This New BRC Standard Could Reduce Inscription Fees By 90%

Luminex, a Bitcoin Ordinals launchpad, has proposed a brand new customary referred to as BRC-69, which can allegedly optimize the prices of inscribing on this community.

This proposal comes barely a month after Bitcoin Ordinals’ builders launched recursive inscriptions to handle the block dimension restrict of 4 MB. Not like regular Ordinals inscriptions, recursive inscriptions can reference every others’ content material by way of a particular syntax.

BRC-69 Commonplace Can Scale back Inscription Charges By 90%: Luminex

On Monday, June 3, Luminex introduced BRC-69, a brand new customary that may facilitate the creation of Recursive Ordinals collections. In line with the launchpad, this BRC customary will assist scale back inscription charges by 90%.

In March 2023, the Ordinals protocol was up to date to allow the minting of BRC-20 tokens, which have seen a major degree of adoption thus far. In line with data from Coingecko, there are at present 35,528 BRC-20 tokens in circulation, with a market cap of greater than $249 million. 

The rising variety of BRC-20 inscriptions has led to a shortage of block area on the Bitcoin community. Consequently, BTC transaction charges have elevated as there are extra pending transactions.

A quarterly report by IntoTheBlock revealed that the Bitcoin community charges surged by greater than 300% in 2023 Q2. The BRC-20 customary – and the creation of recent tokens – had been reported to be one of many main driving forces of the elevated on-chain charges.

To ease this strain on the community, Luminex has developed the BRC-69 customary, which it claims to be a “revolutionary customary”. It can assist scale back the price of inscriptions whereas serving to to optimize the Bitcoin block area because the variety of inscriptions rises, in response to the launchpad.

BRC-69 Commonplace To Minimize Inscription Charges In 4 Steps

The BRC-69 customary reduces inscription charges in a four-step strategy of “inscribe traits”, “deploy assortment”, “compile assortment”, and “mint belongings”, Luminex claims. Which means minters solely have to inscribe a single line of textual content as an alternative of a full picture.

This article will function a reference, enabling the ultimate picture to be mechanically rendered throughout Ordinals frontends, solely utilizing on-chain assets. “The top consequence? A flawlessly rendered picture. Not like different SVG recursive collections, these photographs could be dragged, dropped, and saved as typical picture sort Ordinals,” Luminex mentioned.

BTCUSD buying and selling at $30,879 | Supply: BTCUSD chart from TradingView

Along with value effectivity, Luminex’s proposal claims that the BRC-69 customary gives excessive flexibility and paves the way in which for different on-chain options. A few of these options embody pre-reveal assortment launching and on-chain reveals.

It’s price mentioning that the Bitcoin Ordinals are nonetheless controversial within the cryptocurrency business, as a big proportion of the Bitcoin group is against the protocol. Many argue that this know-how negatively impacts the effectivity and safety of the Bitcoin community.