New BRC69 Token Standard Promises 90% Savings for Bitcoin’s Ordinal Inscriptions
While Ordinal inscriptions continue to rise, nearing the 15 million range, a new token standard was revealed on July 3 called BRC69. According to the creators of the concept, it can reduce the costs of inscriptions for Ordinal collections by over 90%. The launchpad Luminex, which announced the BRC69 token standard, insists that the “brilliance of BRC69 lies in its simplicity.”
BRC69 Token Standard Aims to Enhance Efficiency of Ordinal Inscriptions on Bitcoin
There have been several new concepts created on top of the Bitcoin blockchain via Ordinal inscription technology, and things have progressed further with the advent of recursive inscriptions. On Monday, the crypto startup Luminex, a firm that helps projects initiate launchpads, revealed the BRC69 token standard on Twitter.
“Today, we’re excited to introduce BRC69, a revolutionary standard for creating Recursive Ordinals collections with ease,” Luminex stated. “This standard will be instrumental in launching Recursive collections on Bitcoin.”
Luminex also shared the BRC69 token standard’s Github, which discloses that the proposed standard employs recursive inscriptions to enhance the efficiency of inscribing on Bitcoin through the Ordinals protocol. By adopting this standard, onchain functionalities like pre-reveal collection launching and onchain reveals can become more accessible and captivating. The breakthrough lies in the automatic rendering of images on the Ordinals explorer, eliminating the need for extra steps.
Consequently, the Github summary says, costs are optimized, while the potential for engaging experiences is maximized. “As the Ordinals protocol gains traction, more users are inscribing data into non-fungible Ordinals collections on Bitcoin,” Luminex details. “This increased usage has led to a higher demand for Bitcoin block space, subsequently causing a rise in Bitcoin network fees.” The crypto startup added:
In order to continue encouraging creators to launch their innovative ideas on the Bitcoin blockchain, we must optimize the current standard for launching Image Ordinals Collections.
Recursive inscriptions enhance the efficiency of inscriptions by enabling interconnectedness among them. Luminex detailed that with the BRC69 standard, it can “reduce the costs of inscriptions for Ordinals collections by over 90% — This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.”
At the time of writing, ??there have been 14,685,362 Ordinal inscriptions minted on the Bitcoin blockchain. Furthermore, a token standard called BRC20 was created, and to date, there are more than 35,500 BRC20 tokens. According to statistics collected by Dune Analytics, miners have collected 1,806.44 BTC, worth $56.14 million using today’s BTC exchange rates.
What are your thoughts on the BRC69 token standard and its potential to reduce the cost and accessibility of Ordinal collections on the Bitcoin blockchain?
Source: Bitcoin.com
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Text source: Crypto Breaking News
