Bitcoin Ordinals’ Platform Luminex Proposes BRC-69 Standard to Lower Fees

Since the Bitcoin Ordinals brought a significant breakthrough for the global NFT ecosystem, the Bitcoin network has struggled to keep up the pace as it experiences rising transaction fees and network congestion. The Bitcoin Ordinals launchpad Luminex seeks to resolve the issue through its latest proposal dubbed the BRC-69 standard.

Bitcoin Ordinal is a protocol that allows users to mint NFTs on the Bitcoin network by inscribing texts, images, music, etc., on satoshis, the smallest unit of bitcoin.

Luminex Rolls Out New BRC-69 Bitcoin Standard

Luminex revealed in a GitHub software development platform repository that the BRC-69 standard will solve two key issues. 

One of them is the high fees. BRC-69 harnesses the “Recursive Inscription” to downsize the cost of inscribing satoshi tokens on the Bitcoin network by more than 90%. Four steps are combined to achieve this, eliminating the need to perform each process individually and keeping Bitcoin’s block size moderate. These include inscribing the traits, deploying the collection, compiling it, and minting the asset.

“The brilliance of BRC69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions,” Luminex wrote.

The second benefit that the BRC-69 standard introduces is the “on-chain pre-reveal process” that allows NFT projects to showcase the final image of the inscription-based collection, making the trading process seamless for collectors.

Other Bitcoin-Focused Features

The Bitcoin blockchain was originally designed to serve solely as a peer-to-peer network for users to trade BTCs. However, developers are now looking for ways to launch other financial products on the decentralized blockchain.

In May, a Bitcoin developer proposed the idea of staking and yield farming on the Bitcoin mainnet. These attributes are inherently common in smart contract-enabled blockchains like Cardano, Solana, and Polygon.