BRC-69 Standard Claims to Reduce Cost of Bitcoin Ordinals by 90%

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The Luminex Dashboard Bitcoin BRC-69 standard claims to be the breakthrough standard for creating recursive ordinals. Can it reduce the cost of Bitcoin non-fungible tokens (NFTs) by 90%?

This year, Bitcoin ordinals have taken the market by storm. In the simplest terms, it enables NFTs on the Bitcoin blockchain by writing data to the smallest unit of Bitcoin, i.e. Satoshis. But there were certain scalability and transaction fee challenges on Bitcoin NFTs.

BRC-69, a new standard for recursive ordinals

On Monday, Bitcoin Ordinals launch pad, Luminex, introduced a new standard, BRC-69, which would allow the creation of recursive ordinals. Recursive ordinals allow existing on-chain data on the Bitcoin network to be used for new signups.

While inscriptions cannot communicate with data on other sats, recursive inscriptions can request content from other inscriptions and leverage it to render new NFTs. This feature would allow Bitcoin to overcome its block size constraint of 4 megabytes (MB).

Twitter user Leonidas explained:

Rather than individually registering 10,000 JPEGs for a PFP collection, which would be quite expensive, you can register all 200 traits in the collection and then do 10,000 additional registrations that each use a small amount of code to request traits and render the image programmatically. The result is the same. The art is simply stored on-chain much more efficiently, which could have saved over a million dollars in transaction fees.

Bitcoin NFT cost reduced by 90%?

Speaking of BRC-69, the project claims it could reduce the cost of registrations for ordinal collections by more than 90% through a four-step process:

Register traits Deploy collection Compile collection Mint assets

Luminex explained:

The brilliance of the BRC69 lies in its simplicity. Coin changers only need to enter a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinal-frontends, using only the resources of the chain, thanks to recursive registrations.

Additionally, the BRC-69 standard would also offer features such as on-chain pre-revelation for NFT collections.

Bitcoin ordinals have rapidly gained popularity this year. On May 30, BeInCrypto reported that Bitcoin Ordinal registrations had reached the 10 million mark.

But users also realized some challenges with the launch of NFT on Bitcoin, as the average transaction fees soared to over $19. The Bitcoin network has also been congested by the BRC-20 coin craze.

If the BRC-69 claims turn out to be true, it may indeed solve the problem for Bitcoin Ordinal enthusiasts.

However, as this is a new proposal, the claims are yet to be proven. Even Bitcoin Ordinals, in general, is a relatively new idea that has yet to prove itself future-proof.

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Disclaimer

In accordance with the guidelines of the Trust Project, BeInCrypto is committed to providing impartial and transparent reports. This news article aims to provide accurate and timely information. However, readers are urged to independently fact-check and seek professional advice before making any decisions based on this content.

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