Bitcoin Ordinals Inscriptions launched in 2023, taking the crypto space by storm, especially the NFT sector. The Taproot upgrade of 2021 was a turning point for the Bitcoin blockchain becoming more useful for accumulating more utilities. The BRC-20 token standard brought the fungible tokens capabilities to the blockchain. And the recently announced BRC-69 standard is poised to take it one step further by making the process more smooth and more efficient.
Prominent Crypto reporter Wu Blockchain reported the announcement from Luminex, a Bitcoin Ordinals Launchpad platform, about the launch of a Bitcoin Ordinals collection standard dubbed BRC-69. It noted that the standard would be beneficial in reducing the cost of inscriptions by more than 90%.
Bitcoin Ordinals Launchpad platform Luminex has announced the launch of a new ordinal collection standard: BRC-69, which can can reduce the costs of inscriptions for Ordinals collections by over 90% and launch collections with an entirely on-chain pre-reveal process.…
— Wu Blockchain (@WuBlockchain) July 4, 2023
Since its launch, Bitcoin Ordinals have seen tremendous growth. According to BRC-20.io data, the number of BTC-20 tokens has risen to 35,498 now. The overall market capitalization has hit a whopping $1.227 Trillion with a trading volume of over $44.22 Billion.
As the numbers suggest, the growth has been significant and remains unchallenged. However, rapid adoption has driven up congestion, which is a rising concern that the newly launched BRC-69 expects to resolve.
Luminex noted in the announcement BRC-69 as a “revolutionary standard for creating Recursive Ordinals” based on the Bitcoin blockchain. The standard primarily focuses on resolving the issue of scarcity blocking space and higher cost. It takes an “innovative approach” where the creators could manifest ideas while keeping the efficiency optimized.
🟨 (1/7) GM! Today, we’re excited to introduce BRC69, a revolutionary standard for creating Recursive #Ordinals collections with ease. This standard will be instrumental in launching Recursive collections on Bitcoin.
More details here: https://t.co/zaID07tnD5
— Luminex (@luminexio) July 3, 2023
BRC-69 focuses on the four-step procedure to eliminate the cost of Bitcoin Ordinals Inscriptions by over 90%. It includes inscribing of traits, deploying of collection, complaining the collection, and minting assets.
According to Luminex, the standard allows minters inscription of a single line of text rather than a full image. The text facilitates the automatic rendering of the final image at the ordinal’s frontends. Given the “recursive inscriptions” capabilities, the whole process is said to rely completely on on-chain resources.
The standard offers “high flexibility” and makes the enhancements and adding features handy. Launching collections on the blockchain using an on-chain pre reveal” process.
The biggest cryptocurrency blockchain network got non-fungible tokens-like capabilities with the launch of Inscriptions of Ordinals. It’s assigning some form of data be it image, video, etc. to an individual Satoshi (SAT): the one hundredth or the smallest unit of a Bitcoin (BTC).
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/07/04/brc-69-standard-seeks-bitcoin-ordinals-inscriptions-efficiency/