The Emergence of the BRC69 Standard for Cheaper Bitcoin NFT Minting – CryptoMode

As a game-changer in blockchain technology, developers at Ordinals spearhead innovative approaches to mitigate the blockchain congestion instigated by Bitcoin NFTs (Non-Fungible Tokens). These novel advancements can potentially curtail NFT creation costs by a staggering 90%.

BRC69: A New Standard, A New Dawn

Leading the charge in this arena is BRC69 – an exceptional standard put forth by Ordinals’ launchpad platform, Luminex, with the prime objective of enhancing cost-efficiency in inscriptions on Bitcoin via the Ordinals protocol. As per the proposition delineated on Luminex’s GitHub, implementing this new standard would diminish inscription expenses and unlock new on-chain features.

These on-chain developments entail that NFT collections can leverage fully on-chain resources to disclose their NFTs, encompassing everything from the pre-reveal procedure to the ultimate display of an image and its pertinent characteristics. Luminex states that such feats are accomplished by seamlessly and automatically rendering images on the Ordinals explorer without necessitating additional action.

The Mechanism behind BRC69: A Four-Step Process

BRC69 employs a four-stage process whereby users etch images of their NFT traits on-chain, deploy the collection, compile it, and finally mint the assets. This standard capitalizes on ‘recursive inscriptions’ – an ingenious method introduced by Ordinals developers in June that cleverly navigates Bitcoin’s 4MB block size constraint.

Instead of individually minting thousands of JPEG files onto the blockchain, users can cite content within existing inscriptions of the same collection and subsequently render it using minimal code.

The Future of Ordinals Standards

According to Luminex, adopting a recursive Ordinals standard will become imperative as the popularity of Ordinals soars and Bitcoin block space becomes increasingly scarce and expensive. Ordinals have amassed considerable traction since their inception in February, with nearly 15 million Ordinals inscriptions on Bitcoin.

However, despite its successes, Ordinals have encountered substantial skepticism from certain Bitcoin enthusiasts, who argue that the protocol essentially functions as a bug enabling “spam” on the blockchain.

BRC-20 Standard and The Surge in Meme Coins

Such criticism amplified in early May when the BRC-20 standard came to the fore – a system based on Ordinals for launching fungible tokens on Bitcoin, in conjunction with NFTs. This development sparked a surge in meme coins, briefly causing the average Bitcoin transaction fee to skyrocket over $30. This sudden spike ignited concerns regarding the long-term viability of Bitcoin as an economically viable payments network.

BRC69 presents a solution to this issue, while promising fewer fees for miners, a vital component in maintaining Bitcoin’s long-term security. Even though fees have since normalized, they could escalate if another NFT hype wave identifies Bitcoin as its host. Notably, the network has already ascended to the second most popular blockchain for trading NFTs.

To sum up, BRC69 stands as a testament to innovation in the blockchain space, demonstrating the endless possibilities and potential to revolutionize blockchain technology, making it more efficient and cost-effective.

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