New BRC standard could reduce Bitcoin inscription fees by 90%.
Luminex, a launchpad for Bitcoin Ordinals, has proposed a new standard called BRC-69, which aims to optimize the costs of inscribing on this network.
This proposal comes just one month after the developers of Bitcoin Ordinals introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each other’s 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 significant adoption so far. According to data from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of over $249 million.
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The increasing number of BRC-20 inscriptions has led to a scarcity of block space on the Bitcoin network. As a result, BTC transaction fees have increased due to the higher number of pending transactions.
A quarterly report by IntoTheBlock revealed that Bitcoin network fees surged by over 300% in Q2 of 2023. The BRC-20 standard and the creation of new tokens were reported to be major driving forces behind the increased on-chain fees.
To alleviate this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a “revolutionary standard”. According to the launchpad, it will help reduce the cost of inscriptions while optimizing the Bitcoin block space as the number of inscriptions rises.
BRC-69 Standard To Cut Inscription Fees In 4 Steps
The BRC-69 standard reduces inscription fees through a four-step process of “inscribe traits,” “deploy collection,” “compile collection,” and “mint assets,” as claimed by Luminex. This means that minters only need to inscribe a single line of text instead of a full image.
This text serves as a reference, allowing the final image to be automatically rendered across Ordinals frontends using on-chain resources only. “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,” says Luminex.
BTCUSD trading at $30,879 | Source: BTCUSD chart from TradingViewIn 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 Bitcoin Ordinals are still controversial in the cryptocurrency industry, as a large percentage of the Bitcoin community opposes the protocol. Many argue that this technology negatively impacts the efficiency and security of the Bitcoin network.
