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Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69, which will allegedly optimize the costs of inscribing on this network.
This proposal comes barely a month after Bitcoin Ordinals’ developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others’ content through a special syntax.
BRC-69 Standard Can Reduce Inscription Fees By 90%: Luminex
On Monday, June 3, Luminex introduced BRC-69, a new standard that will facilitate the creation of Recursive Ordinals collections. According to the launchpad, this BRC standard will help reduce inscription fees by 90%.
In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which have seen a significant level of adoption so far. According to data from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of more than $249 million.
The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network. Consequently, BTC transaction fees have increased as there are more pending transactions.
A quarterly report by IntoTheBlock revealed that the Bitcoin network fees surged by more than 300% in 2023 Q2. The BRC-20 standard – and the creation of new tokens – were reported to be one of the major driving forces of the increased on-chain fees.
To ease this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a “revolutionary standard”. It will help reduce the cost of inscriptions while helping to optimize the Bitcoin block space as the number of inscriptions rises, according to the launchpad.
BRC-69 Standard To Cut Inscription Fees In 4 Steps
The BRC-69 standard reduces inscription fees in a four-step process of “inscribe traits”, “deploy collection”, “compile collection”, and “mint assets”, Luminex claims. This means that minters only need to inscribe a single line of text instead of a full image.
This text will serve as a reference, enabling the final image to be automatically rendered across Ordinals frontends, only using on-chain resources. “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,” Luminex said.
BTCUSD trading at $30,879 | Source: BTCUSD chart from TradingView
In addition to cost efficiency, Luminex’s proposal claims that the BRC-69 standard offers high flexibility and paves the way for other on-chain features. Some of these features include pre-reveal collection launching and on-chain reveals.
It is worth mentioning that the Bitcoin Ordinals are still controversial in the cryptocurrency industry, as a large percentage of the Bitcoin community is opposed to the protocol. Many argue that this technology negatively impacts the efficiency and security of the Bitcoin network.
