Luminex Introduces BRC-69 Standard to Drastically Reduce Bitcoin
Luminex, a launchpad for Bitcoin Ordinals, has put forward a proposal for a new standard called BRC-69, aimed at optimizing the costs associated with inscribing on this network.
This proposal follows closely on the heels of Bitcoin Ordinals' developers introducing recursive inscriptions, which were intended to address the block size limit of 4 MB. Unlike regular Ordinals inscriptions, recursive inscriptions can refer to the content of other inscriptions using a special syntax.
Luminex Claims BRC-69 Standard Can Slash Inscription Fees by 90%
On Monday, June 3, Luminex unveiled BRC-69, a new standard designed to facilitate the creation of Recursive Ordinals collections. According to Luminex, this BRC standard will significantly reduce inscription fees by 90%.
In March 2023, the Ordinals protocol underwent an update that enabled the creation of BRC-20 tokens, which have gained considerable adoption thus far. Coingecko data reveals that there are currently 35,528 BRC-20 tokens in circulation, with a market capitalization exceeding $249 million.
The growing number of BRC-20 inscriptions has led to block space scarcity on the Bitcoin network, resulting in increased transaction fees for BTC. A quarterly report by IntoTheBlock highlighted that Bitcoin network fees surged by over 300% in Q2 2023. The adoption of the BRC-20 standard and the creation of new tokens were cited as major factors driving the rise in on-chain fees.
To alleviate the strain on the network, Luminex has developed the BRC-69 standard, which it claims to be a "revolutionary standard." According to the launchpad, it will reduce the cost of inscriptions while optimizing the Bitcoin block space as the number of inscriptions continues to grow.
BRC-69 Standard: Four Steps to Reduce Inscription Fees
Luminex asserts that the BRC-69 standard reduces inscription fees through a four-step process: "inscribe traits," "deploy collection," "compile collection," and "mint assets." This means that minters only need to inscribe a single line of text instead of an entire image.
This text will act as a reference, enabling the final image to be rendered automatically across Ordinals frontends, using on-chain resources exclusively. Luminex stated, "The end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals."
Apart from cost efficiency, Luminex's proposal suggests that the BRC-69 standard offers high flexibility and lays the groundwork for other on-chain features. These features include pre-reveal collection launching and on-chain reveals.
It's important to note that Bitcoin Ordinals remains a subject of controversy in the cryptocurrency industry, with a significant portion of the Bitcoin community opposing the protocol. Many argue that this technology adversely affects the efficiency and security of the Bitcoin network.
BTCUSD
SELL 30800 - 31000 💯💯
✅ TP1: 30400
✅ TP2: 30000
✅ TP3: 29500
🛑 SL: 31100
This proposal follows closely on the heels of Bitcoin Ordinals' developers introducing recursive inscriptions, which were intended to address the block size limit of 4 MB. Unlike regular Ordinals inscriptions, recursive inscriptions can refer to the content of other inscriptions using a special syntax.
Luminex Claims BRC-69 Standard Can Slash Inscription Fees by 90%
On Monday, June 3, Luminex unveiled BRC-69, a new standard designed to facilitate the creation of Recursive Ordinals collections. According to Luminex, this BRC standard will significantly reduce inscription fees by 90%.
In March 2023, the Ordinals protocol underwent an update that enabled the creation of BRC-20 tokens, which have gained considerable adoption thus far. Coingecko data reveals that there are currently 35,528 BRC-20 tokens in circulation, with a market capitalization exceeding $249 million.
The growing number of BRC-20 inscriptions has led to block space scarcity on the Bitcoin network, resulting in increased transaction fees for BTC. A quarterly report by IntoTheBlock highlighted that Bitcoin network fees surged by over 300% in Q2 2023. The adoption of the BRC-20 standard and the creation of new tokens were cited as major factors driving the rise in on-chain fees.
To alleviate the strain on the network, Luminex has developed the BRC-69 standard, which it claims to be a "revolutionary standard." According to the launchpad, it will reduce the cost of inscriptions while optimizing the Bitcoin block space as the number of inscriptions continues to grow.
BRC-69 Standard: Four Steps to Reduce Inscription Fees
Luminex asserts that the BRC-69 standard reduces inscription fees through a four-step process: "inscribe traits," "deploy collection," "compile collection," and "mint assets." This means that minters only need to inscribe a single line of text instead of an entire image.
This text will act as a reference, enabling the final image to be rendered automatically across Ordinals frontends, using on-chain resources exclusively. Luminex stated, "The end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals."
Apart from cost efficiency, Luminex's proposal suggests that the BRC-69 standard offers high flexibility and lays the groundwork for other on-chain features. These features include pre-reveal collection launching and on-chain reveals.
It's important to note that Bitcoin Ordinals remains a subject of controversy in the cryptocurrency industry, with a significant portion of the Bitcoin community opposing the protocol. Many argue that this technology adversely affects the efficiency and security of the Bitcoin network.
BTCUSD
SELL 30800 - 31000 💯💯 ✅ TP1: 30400
✅ TP2: 30000
✅ TP3: 29500
🛑 SL: 31100
