{"id":31821,"date":"2023-07-05T16:46:44","date_gmt":"2023-07-05T20:46:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/bitcoin-ordinals-launchpad-introduces-brc-69-standard-promising-90-cost-reduction\/"},"modified":"2023-07-05T16:46:45","modified_gmt":"2023-07-05T20:46:45","slug":"bitcoin-ordinals-launchpad-introduces-brc-69-standard-promising-90-cost-reduction","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31821","title":{"rendered":"Bitcoin Ordinals Launchpad Introduces BRC-69 Standard, Promising 90% Cost Reduction"},"content":{"rendered":"
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Luminex, a launchpad platform for Bitcoin Ordinals, has proposed a new BRC-69 standard which promises a staggering reduction of more than 90% on inscription costs.<\/p>\n

Ordinal inscriptions are digital assets similar to NFTs, inscribed on a Satoshi, the lowest denomination of a Bitcoin (BTC). Bitcoin Ordinals are on-chain, directly written on the Bitcoin network. Ordinals previously had a 4-megabyte limit on inscriptions.<\/p>\n

According to the Luminex protocol\u2019s GitHub, there is a need for inventive solutions where creators can bring their ideas while optimizing efficiency. BRC-69 looks to bypass the inscription limit through \u201cRecursive Inscription\u201d \u2013 calling data from existing inscriptions and using that within new ones.<\/p>\n

The BRC-69 standard works in a 4-stage process of inscribing traits, deploying the collection, compiling it and finally, minting assets.<\/p>\n

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\u201cAdditionally, this standard paves the way for more intriguing on-chain features, such as pre-reveal collection launching and on-chain reveals,\u201d Luminex post read. \u201cThis is accomplished by automatically and seamlessly rendering images on the Ordinals explorer, without the need for additional action.\u201d<\/p>\n

With Luminex\u2019s BRC-69 standard, minters would only need to inscribe a single line of text instead of an entire image. This text serves as a reference allowing the final image to be automatically rendered across Ordinals frontends, through on-chain resources.<\/p>\n

Recursive Inscriptions are a Breakthrough for Ordinal Developers<\/h2>\n

On June 12, Ordinal developers introduced recursive inscriptions to overcome Bitcoin\u2019s 4MB cap per block that restricts the size of NFTs. Per a Tweet by pseudonymous developer Leonidas, creator of the Ord.io marketplace for inscriptions, the new feature \u201cunlocks many powerful use cases.\u201d<\/p>\n

\u201cIt’s unclear yet exactly how people will use this but it is undoubtedly an important moment in the history of Bitcoin,\u201d the Tweet said.<\/p>\n

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The Ordinals protocol came to prominence, earlier this year, enabling the creation of BRC-20 tokens and NFTs. As a result, Bitcoin transactions and fees on the network saw a significant surge.<\/p>\n

Recursive inscriptions not only enhance efficiency and reduce costs but also streamline the storage of artwork on-chain. “The art is just stored on-chain in a much more efficient way, which could have saved over a million dollars in transaction fees in the case of Bitcoin Apes,” Leonidas noted.<\/p>\n<\/p><\/div>\n