Bitcoin Ordinals launch platform offers BRC-69 standard

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Important news regarding the NFT sector, in this case we are talking about the launchpad of Bitcoin Ordinals, which recently introduced the BRC-69 standard in order to reduce costs by 90%.

As a reminder, introduced in January 2023, Bitcoin ordinals are a method of generating Bitcoin NFTs by attaching information to individual satoshis.

Let’s see all the details below.

NFTs: all the news offered by Bitcoin Ordinals Luminex

As expected, Bitcoin Ordinals launch platform Luminex unveiled the new BRC-69 standard, designed to simplify the creation of recursive Ordinals collections by reducing registration costs and simplifying the on-chain pre-revelation process.

Recently, Ordinals developers introduced recursive records to overcome Bitcoin’s 4MB block size limitation of NFTs by allowing records to collaborate with each other.

It should be remembered that previously the Ordinal records representing tokens and NFTs on Bitcoin operated independently of each other, without knowledge of the other records.

Indeed, recursive records can refer to the content of other records using a particular syntax.

Based on this, Luminex claims that BRC-69 can reduce the cost of records by more than 90%, helping to optimize Bitcoin block space as the number of records increases.

Cost reduction is achieved through a four-step process that includes stroke registration, collection distribution, compilation, and asset minting, respectively, Luminex explains.

New BRC-69 Standard: String Resources and More

In other words, Luminex’s proposal implies that miners only need to save a single line of text rather than a full image.

This text serves as a reference, allowing the automatic rendering of the final image via the Ordinals interfaces, using only the resources of the channel.

With specific regard to innovation, Luminex said the following:

The final result ? An image with impeccable rendering. Unlike other recursive SVG collections, these images can be dragged and dropped and saved as typical image-like ordinals.

In addition to cost savings, Luminex says the BRC-69 paves the way for additional improvements and features.

For example, launching collections with a fully on-chain pre-revelation process, which includes presenting a collection, including the final image and associated traits, happens directly on the blockchain without requiring off-chain resources. .

Also, as mentioned above, Luminex stated that the adoption of the BRC-69 standard will lead to better efficiency in the use of Bitcoin’s block space.

Thanks to this standard, the images of unique strokes are indeed saved only once in the Deploy transaction, while the resources consist of an HTML file referencing these strokes on a single line of about 150 bytes.

With the implementation of recursive registration, any front end will be able to render images without additional steps, using the Deploy on-chain registration directly.

It is worth mentioning that the Ordinals protocol gained notoriety earlier this year, enabling the creation of tokens and NFTs on Bitcoin and leading to increased transactions and fees on the network.

The increase in transactions and fees on the Bitcoin network: some facts

Based on recent data, we see that after hitting its lowest level in nearly two years, the number of active addresses on the Bitcoin network showed a dramatic rebound in the past month.

At the same time, the number of transactions has increased significantly, surpassing 16 million, as reported by data from The Block Research.

The increase in transactions had a ripple effect on fees, which soared to an average of $16.08 on May 11, the highest level in two years.

Thereafter, the fee dropped dramatically to just over $4, registering a decline of over 70%. We note that most ordinal tokens, created on the new token standard for Bitcoin called BRC-20, were memecoins.

At one point, the total market value of BRC-20 memecoins exceeded $900 million. However, as data from brc-20.io, which monitors BRC-20, indicates, the total market value of these tokens has dropped significantly to around $475 million. This data reflects the fluctuation in value of BRC-20 memecoins over time.

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