In an exciting development, Luminex, the Bitcoin Ordinals platform, has launched the BRC-69 standard. This inventive model reinvents the process of creating recursive Ordinals collections. The standard presents a solution to Bitcoin’s 4 MB block limit for NFTs. This advancement enables registrations to work harmoniously. Moreover, the BRC-69 standard revolutionizes Bitcoin Ordinals, making unique, non-fungible tokens (NFTs) possible on the Bitcoin blockchain.
Quick Takes:
- The BRC-69 standard could revolutionize the NFT creation process and make it more accessible to a wider range of creators.
- The standard could also help to reduce the environmental impact of NFT creation, as it would require less energy to process transactions.
- The BRC-69 standard is still in its early stages, but it has the potential to make a significant impact on the NFT industry.
Historically, each Ordinals record, representing tokens and NFTs on Bitcoin, functioned in isolation. They were unaware of other records. Now, through the adoption of the BRC-69 standard, Luminex proposes a drastic reduction in registrations costs. It suggests a decrease of over 90%, enhancing the use of Bitcoin block space.
BRC-69: Four Steps to Cost-Efficiency
This dramatic cost reduction comes from a simple four-step process. It involves trait registration, collection distribution, compilation, and resource minting. Under this system, miners register a single line of text instead of a full image. This reference text triggers the automatic rendering of the final image. It happens on Ordinals frontends, using only on-chain resources.
Beyond Cost Savings: The BRC-69 Advantage
The BRC-69 standard promises more than just cost savings. According to Luminex, the standard inaugurates a host of opportunities for additional enhancements and features. One significant feature, for instance, is the capability to launch collections using a completely on-chain pre-reveal process. This process, fundamentally, revolves around the direct exhibition of the final image and its related traits on the blockchain. Consequently, it eliminates the necessity for any off-chain resources.
Earlier this year, the Ordinals protocol stirred up fame by enabling Bitcoin tokens and NFTs, boosting transactions and fees. With the BRC-69 standard, the Bitcoin Ordinals launchpad revolutionizes NFT creation. This proposal makes NFT creation on the Bitcoin network more accessible, efficient, and cost-effective. This innovation heralds a new era for NFTs. It also promotes continued growth in the crypto space.
Overall, the launch of Luminex’s BRC-69 standard marks a turning point in the crypto world. By optimizing the use of Bitcoin Ordinals block space and slashing the cost of registrations, the potential and possibilities of NFTs are set to grow even further. This marks a new chapter in the NFT space, courtesy of Luminex’s ingenuity.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.
Source: NFT Lately
