Bitcoin
Bitcoin Ordinals plan to take the cost burden off with this new standard
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.
- 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.
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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.
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.
Source: Dune Analytics
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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”.
