Jamal Al-Farouq In the midst of soaring Ordinal inscriptions, which are approaching the 15 million mark, a groundbreaking token standard has emerged, known as BRC69. This innovative concept, unveiled on July 3, claims to slash inscription costs for Ordinal collections by over 90%. Luminex, the launchpad behind BRC69, emphasizes the brilliance of its simplicity.
Enhancing Efficiency: BRC69 Token Standard for Bitcoin’s Ordinal Inscriptions
The Bitcoin blockchain has witnessed the creation of numerous concepts utilizing Ordinal inscription technology, with further advancements through recursive inscriptions. Enter Luminex, a crypto startup specializing in project launchpads, which recently introduced the BRC69 token standard via Twitter.
Today, Luminex proudly presents BRC69—a revolutionary standard designed to effortlessly create Recursive Ordinal collections. “This standard will play a pivotal role in the launch of Recursive collections on Bitcoin,” declared Luminex. They also shared the BRC69 token standard’s Github repository, revealing that it leverages recursive inscriptions to optimize the efficiency of Bitcoin inscriptions through the Ordinals protocol. This adoption facilitates onchain functionalities such as pre-reveal collection launches and onchain reveals, eliminating unnecessary steps.
As a result, the Github summary highlights cost optimization while maximizing engaging experiences. Luminex explains, “As the Ordinals protocol gains traction, more users are inscribing data into non-fungible Ordinals collections on Bitcoin. This increased usage has raised the demand for Bitcoin block space, subsequently leading to a surge in Bitcoin network fees.” In order to encourage creators to bring their innovative ideas to the Bitcoin blockchain, Luminex aims to optimize the current standard for launching Image Ordinals Collections.
By employing recursive inscriptions, the BRC69 standard significantly reduces inscription costs for Ordinal collections by over 90%. This reduction is achieved through a simple 4-step process: (1) inscribing traits, (2) deploying the collection, (3) compiling the collection, and (4) minting assets.
At present, there have been 14,685,362 Ordinal inscriptions minted on the Bitcoin blockchain. Additionally, a token standard called BRC20 has been created, boasting over 35,500 BRC20 tokens. According to data from Dune Analytics, miners have earned 1,806.44 BTC, equivalent to $56.14 million based on today’s BTC exchange rates.
What are your thoughts regarding the BRC69 token standard and its potential to reduce costs and enhance accessibility for Ordinal collections on the Bitcoin blockchain?
Table Of Contents
Frequently Asked Questions (FAQs) about BRC69 token standard
What is the BRC69 token standard?
The BRC69 token standard is a new concept designed to enhance efficiency and reduce costs for Ordinal collections on the Bitcoin blockchain. It utilizes recursive inscriptions and a simplified 4-step process to optimize the inscription process.
How does the BRC69 token standard reduce costs?
The BRC69 token standard reduces costs for Ordinal collections by over 90%. It achieves this by employing recursive inscriptions and streamlining the process into four steps: inscribing traits, deploying the collection, compiling the collection, and minting assets.
What benefits does the BRC69 token standard offer?
The BRC69 token standard offers several benefits. It enhances the efficiency of inscribing on Bitcoin by leveraging recursive inscriptions. It also enables onchain functionalities such as pre-reveal collection launching and onchain reveals, making them more accessible. Additionally, it optimizes costs while maximizing engaging experiences.
How many Ordinal inscriptions have been minted on the Bitcoin blockchain?
As of now, there have been 14,685,362 Ordinal inscriptions minted on the Bitcoin blockchain.
What is the role of Luminex in the BRC69 token standard?
Luminex, a crypto startup specializing in project launchpads, announced and introduced the BRC69 token standard. They aim to facilitate the launch of Recursive collections on Bitcoin and optimize the current standard for launching Image Ordinals Collections.
What is the significance of the BRC69 token standard for Bitcoin?
The BRC69 token standard holds the potential to reduce costs and enhance accessibility for Ordinal collections on the Bitcoin blockchain. It addresses the increased demand for block space due to rising Ordinal inscriptions and encourages creators to bring innovative ideas to the Bitcoin ecosystem.
More about BRC69 token standard
- Luminex Launchpad
- BRC69 Token Standard GitHub
- Bitcoin Blockchain
- Ordinal Inscriptions
- Recursive Inscriptions
- Dune Analytics
- Bitcoin Exchange Rates
5 comments
finally, a solution 2 high fees! brc69 promisin’ 90% savings 4 ordinal collections. can’t wait 2 mint my own nfts without breakin’ the bank. kudos 2 luminex 4 the innovation.
brc69 standard claimin’ cost savings, but will it deliver? gotta see more details & real-world results. cautious optimism here, let’s not jump on the hype train just yet. #waitandwatch
i’m impressed! brc69 token standard iz a game-changer 4 ordinal inscriptions on #bitcoin. reducin’ costs by over 90% & makin’ it easier 2 launch collections. luminex rockin’ the launchpad scene!
brc69, another token standard? really? do we need more complexity in #bitcoin? just focus on makin’ #BTC better, not creatin’ more standards. stick 2 the basics!
wow, brc69 sounds gr8! cost savings of 90% & better access 2 ordinal collections? sign me up! luminex is doin’ a gud job makin’ bitcoin more eff & affordable. #innovation