Bitcoin Ordinals: This New BRC Standard Could Reduce Scribe Fees by Up to 90%

Bitcoin Ordinals Launchpad Luminex has proposed a new standard called BRC-69, which will reportedly optimize the cost of writing on this network.

The proposal comes barely a month after the developers of bitcoin ordinals introduced recursive inscriptions to address the block size limit of 4MB. Unlike normal ordinal inscriptions, recursive inscriptions can refer to each other’s contents through a special syntax.

BRC-69 standard can reduce inscription fees by up to 90%: Luminex

On Monday, June 3rd, Luminex BRC-69 introduced, a new standard that would facilitate the construction of recursive ordinals collections. According to Launchpad, this will help reduce BRC standard inscription fees by up to 90%.

In March 2023, the Ordinals protocol was updated to enable the minting of BRC-20 tokens, which has been adopted to a significant degree ever since. According to statistics From CoinGecko, there are currently 35,528 BRC-20 tokens in circulation with a market capitalization of over $249 million.

The increasing number of BRC-20 inscriptions has led to a shortage of block space on the bitcoin network. As a result, BTC transaction fees increase due to having more pending transactions.

A Quarterly Report by IntoTheBlock It was revealed that the bitcoin network fee increased by more than 300% in the second quarter of 2023. The BRC-20 standard – and the creation of the new token – has been cited as one of the major driving forces behind the increase in on-chain fees.

To reduce this pressure on the network, Luminex has developed the BRC-69 standard, which it claims to be a “revolutionary standard”. According to Launchpad, this will help reduce the cost of inscriptions while helping bitcoin optimize block space as the number of inscriptions increases.

BRC-69 standard to cut inscription fee in 4 steps

Luminex claims that the BRC-69 standard minimizes inscription fees in a four-step process of “write characterization”, “deployment archive”, “compilation archive”, and “mint asset”. This means that mints only need to write a single line of text, rather than a full image.

This text will serve as a reference, allowing the final image to be automatically rendered on the Ordinals frontend, using only on-chain resources. “Final result? An impeccably rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped and saved as specific image type ordinals,” said Luminex.

BTCUSD trading at $30,879 | Source: BTCUSD chart from TradingView

In addition to cost efficiency, Luminex offer The BRC-69 standard is claimed to provide high flexibility and pave the way for other on-chain features. Some of these features include pre-reveal collection launches and on-chain reveals.

Significantly, the bitcoin ordinals are still controversial In the cryptocurrency industry, a large percentage of the bitcoin community opposes the protocol. Many argue that this technology has a negative impact on the efficiency and security of the bitcoin network.