Connect with us
Active Currencies 14430
Market Cap $2,648,541,958,627.90
Bitcoin Share 50.16%
24h Market Cap Change $-2.93

Bitcoin Ordinals plan to take the cost burden off with this new standard

2min Read

The proposal believes that high transaction fees, caused by high demand, could be reduced. And this might depend on the role of a certain Inscription type.

Bitcoin Ordinals plan to take the cost burden off with this new standard

Share this article

  • The introduction of BRC-69, via Recursive Inscriptions, could help reduce Bitcoin Ordinals’ costs.
  • BRC-20 market cap continues to fall as Inscriptions minted nears 15 million.

The plan to reduce the cost associated with minting Bitcoin Ordinals Inscriptions might soon take off, Luminex’s GitHub profile showed. As a Bitcoin Ordinals launchpad, Luminex suggested that Recursive Inscriptions could be vital to achieving this goal. 


How much are 1,10,100 BTCs worth today?


In June, a developer mentioned that Recursive Inscriptions would offer a better use case for Ordinals as it offered an extension of the restricted minting limit. In addition, these Inscriptions help with extracting data from other Inscriptions by reviewing interlacing blocks. 

BRC-69: Here to curb high fees?

But Luminex pointed out that the use case could go beyond that. And the challenge with block clogging on the network due to the higher demand could be fixed with a new BRC-69 standard. The proposal read,

“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.”

Unlike the BRC-20 token standard, the launchpad noted that BRC-69 would not deal with fungibility. Instead, BRC-69 would aim to achieve 90% block space optimization through four processes. 

According to the proposal, the first step would involve inscriptions of the images on-chain. Then, the next process would be to deploy the BRC-69 collection.

Thereafter, the token standard would be compiled. At this point, the Recursive Inscription would point back to the initial deployment to ultimately render the asset.

The final stage would be the mint operation where indexes of the traits would point back to the compilation while Recursive Inscriptions automatically inscribe the data on-chain while cost reduces.

Falling transactions; fast implementation

Meanwhile, daily transactions on the Bitcoin network have significantly reduced from the highs recorded in May. For BRC-20 tokens, the hype that led to a $1 billion market cap has retraced to an uninspiring $159.62 million, according to Coinranking.

BRC-20 tokens market cap

Source: Coinranking

However, Dune Analytics’ Bitcoin Ordinals dashboard showed the number of Inscriptions minted was edging close to 15 million. But the data showed that daily minting from June till press time was nowhere near May highs.

As expected, text Inscriptions still remained the highest. But there was the “other” category that has been increasing since 19 June. 

Bitcoin Ordinals by type

Source: Dune Analytics


Realistic or not, here’s BTC’s market cap in ETH terms


Either way, Luminex concluded that integrating the BRC-69 standard should be the major objective of the Ordinals community. While backing the stance further, the launchpad noted,

“Implementing the BRC69 standard will enhance the efficiency of Bitcoin block space utilization. Any front-end with Recursive Inscription implementation can render the images without any additional steps, using the on-chain Deploy inscription”.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.