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New Bitcoin standard, BRC 69, introduced by Luminex



The Bitcoin blockchain has gained another standard, BRC-69, which was released by Luminex, a Web3 firm focused on the development of Bitcoin Ordinals, BRC-20, and other Bitcoin-native standards. 

This is the latest Bitcoin standard, following the launch of BRC-20 by Domo in March 2023, which is integrated with the Bitcoin Ordinals protocol.

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network, enabling secure and direct transactions without relying on intermediaries like banks. 

It was created in 2009 by an anonymous person or group of people using the pseudonym Satoshi Nakamoto. One of the basic disadvantages of Bitcoin has been its limitations in terms of user development. However, that challenge is being overcome today.

According to Luminex, the new standard will enable the implementation of Recursive collections on the Bitcoin blockchain. This means that it will become less expensive to launch tokens on the Bitcoin chain. 

“As the number of inscriptions grows, Bitcoin block spaces become increasingly scarce and costly,” Luminex said. “We need innovative approaches to enable creators to manifest their ideas while optimizing efficiency.” 

Reducing the cost of inscriptions for Ordinals by 90%, the utilization of the BRC-69 standard will involve the following processes – inscribing traits, deploying collections, compiling collections, and minting assets. 

According to the report, the outcome of the recursive inscription is a better-rendered image that, unlike other SVG recursive collections, “can be dragged, dropped, and saved as typical image type Ordinals.”

Another advantage of the BRC-69 standard mentioned by Luminex is the possibility of launching collections “with an entirely on-chain pre-reveal process”. 

As the BRC-69 model is implemented on the blockchain, there is a higher likelihood of increased user activity on the Bitcoin network, which may also result in congestion, just as seen during the launch of BRC-20.

Conversely, would this also be the trend that follows every expected bull run that comes after the halving of Bitcoin, which is expected to happen next year? Time will tell where this development will lead the entire Web3 ecosystem.

Read also;

Exploring Low-Fee Alternatives for Bitcoin Hodlers: L-BTC vs. WBTC

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