Way to reduce Ordinals transaction fees by 90% found

What’s new? The Luminex launchpad platform has unveiled a new standard, BRC-69, for the Ordinals protocol on the Bitcoin network. The project’s team noted that as the protocol grows in popularity, more bitcoin-NFTs are appearing on the network, leading to increased congestion and, consequently, fees. BRC-69 will reduce the cost of launching NFT collections on the blockchain of the first cryptocurrency by more than 90%. This is achieved through a four-step process involving data entry into the network, deployment and compilation of collections, and subsequent release of assets.

🟨 (1/7) GM! Today, we're excited to introduce BRC69, a revolutionary standard for creating Recursive #Ordinals collections with ease. This standard will be instrumental in launching Recursive collections on Bitcoin. More details here: https://t.co/zaID07tnD5🧵👇 pic.twitter.com/jmzSMVOYme— Luminex (@luminexio) July 3, 2023

The BRC-20 standard and the Ordinals protocol allow Bitcoin-based fungible and non-fungible tokens (NFTs) to be issued. With Ordinals, launched in early 2023, one can tie data/digital assets/NFTs to satoshi, the smallest fractional part of BTC (0,00000001 part of the coin). Bitcoin-NFTs are also called inscriptions.

What else is known? According to the Luminex team, “The brilliance of BRC69 lies in its simplicity.” For example, the collection creators only need to apply one line of text instead of a full image. This text allows the final image to be automatically displayed on all Ordinals interfaces, using only the resources of the network, thanks to recursive inscriptions, launched June 10.

The recursive inscriptions method helps to overcome the 4 MB block limit which limits the size of non-fungible tokens. The function allows inscriptions to refer to the contents of other inscriptions using a special syntax.

In addition, BRC-69 provides high flexibility and opens the door to new enhancements and features. For example, it is now possible to run collections with a fully in-network pre-reveal process.

In May, the Ordinals Market marketplace, in collaboration with the developers of the Milady NFT collection, launched the BRC-721E standard, as well as a bridge for moving NFTs from the Ethereum blockchain to the bitcoin network. In June, members of the crypto community implemented the transfer of the non-fungible token #8611 from the CryptoPunks collection from Ethereum to Bitcoin.