Luminex, the launch platform for Bitcoin Ordinals, has proposed a new standard called BRC-69, which will allegedly improve registration costs on this network.
The proposal comes about a month after the developers of Bitcoin Ordinals submitted a recursive pattern to address the 4MB block size limit. Unlike ordinary ordinal inscriptions, recursive inscriptions can denote each other’s content through a special syntax.
The BRC-69 standard can reduce registration fees by 90%: Luminex
On Monday, June 3, Luminex Introduced BRC-69, a new standard that will facilitate the creation of iterative ensembles. According to the operating board, this BRC standard will help reduce registration fees by 90%.
In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen high adoption so far. according to data There are currently 35,528 BRC-20 tokens in circulation from Coingecko, with a market capitalization of over $249 million.
The increasing number of BRC-20 tokens has led to a scarcity of block space on the Bitcoin network. Thus, the BTC transaction fee has increased since there are more pending transactions.
a Quarterly report from IntoTheBlock It revealed that Bitcoin network fees increased by more than 300% in the second quarter of 2023. The BRC-20 standard – and the creation of new tokens – was reported to be one of the main driving forces for the on-chain fee increase.
To relieve this pressure on the network, Luminex has developed the BRC-69 standard, which it claims is a “revolutionary standard”. This will help reduce the cost of coins while helping to improve bitcoin’s block space as the number of coins increases, according to the launchpad.
BRC-69 to reduce registration fees in 4 steps
The BRC-69 standard reduces registration fees in a four-step process of “registration attributes,” “collection publishing,” “assembly compilation,” and “mint assets,” Luminex claims. This means that knives only need to write a single line of text instead of an entire image.
This text will act as a reference, allowing the final image to be automatically rendered via the Ordinals front-ends, using only on-thread resources. “The end result? A flawlessly rendered image. Unlike other recursive SVG compilations, these images can be dragged and dropped and saved as typical image type Ordinals,” said Luminex.
BTCUSD trading at $30,879 | Source: BTCUSD chart from TradingView
In addition to cost efficiency, Luminex suggestion It claims that the BRC-69 standard provides high flexibility and paves the way for other features on the chain. Some of these features include the launch of a pre-reveal and on-chain detection set.
It is worth noting that bitcoin ordinal is still there controversial In the cryptocurrency industry, as a large percentage of the bitcoin community is against the protocol. Many argue that this technology negatively affects the efficiency and security of the Bitcoin network.
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