BRC-69 is a revolutionary standard for creating recursive Ordinals collections quickly. This standard will be the engine that launches recursive collections on Bitcoin.
🟨 (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
BRC-69 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 collections,
- (4) mint assets.
The brilliance of BRC-69 lies in its simplicity. 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 ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions.
With this new standard, a perfectly rendered image. Unlike other SVG recursive collections, these images can be dragged, dropped, and saved as typical image-type Ordinals.
Furthermore, the BRC-69 offers great flexibility and allows for more improvements and features. For instance, launching collections with a fully on-chain pre-disclosure process is now possible. The new standard will be tested with upcoming launches on Luminex.
Scams and exploits became rampant as Ordinals introduced NFT-like digital media etching and later meme tokens on the Bitcoin blockchain. Last week, the Ordinals space saw an attack described by some users as the largest to date.
Earlier on June 9, a new meme token project called ORNG was launched through a fake website called “Luminux,” which many people mistook for Luminex.
Shortly after, Twitter users complained about their Bitcoin wallets being drained after signing a transaction to mint a new meme token. It is unclear exactly how much money was stolen in the attack, but the wallet involved in the scam obtained approximately 2.37 Bitcoins (worth around $63,000).
Luminex and Bitcoin wallet creation company Xverse are among the companies warning users about the scam and posting details on Twitter on how to avoid falling into the same trap.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
