{"id":541174,"date":"2023-07-05T02:00:46","date_gmt":"2023-07-05T02:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=541174"},"modified":"2024-06-11T08:09:34","modified_gmt":"2024-06-11T08:09:34","slug":"bitcoin-ordinals-this-brc-standard-will-reduce-fees-by-90","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-ordinals-this-brc-standard-will-reduce-fees-by-90\/","title":{"rendered":"Bitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90%"},"content":{"rendered":"

Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69, which will allegedly optimize the costs of inscribing on this network.<\/span><\/p>\n

This proposal comes barely a month after Bitcoin Ordinals\u2019 developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others\u2019 content through a special syntax.<\/span><\/p>\n

Related Reading: 75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here?<\/a><\/div>\n

BRC-69 Standard Can Reduce Inscription Fees By 90%: Luminex<\/span><\/h2>\n

On Monday, June 3, Luminex introduced BRC-69<\/a>, 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%.<\/span><\/p>\n

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<\/a> from Coingecko, there are currently 35,528 BRC-20 tokens in circulation, with a market cap of more than $249 million.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

A quarterly report by IntoTheBlock<\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

BRC-69 Standard To Cut Inscription Fees In 4 Steps<\/span><\/h2>\n

The BRC-69 standard reduces inscription fees in a four-step process of \u201cinscribe traits\u201d, \u201cdeploy collection\u201d, \u201ccompile collection\u201d, and \u201cmint assets\u201d, Luminex claims. This means that minters only need to inscribe a single line of text instead of a full image.<\/span><\/p>\n

This text will serve as a reference, enabling the final image to be automatically rendered across Ordinals frontends, only using on-chain resources. \u201cThe end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals,\u201d Luminex said.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTCUSD trading at $30,879 | Source: BTCUSD chart from TradingView<\/a><\/pre>\n
In addition to cost efficiency, Luminex\u2019s proposal<\/a> 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.<\/span><\/p>\n
It is worth mentioning that the Bitcoin Ordinals are still controversial<\/a> 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.<\/p>\n
Related Reading: Bitcoin Could Soar To $140,000 In Next Bull Cycle, Crypto Analysis Channel<\/a><\/div>\n
<\/div>\n
\n
Featured image from iStock, chart from TradingView<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
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\u2019 developers introduced recursive inscriptions to address the block size limit of 4 MB. Unlike normal Ordinals inscriptions, recursive inscriptions can reference each others\u2019 content through a special syntax. Related Reading: 75% Of Bitcoin Supply Now In Profit, Will A Drop Happen Here? 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.\u00a0 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 \u201cinscribe traits\u201d, \u201cdeploy collection\u201d, \u201ccompile collection\u201d, and \u201cmint assets\u201d, 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. \u201cThe end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals,\u201d Luminex said. BTCUSD trading at $30,879 | Source: BTCUSD chart from TradingView In addition to cost efficiency, Luminex\u2019s 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. Related Reading: Bitcoin Could Soar To $140,000 In Next Bull Cycle, Crypto Analysis Channel Featured image from iStock, chart from TradingView<\/p>\n","protected":false},"author":590,"featured_media":541188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,654,87917,88222,88563],"class_list":["post-541174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-network","tag-bitcoin-ordinals","tag-brc-20","tag-brc-69"],"acf":[],"yoast_head":"\nBitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90%<\/title>\n<meta name=\"description\" content=\"Luminex, a Bitcoin Ordinals launchpad, has proposed a new standard called BRC-69 aimed at reducing inscription costs.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies. Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. \u201cLooking\u201d is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi\u2019s favorite part - in fact, far from it. Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. \u201cThis emphasizes the intricacies of blockchain technology and the cryptocurrency market,\u201d he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger. When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi\u2019s Spotify Daily Mix. Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K. Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that. Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi\u2019s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings. Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that \u201cwhatever is worth doing at all is worth doing well.\u201d Hence, you will always find him striving to be better. Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.","sameAs":["https:\/\/www.linkedin.com\/in\/opeyemi-sule-027bb5227","https:\/\/x.com\/https:\/\/twitter.com\/fwOpeyemi"],"url":"https:\/\/uniquehot.com\/author\/oluwatosino\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90%","url":"http:\/\/uniquehot.com\/news\/bitcoin-ordinals-this-brc-standard-will-reduce-fees-by-90\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-ordinals-this-brc-standard-will-reduce-fees-by-90\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-1356804795.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-1356804795.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Opeyemi Sule"}],"creator":["Opeyemi Sule"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin network","bitcoin ordinals","brc-20","brc-69"],"dateCreated":"2023-07-05T02:00:46Z","datePublished":"2023-07-05T02:00:46Z","dateModified":"2024-06-11T08:09:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90%\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-ordinals-this-brc-standard-will-reduce-fees-by-90\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-ordinals-this-brc-standard-will-reduce-fees-by-90\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1356804795.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1356804795.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Opeyemi Sule\"}],\"creator\":[\"Opeyemi Sule\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin network\",\"bitcoin ordinals\",\"brc-20\",\"brc-69\"],\"dateCreated\":\"2023-07-05T02:00:46Z\",\"datePublished\":\"2023-07-05T02:00:46Z\",\"dateModified\":\"2024-06-11T08:09:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/07\/iStock-1356804795.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/541174","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/590"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=541174"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/541174\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/541188"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=541174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=541174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=541174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}