The Concerns of BRC-20 Creator
The creator of Bitcoin’s BRC-20 token standard is expressing concerns about a marketplace’s attempt to take over the protocol. UniSat recently announced an upgrade called Ordinals Jubilee, which aims to address issues with unrecognized Bitcoin inscriptions. However, the creator, known as Domo, believes that UniSat’s actions are not in the best interest of the BRC-20 community and could potentially harm users.
Domo argues that rushing these updates without proper testing and coordination is reckless. They also question the timing of the upgrade, suggesting that it may be part of a strategy to gain control of the protocol. Instead, Domo recommends following the Layer 1 Foundation, a non-profit organization focused on a safety-first approach to protocol maintenance.
UniSat’s Misleading Claims
According to Domo and the Layer 1 Foundation, UniSat is misleading its followers by claiming that the upgrade is not causing a protocol split. Domo had previously announced the intention to upgrade only after sufficient testing and coordination. However, UniSat has decided to move forward with a different approach, causing concern among those who prioritize safety.
The Difference Between Fork and Split
UniSat clarified that a divergence between the Ordinals and BRC-20 community would result in a protocol split rather than a fork. A fork occurs when a distinct blockchain is created from an existing one, while a split maintains two different standards on the same chain. A split can lead to complex cross-affecting cases that are harder to deal with than a fork.
Impact on Bitcoin Fees
BRC-20 tokens have been driving up Bitcoin transaction fees in recent months. However, fees have since decreased to under $3 per transaction. The Ordinals upgrade and its potential consequences could have further implications for Bitcoin’s fees and the broader cryptocurrency community.
Hot Take: The Bitcoin Dilemma
The concerns raised by the creator of the BRC-20 token standard highlight the challenges and risks associated with protocol upgrades in the cryptocurrency space. While improvements and enhancements are necessary, rushing these updates without proper testing and coordination can have detrimental effects on users and the overall community. It is essential to prioritize safety and consider the potential implications before implementing significant changes to protocols. The actions of UniSat and the response from Domo and the Layer 1 Foundation underscore the importance of transparency, collaboration, and a thorough evaluation of upgrade strategies in the crypto world.
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