Bitcoin News
Bitcoin Ordinals introduces BRC-69 protocol to slash launchpad fees by 90%
Luminex, a launchpad platform for Bitcoin Ordinals, has introduced the BRC-69 standard, which aims to make it easier for Recursive Ordinals collections to be created. The standard also lowers the costs of inscribing the collections and improves the pre-reveal process on the blockchain.
A new feature for Ordinals inscriptions was launched last month, enabling them to overcome the 4 MB per block size limit of Bitcoin that constrains the size of NFTs. This feature allows inscriptions to cooperate by using recursion.
Before, Ordinals inscriptions that represented tokens and NFTs on Bitcoin did not interact with other inscriptions. Recursion allows inscriptions to refer to the content of other inscriptions using a special syntax.
The Company is Confident Regarding New Protocol
Luminex says that its BRC-69 protocol can make inscriptions much cheaper, which is important for the Bitcoin network as more inscriptions are created. According to Luminex, BRC-69 can lower the inscription costs by more than 90% by using a four-stage method.
🟨 (1/7) GM! Today, we're excited to introduce BRC69, a revolutionary standard for creating Recursive #Ordinals collections with ease. This standard will be instrumental in launching Recursive collections on Bitcoin.
More details here: https://t.co/zaID07tnD5
— Luminex (@luminexio) July 3, 2023
Luminex described the process as follows: first, the attributes are encoded, then a set of variations is created, next, the set is compiled, and finally, the assets are generated.
Luminex’s proposal simplifies the process of minting Ordinals by requiring only a text inscription instead of a full image. The text acts as a pointer, enabling Ordinals frontends to render the final image automatically, using only on-chain resources.
Luminex explained that their SVG recursive collections have a unique advantage: flawless image quality. Unlike other collections of the same kind, these images can be edited and exported as any standard image format Ordinals.
BRC-69 is not only a cost-effective solution but also a gateway to further improvements and functionalities, according to Luminex.
One of the benefits of this solution is that it enables collections to be revealed entirely on-chain — that is, the final appearance and attributes of each item in a collection are determined and displayed by the blockchain itself, without relying on any external resources.
The Ordinals protocol, which allows users to mint tokens and NFTs on Bitcoin, gained popularity at the beginning of this year. This led to an increase in the number of transactions and fees on the network.
