- The introduction of BRC-69, via recursive inscriptions, could help lower Bitcoin Ordinals costs.
- The market cap of the BRC-20 continues to decline as the number of subscriptions struck approaches 15 million.
The plan to reduce the cost of minting Bitcoin ordinal numbers Inscriptions could take off soon, Luminex’s GitHub profile showed. As a Bitcoin Ordinals launch pad, Luminex suggested that recursive inscriptions can be vital to achieving this goal.
How many Worth 1,10,100 BTCs today?
In June, a developer reported that Recursive inscriptions would provide a better use case for Ordinals as it provided an extension of the limited coin limit. In addition, these inscriptions help extract data from other inscriptions by viewing interlacing blocks.
BRC-69: Here to Curb High Fees?
But Luminex pointed out that the use case could go further. And the block congestion challenge on the network due to increased demand could be solved with a new BRC-69 standard. The proposal read,
“To continue to encourage creators to launch their innovative ideas on the Bitcoin blockchain, we need to optimize the current standard for launching Image Ordinals Collections.”
Unlike the BRC-20 token standard, the launchpad noted that BRC-69 would not handle fungibility. Instead, BRC-69 would aim for 90% block space optimization through four processes.
According to the proposal, the first step would be inscriptions of the images on the necklace. The next process would then be to deploy the BRC-69 collection.
After that, the token standard would be put together. At this point, the recursive inscription would point back to the first implementation to finally represent the asset.
The final stage would be the mint operation, where indexes of the features point back to compilation, while recursive inscriptions automatically inscribe the data on-chain while reducing costs.
Declining trades; fast implementation
Meanwhile, daily transactions on the Bitcoin network have dropped significantly from their May highs. For BRC-20 tokens, the hype that led to a $1 billion market cap has dwindled to an uninspiring $159.62 million, according to Coin ranking.
Source: Coinranking
However, the Bitcoin Ordinals from Dune Analytics dashboard showed that the number of inscriptions struck was approaching 15 million. But the data showed that daily beating from June to press time was nowhere near May’s highs.
As expected, text submissions still remained the highest. But there was the ‘other’ category which has been increasing since June 19.
Source: Dune analysis
Realistic or not, here it is BTC’s market cap in ETH terms
Anyway, Luminex concluded that the integration of the BRC-69 standard should be the main goal of the Ordinals community. While further supporting the attitude, the launch pad noted:
“Implementing the BRC69 standard will improve the efficiency of Bitcoin block space usage. Any front-end with Recursive Inscription implementation can render the images without any extra steps, using the on-chain Deploy Inscription”.