Bitcoin Ordinals Proposes New Standard to Reduce Costs
Bitcoin Ordinals, a leading blockchain platform, is planning to introduce a new standard that aims to reduce the cost burden associated with minting Bitcoin Ordinals Inscriptions. The proposal suggests that high transaction fees, caused by high demand, can be mitigated through the implementation of Recursive Inscriptions and a new standard called BRC-69.
Luminex, a Bitcoin Ordinals launchpad, has identified Recursive Inscriptions as a vital tool in achieving cost reduction. These Inscriptions offer an extension of the restricted minting limit and allow for the extraction of data from other Inscriptions by reviewing interlacing blocks. By optimizing the current standard for launching Image Ordinals Collections, Luminex believes that the network can continue to encourage creators to launch their innovative ideas on the Bitcoin blockchain.
The new BRC-69 standard proposed by Luminex aims to achieve 90% block space optimization through four processes. The first step involves inscribing the images on-chain, followed by the deployment of the BRC-69 collection. The token standard is then compiled, and the Recursive Inscription points back to the initial deployment to render the asset. Finally, the mint operation takes place, where indexes of the traits point back to the compilation while Recursive Inscriptions automatically inscribe the data on-chain, reducing costs in the process.
One of the key motivations behind this proposal is the recent decrease in daily transactions on the Bitcoin network. While BRC-20 tokens initially gained significant traction, with a market cap of $1 billion, they have since retraced to $159.62 million. Despite this, the number of Inscriptions minted is approaching 15 million, highlighting the continued interest in the platform.
Luminex believes that integrating the BRC-69 standard should be a priority for the Ordinals community. Implementing this standard will enhance the efficiency of Bitcoin block space utilization and streamline the rendering of images without additional steps by using the on-chain Deploy inscription. By reducing costs and optimizing block space, Bitcoin Ordinals can better meet the needs of its users.
The introduction of this new standard has potential implications for the broader cryptocurrency market. As the cost burden of minting Bitcoin Ordinals Inscriptions is reduced, more creators may be encouraged to launch their innovative ideas on the blockchain. This could lead to a greater variety of products and services in the marketplace, as well as increased adoption of Bitcoin Ordinals.
In conclusion, Bitcoin Ordinals’ plan to introduce the BRC-69 standard and utilize Recursive Inscriptions has the potential to significantly reduce costs associated with minting Inscriptions. This development could have a positive impact on the broader cryptocurrency market, enabling greater innovation and adoption. As the industry continues to evolve, it is important for blockchain platforms like Bitcoin Ordinals to explore new standards and technologies that enhance user experience and improve efficiency.
