-69 standard can significantly reduce inscription fees through a four-step process of "inscribe traits", "deploy collection", "compile collection", and "mint assets". This means that minters only need to inscribe a single line of text instead of a full image, resulting in a more cost-effective solution.
By inscribing this text, the final image can be automatically rendered across Ordinals frontends using on-chain resources only. This results in a perfectly rendered image that can be easily dragged, dropped, and saved as a typical image type Ordinals.
Luminex's proposal highlights the advantages of the BRC-69 standard, which not only offer cost efficiency but also high flexibility and the potential for other on-chain features such as pre-reveal collection launching and on-chain reveals.
It is important to note that the Bitcoin Ordinals remain a topic of debate within the cryptocurrency industry. A significant portion of the Bitcoin community opposes the protocol, claiming that it has a negative impact on the efficiency and security of the Bitcoin network.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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