Big news: Bitcoin programmers have joined forces to create rules for BRC-20 tokens.
The Layer 1 Foundation brings together a diverse group of individuals to avoid division regarding the standards used in the widely accepted Ordinals project. So you know how everyone is going crazy over Bitcoin Ordinals and the funky new meme coins that are popping up on the mainstream blockchain scene? Well, because of all the buzz, many Bitcoin developers have decided to form a team and formalize it to provide some structure to the whole thing. BRC-20 Token standard.
What is a BRC-20 token?
BRC-20 is like a blueprint for creating special tokens in Bitcoin. It was created by a Twitter user named @domodata in March 2023. These tokens are created using a special way of writing information called JSON, which makes them simple to create, create more tokens, and send them easily. These tokens are good because they are like fiat money, are safe, and can work well with Bitcoin.
BRC-20 is a new way to create tokens in Bitcoin, like a special rulebook. It was created with the help of a protocol called Taproot and Ordinals. These tokens open up new things Bitcoin can do, such as being used for special financial projects and other tasks on the blockchain.
A special system called Ordinals in Bitcoin is being used to create tokens that can be easily exchanged. These tokens are like unique digital items called inscriptions. This idea has become very popular recently. ORDI, the first token created in this way, currently has a market capitalization of $1,69,10,53,859.
Other tokens such as MEME, PIZA, and DOMO have also become more valuable. ORDI is now available on large crypto platforms, which shows that more people are starting to use this kind of token. These tokens can change a lot in value, which shows that using ordinal numbers is still new and experimental. Instead of using pictures, this token uses text for the inscription.
BRC-20 Token: What is Layer 1 Foundation (L1F)?
The team, now known as the Layer 1 Foundation, launched its new governing body on Monday. They say that keeping everything legal and clear with the protocol is critical to the future growth of the entire shebang.
Domo, the mysterious mastermind behind BRC-20, helped start the Layer 1 Foundation. They have big names like Hiro, Alex Labs, Oyl Dynamics, Allium Labs, and UTXO Management. And guess what? According to the Layer 1 Foundation, Bitcoin wallet genius Unisat and Ordinals’ popular product Best in Slot are collaborating to maintain the shape of the BRC-20 protocol going forward.
BRC-20 Token: What is layer 1 resolution?
Layer 1 Foundation members have several goals in mind: They want their technical departments to keep things simple, prioritize safety when adapting protocols, encourage open discussion, consider the community in development decisions, and ensure that all protocol changes are open source.
By publicly supporting the Layer 1 Foundation’s framework, the team hopes to avoid larger conflicts or threats of a hard fork with the BRC-20 protocol. And if anyone decides to go the hard fork route, she made it clear that it will be made public. To be clear, a hard fork means making changes to the blockchain that are not compatible with previous versions.
This basically means that everyone will need to update their software to keep things running smoothly. They teamed up with top indexers to build a new governance structure for BRC20. According to them, having a transparent and user-friendly governance setup is key to the future growth and reliability of the protocol.
L1F is not confusing. They have put together a robust governance resolution and standards for the development of BRC20 and are calling on leading indexers and stakeholders to commit to these principles.
But that’s not all. L1F plans to support open source developers creating metaprotocols on Bitcoin by releasing public tools, educational materials, and forums for public discussion.
What does this mean?
In other words, L1F (Layer 1 Foundation) is a group started by @domodata, the founder of BRC20. It’s all about ensuring that BRC20, a special type of digital token, is well managed. They have laid out some rules and guidelines for how BRC20 should be developed and managed, and are asking other important people in the digital world to also agree to follow these rules.
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