Introducing BRC69: A New Standard to Reduce Blockchain Bloat for Bitcoin NFTs
Ordinals developers have been finding innovative solutions to tackle the problem of blockchain bloat caused by Bitcoin NFTs. The latest development is the BRC69 standard proposed by Ordinals launchpad platform Luminex, which aims to optimize the costs of inscribing on Bitcoin using the Ordinals protocol.
Key Points:
– BRC69 standard reduces inscription costs and unlocks new on-chain features for NFT collections.
– With BRC69, NFT collections can use fully on-chain resources for the pre-reveal process and final image reveal.
– The standard utilizes a 4-step process: users inscribe NFT traits on-chain, deploy the collection, compile it, and mint the assets.
– BRC69 builds upon the concept of recursive inscriptions introduced by Ordinals developers, which helps overcome Bitcoin’s block size limit.
– Luminex believes that a recursive Ordinals standard will be necessary as Ordinals popularity grows and Bitcoin block space becomes scarce and costly.
The Simplicity and Benefits of BRC69
The brilliance of BRC69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image, allowing the final image to be automatically rendered on all Ordinals frontends using solely on-chain resources, thanks to recursive inscriptions.
Addressing Blockchain Bloat and Miners’ Fees
Ordinals and Bitcoin NFTs have faced criticism from some Bitcoiners who view the protocol as a bug causing “spam” on the blockchain. The rise of the BRC-20 standard, which enabled the launch of fungible tokens on Bitcoin along with NFTs, led to concerns about the long-term sustainability of Bitcoin as an affordable payments network.
Solutions like BRC69 help alleviate blockchain bloat but also mean fewer fees for miners, which are essential for Bitcoin’s long-term security. While fees have returned to normal levels, another surge in NFT hype could cause fees to rise again. Bitcoin has already become the second most popular blockchain for NFT trading according to Crypto Slam data.
Hot Take
BRC69 is a significant step towards reducing blockchain bloat caused by Bitcoin NFTs while also enhancing the functionality of NFT collections. However, the delicate balance between addressing scalability issues and maintaining miners’ incentives remains a challenge. As the popularity of Ordinals and Bitcoin NFTs continues to grow, finding sustainable solutions will be crucial for the long-term viability of the ecosystem.
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