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Bitcoin developers establish Layer 1 Foundation to govern BRC-20 token standard
Learn more about the increasing popularity of the BRC-20 token standard and the shared governance of the BRC-20 protocols by a coalition of Bitcoin developers. The Layer 1 Foundation and leading BRC-20 indexers such as Hiro and Alex Labs are involved in the management. Additionally, you will learn about the importance of ordinals to Bitcoin network economics post-halving and Bitcoin's booming Layer 2 network infrastructure. Read the full article to learn more about these exciting developments.
Bitcoin developers establish Layer 1 Foundation to govern BRC-20 token standard
Bitcoin developers have come together in a coalition called the Layer 1 Foundation to provide governance of the BRC-20 fungible token standard. The announcement was made in a detailed tweet on March 11, 2024. Going forward, BRC-20 governance will be shared between the largest BRC-20 indexers, including Hiro, Alex Labs, Oyl Dynamics, Allium Labs and UTXO Management. Best in Slot, an aggregator for Ordinals, supports the maintenance of the BRC-20 protocol together with Bitcoin wallet developer Unisat.
There was previously a dispute between Domo and Unisat over an Ordinals upgrade. The BRC-20 community was divided over the implementation of the new Jubilee update as it could impact the indexing of BRC-20 tokens and effectively lead to a hard fork. Domo advised against implementing Jubilee until it is sufficiently tested. However, Unisat founder Lorenzo confirmed that a hard fork was not planned.
The BRC-20 token standard is of great importance for the Bitcoin economy after the halving. Bitcoin's fourth halving will take place on April 19, 2024. Halvings typically lead to a rally as they tighten the supply of Bitcoin. In addition to mining profits, Ordinals' transaction fees will provide an important alternative source of income for miners. They currently make up around 20% of miners’ revenue.
Ordinals are also very popular with Bitcoin NFTs. In March 2024, Ordinals NFTs worth $168.5 million were sold in seven days, while Ethereum NFTs could only reach $162 million during the same period.
Aside from Ordinals, Bitcoin today has a thriving Layer 2 network, giving the blockchain scalability and speed in a variety of applications and providing it with functionality similar to Ethereum.
Here is a table showing the companies and organizers involved in BRC-20 governance:
| Companies/Organizations |
|---|
| Hiro |
| Alex Labs |
| Oyl Dynamics |
| Allium Labs |
| UTXO management |
| Best in slots |
| Unisat |
The collaboration of these companies and organizations will help the BRC-20 token standard continue to be successful and increase in popularity.
(The image shows the importance of BRC-20 tokens and the use of ordinals in the Bitcoin economy after the halving.)