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BRC-69, a New Bitcoin Ordinals Standard, Reduces Fees by 90%
Luminex introduced a new token standard that could help inscription fees by over 90%.
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Bitcoin Ordinals launchpad Luminex proposed the launch of a new BRC-69 standard that could reduce inscription costs by over 90%. The new standard is meant to enable the creation of Recursive Ordinals, which could help overcome the current block size cap of 4 MB.
BRC-69 Standard Can Cut Inscription Fees in 4 Steps, Luminex Says
Luminex, a launchpad platform for Bitcoin Ordinals, put forward the BRC-69 standard, a new solution to facilitate the creation of Recursive Ordinals collections. According to the proposal, this standard, if approved, could slash costs related to Ordinals inscriptions by more than 90% through four steps.
“With BRC69, we can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.”
– Luminex wrote on Twitter.
The proposal comes a month after developers of Bitcoin Ordinals introduced recursive inscriptions, seeking to address the block size limit of 4 MB, which restricts the size of non-fungible tokens (NFTs). Normal Ordinals inscriptions that represent tokens and NFTs on the Bitcoin blockchain act independently of one another. With Recursive Ordinals, multiple inscriptions can reference each others’ content through a special syntax.
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How Would Recursive Ordinals Work?
With Luminex’s proposed BRC-69 standard, minters would only be required to inscribe a single line of text instead of an entire image. This text would serve as a reference point, allowing the final image to be automatically rendered across Ordinals frontends, solely through on-chain resources.
“The end result? A flawlessly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image type Ordinals.”
– Luminex explained.
The new standard also aims to increase flexibility and enable further enhancements, Luminex said in the Twitter thread. One such feature is the ability to roll out collections “with an entirely on-chain pre-reveal process,” it wrote.
Introduced at the start of 2023, Bitcoin Ordinals refers to generating Bitcoin NFTs by inscribing data on satoshi units through a unique inscription process without using smart contracts. This data can be any digital artifact, such as image, text, or video.
Shortly after their inception, Ordinals captured significant attention in the crypto space, propelling Bitcoin daily fees to $3.5 million in May. However, some Bitcoin developers did not endorse this idea and have even suggested changing the Bitcoin codebase to terminate Ordinals inscriptions.
What do you think about the new Ordinals standard proposed by Luminex? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
