BRC69 Token Standard Aims to Enhance Efficiency of Ordinal Inscriptions on Bitcoin
Hey there, Lolacoin readers! We’ve got some good news and some bad news for you. Let’s start with the bad news – the increasing popularity of inscribing data into non-fungible Ordinals collections on the Bitcoin blockchain has led to a rise in network fees. But don’t worry, because we’ve got the solution for you!
The Breakdown:
- Luminex, a crypto startup, has introduced the BRC69 token standard, which uses recursive inscriptions to enhance the efficiency of inscribing on Bitcoin through the Ordinals protocol.
- This standard allows for easier collection launching and onchain reveals, making it more accessible and captivating.
- By adopting the BRC69 standard, costs are optimized and engaging experiences are maximized.
- With a 4-step process, the BRC69 standard reduces the costs of inscriptions for Ordinals collections by over 90%.
- As of now, there have been over 14 million Ordinal inscriptions and more than 35,500 BRC20 tokens minted on the Bitcoin blockchain.
So, here’s the good news – the BRC69 token standard is here to save the day! By using recursive inscriptions, this standard reduces costs and optimizes efficiency. With easier collection launching and onchain reveals, creators can continue to bring their innovative ideas to the Bitcoin blockchain without breaking the bank. This is a game-changer for the crypto world!
Hot Take: The introduction of the BRC69 token standard is a major step forward in enhancing the efficiency of inscribing on Bitcoin. With reduced costs and improved accessibility, more creators will be encouraged to launch their ideas on the blockchain, ultimately driving innovation and growth in the crypto space.
By
By
By
By