The Bitcoin BRC-69 standard from the Luminex launchpad claims to be the revolutionary standard for creating a recursive hierarchy. Can it reduce the cost of Bitcoin’s non-fungible tokens (NFTs) by 90%?
This year, the ranking bitcoin took the market by storm. In simpler terms, it enables NFTs on the Bitcoin blockchain by recording data on the smallest unit of Bitcoin, such as Satoshis. But there have been certain challenges related to scalability and transaction fees on Bitcoin NFTs.
BRC-69, a new standard for recursive ordering
On Monday, the Bitcoin Ordinals launch platform, Luminex, foot A new standard, BRC-69, would allow the creation of recursive ordinal iterations. Repeated ordinal values enable the on-chain data to be used on the Bitcoin network to generate new patterns.
While patterns cannot communicate with data on other SWATs, recursive patterns can request the content of other Swatches and leverage them to present new NFTs. This feature will allow Bitcoin to overcome the 4MB block size limitation.
Twitter user, Leonidas, to explain:
Instead of registering 10,000 JPEGs for a PFP set individually which would be very expensive, you could register 200 attributes from the set and then make 10,000 more patterns each using a small amount of code to programmatically request the attributes and render the image. The result is the same. Artifacts are stored in chain in a more efficient way that could have saved over a million dollars in transaction fees.”
Bitcoin NFT cost down 90%?
Speaking of BRC-69, the project claims that it can reduce the cost of inscriptions for ordinal groups by more than 90% through a four-step process:
- Register the features
- Group publishing
- group compilation
- Mint Origins
Luminix to explain:
“BRC69’s brilliance lies in its simplicity. Minters only need to type a single line of text rather than a full image. This script allows the final image to be displayed automatically on all ordinal interfaces, using only on-string resources, thanks to repeating patterns.”
Moreover, the BRC-69 standard will also provide features such as on-chain pre-disclosure for NFT pools.
Bitcoin Ordinals has quickly skyrocketed in popularity this year. On May 30, BeInCrypto reported that Bitcoin ordinal etchings had reached the 10 million mark.
But users also realized some challenges with the launch of the Bitcoin NFT as average transaction fees soared to more than $19. The Bitcoin network has also been crowded with the BRC-20 meme craze.
If the BRC-69 claims prove true, it could indeed solve a pain point for Bitcoin Ordinal fans.
However, since it is a new proposition, the claims have not yet been tried and tested. Even Bitcoin Ordinals, in general, is a relatively new idea so far that hasn’t proven itself against the test of time.
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