OKX and UniSat to develop BRC-20 protocol indexing standards

Earlier, Bitcoin Core’s developer called for banning NFTs based on BRC-20, calling them spam

12.05.2023 - 14:40

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4 min

What’s new? Cryptocurrency exchange OKX and browser-based crypto wallet UniSat have partnered to develop and establish an industry standard for the use of the BRC-20 protocol on the Bitcoin network. OKX will conduct its own analysis of the BRC-20 registry and index library, and UniSat will act as a market data provider.

What is known about the partnership? Going forward, OKX plans to research the liquidity of BRC-20 orders and share that data with UniSat.

Representatives of the crypto wallet noted that the collaboration to develop a cross-verification process for indexing BRC-20 transactions marks the first step toward decentralized indexing, increasing the overall strength and reliability of BRC-20.

BTC ecosystem problems. The popularity of the Ordinals protocol and NFTs based on the BRC-20 standard has led to numerous problems with the Bitcoin network, including dramatic increases in fees and delays in processing large numbers of transactions. On May 8, for example, the average fee jumped by 1156% from May 30, hitting $30,91, according to YCharts. Since August 2021, the figure has mostly fluctuated between $1 and $2,9, only once rising to $4,5.

Leading Bitcoin Core developer Luke Dashjr called on the cryptocurrency community to ban NFTs based on BRC-20. In his opinion, such NFTs overload the network with spam. As one of the countermeasures, he suggested amending the blockchain’s spam filter by adding Taproot transactions to it.

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