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.
Featured image from iStock, chart from TradingView
