Bitcoin Ordinals propose to reduce the inscription cost by up to 90%

Ordinals developers are pioneering methods to reduce blockchain bloat caused by bitcoin NFTs, potentially reducing their manufacturing costs by up to 90%.

The latest of these is BRC69 – a new standard proposed by Ordinals Launchpad platform Luminex to “optimize the cost of writing bitcoin using the Ordinals protocol.”

BRC69 standard

According to Luminex’s GitHub ProposalThe new standard could not only reduce inscription costs, but also unlock new on-chain features, such as “pre-revealed archive launching and on-chain disclosures.”

This means that NFT collections can fully utilize on-chain resources to unveil their NFTs, from the pre-iteration process to the final disclosure of an image and its relevant attributes.

Luminex wrote, “This is accomplished by automatically and seamlessly rendering images on the Ordinals Explorer, without the need for additional action.”

BRC69 uses a 4-step process: users stake images of their NFT properties on-chain, deploy the collection, compile it, and then create the asset.

The standard is based on ‘recursive inscription’ – a method introduced by Ordinals developers in June to help work around bitcoin’s 4MB block size limit. Instead of having thousands of JPEG files individually stashed on the blockchain, users can reference content within existing inscriptions from the same archive, and render it later using a small amount of code.

According to Luminex, a recursive ordinals standard will be necessary as the popularity of ordinals grows, and bitcoin block space becomes “increasingly scarce and expensive”. Nearly 15 million ordinals have been inscribed on bitcoin since it went popular in February. Dune Analytics,

4/ The genius of the BRC69 lies in its simplicity. Minters only need to type a line of text instead of a full image. This allows the text to automatically render the final image on all ordinal-frontends, using fully on-chain resources for recursive inscriptions.

— Luminex (@luminexio) 3 July 2023

bitcoin’s blockchain bloat

Ordinances have been completed majorly skepticism From some bitcoiners, who claim the protocol has a bug effectively enabling “spam” on the blockchain.

Criticism escalated in early May after the BRC-20 standard rose to prominence – an ordinals-based system for launching alternative tokens on NFTs as well as bitcoin. This led to a flood of meme coins, which briefly increased the average bitcoin transaction fee. fly high Over $30, raising concerns about bitcoin’s long-term stability as an affordable payment network.

Solutions like BRC69 help address this problem, but also mean lower fees for miners, which is essential to maintaining bitcoin’s long-term security.

Fees have since returned to normal levels, but could rise again if another NFT hype wave claims bitcoin as its host. According to Crypto Slam, the network has already become the second most popular blockchain for NFT trading statistics,