Leonidas

Bitcoin

ORDI

<p class="is-style-lead">Bitcoin Ordinals, often called bitcoin’s (<a href="https://crypto.news/price/bitcoin/" data-type="URL" data-id="https://crypto.news/price/bitcoin/">BTC</a>) version of NFTs, are experiencing a significant surge as a new token standard, BRC-69, was launched on July 3. The latest standard brings an innovative solution to reduce the time and cost of making inscriptions on the bitcoin blockchain.</p> 
<p>Until now, Ordinals had a 4-megabyte limit on what could be inscribed on bitcoin. However, the introduction of BRC-69 aims to overcome this limitation through a mechanism called “recursive inscriptions.” This mechanism empowers users to extract data from existing inscriptions and utilize it to create new ones, bypassing the size restriction.</p> 
<p>The BRC-69 token standard, as described on the protocol’s <a href="https://github.com/luminexord/brc69" target="_blank" rel="noopener">GitHub </a>page, enables the recycling of already inscribed data and reduces costs by more than 90%.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">(3/7) With BRC69, we can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process: (1) inscribe traits, (2) deploy collection, (3) compile collection, and (4) mint assets.</p>— Luminex (@luminexio) <a href="https://twitter.com/luminexio/status/1675832805123850242?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 3, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The simplicity of BRC-69 has been acknowledged by the team at Luminex, the launchpad that announced the new standard. They explained that minters only need to inscribe 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 on-chain resources, thanks to recursive inscriptions.</p> 
<p> You might also like: <a href="https://crypto.news/miners-hop-on-exchanges-as-bitcoin-price-hikes/"> Miners hop on exchanges as bitcoin price hikes </a> </p> 
<h2 class="wp-block-heading" id="strong-brc69-token-standard-to-address-bitcoin-s-block-space-challenges-strong"><strong>BRC69 token standard to address Bitcoin’s block space challenges</strong></h2> 
<p>The limited block space of Bitcoin has been a topic of debate since the launch of Ordinals. High transaction fees and a bloated blockchain have <a href="https://crypto.news/ordinals-and-meme-coins-cripple-bitcoin-network-core-developer-claims/">raised concerns</a> among the community. However, recursive inscriptions offer a way to address these challenges.&nbsp;</p> 
<p>According to Leonidas, a self-proclaimed NFT historian and Ordinals collector, recursive inscriptions have massive implications. Users can explore new possibilities by evading the 4-megabyte limit, as “the sky is the limit,” he tweeted.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">WTF are recursive inscriptions?<br><br>Here is everything you need to know:<br><br>Earlier this year the Ordinals Protocol introduced the ability for anyone to inscribe files fully on-chain onto Bitcoin. These inscriptions are self-contained and unaware of the other files that had been… <a href="https://t.co/O3jt6lhaxT" target="_blank">pic.twitter.com/O3jt6lhaxT</a></p>— Leonidas.og (@LeonidasNFT) <a href="https://twitter.com/LeonidasNFT/status/1668098460766052353?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 12, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Leonidas further highlighted that bitcoin is effectively gaining an internal internet, where files can request data from one another. The precise applications of this advancement are yet to be fully realized, but it undoubtedly marks a critical moment in the history of bitcoin.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Can Bitcoin Survive The Ordinals Invasion?" width="1020" height="574" src="https://www.youtube.com/embed/l1Q4PporFJE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<p>This latest development adds to the growing excitement in the Ordinals space. Recently, Bitmaps has emerged as a leader in daily bitcoin inscriptions by introducing a protocol that enables users to claim ownership of bitcoin blocks, securing the <a href="https://twitter.com/idclub_ord/status/1675849401095561216?s=20" target="_blank" rel="noopener">top position</a> in the process.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-cash-bch-surges-166-3-over-past-2-weeks/"> Bitcoin cash (BCH) surges 166.3% over past 2 weeks </a> </p>

Bitcoin’s BRC-69 standard eliminates data limit for Ordinals

Съдържание

crypto.news

Други статии, публикувани на 5.07.2023 г.

UK Financial Conduct Authority Sets Deadline for Crypto Asset Firms to Comply With Regulations

Get Lost in the Peace of a Genuine Japanese Garden

Ethereum Gains Momentum: Surging Towards $2,000 Resistance

Dogecoin (DOGE) Enters Bull Run, Co-Founder Reacts

Large Bitcoin Holders Accumulating at Higher Rates, Litecoin Pre-Halving Rally Sparks FOMO

XRP Holders Win Right to Sue Ripple, Legal Experts Unveil Implications

Присъединете се към нашия безплатен бюлетин за ежедневни крипто актуализации!