Luminex lowers Ordinals Fees with BRC-69 token standard

Luminex is a launchpad for Bitcoin Ordinals, and it has made massive advancements for the benefit of the community. Luminex has introduced BRC-69 tokens, a modified version of the BRC-20 token standard, with the commitment to lower the ordinals cost by 90%. 

The transaction cost is on the rise, impacting the pockets of Bitcoin community members. Hence, introducing a mechanism that brings down the minting cost sounds like much-needed relief.

Reportedly, this will help Luminex and Ordinals sustain the growth of the Bitcoin Network. In general, there are likely to be more users now as the benefits are continually expanding. The BRC-69 token requires a single line of text inscribed on the blockchain. 

A higher number of inscriptions starts filling the block spaces faster. Thereby, affecting the cost that goes up. The block space will not become scarce with just a single line in the picture. Hence, saving money and, in turn, efforts.

Luminex tweeted that the newly introduced standard token enables a user to automatically render the final image on all ordinals-front ends by utilizing the on-chain resources. Luminex has further stated that BRC-69 has the potential to support new functions like launching collections without revealing tokens. Also, it enables one to schedule on-chain reveals.

Needless to say, this is just one of the many new functions that Luminex has mentioned in the tweet. More such functions can be explored by users, making a stark comparison available for them during the experience.

BRC-20 tokens, at the time of articulating this piece, have a market capitalization of $262 million. This is way below the market capitalization for May 2023, when the figure stood close to $1 billion. These figures have been supplied by CoinGecko, further highlighting that the sector registered trades worth $20.7 million in the past 24 hours.

Bitcoin transactions are down to 328,000 against their record-high figure of 600,000, as per Ycharts.

As for Bitcoin (BTC) can be seen exchanging hands at $30,653.70. This is an increase of 19.04% in the past month, with $31,158.80 being the highest mark touched on July 3, 2023. And as per Bitcoin future predictions, it may cross the $35k mark soon as it has already crossed the price level of $30. Moreover, the lowest in the last 30 days is $25,119.30 as of June 14, 2023.

While a perfect estimate is hard to draft, crypto enthusiasts firmly believe that Bitcoin can reach at least $31,000 by the end of 2023. The ultimate mark of $100k is predicted to be surpassed by the end of this decade, i.e., by the end of 2030.