The Layer 1 Foundation brought together a diverse group of individuals to avoid divisions regarding the standard used in the widely embraced Ordinals project. So, you know how everyone’s been going wild for Bitcoin Ordinals and those funky new meme coins popping up on the main blockchain scene? Well, because of all that buzz, a bunch of Bitcoin developers decided to team up and give some structure to the whole thing by formalizing the BRC-20 token standard.
What are BRC-20 tokens?
BRC-20 is like a blueprint for making special tokens on Bitcoin. It was made up by someone on Twitter called @domodata in March 2023. These tokens are made using a special way of writing information called JSON, which makes it simple to create, make more tokens, and send them around easily. These tokens are cool because they’re just like regular money, safe, and can work well with Bitcoin.
BRC-20 is a new way of making tokens on Bitcoin, kind of like a special rulebook. It was created with the help of a protocol called Taproot and another one called Ordinals. These tokens open up new things that Bitcoin can do, like being used in special finance projects and other stuff on the blockchain.
A special system on Bitcoin called Ordinals is being used to create tokens that can be exchanged easily. These tokens are like unique digital items called inscriptions. Recently, this idea has become very popular. The first token made this way, ORDI, now has a marketcap of $1,69,10,53,859.
Other tokens like MEME, PIZA, and DOMO have also become more valuable. ORDI is now available on big crypto platforms, showing that more people are starting to use these kinds of tokens. These tokens can change in value a lot, which shows that using Ordinals is still new and experimental. Instead of using pictures, these tokens use text for their inscriptions.
BRC-20 token: What is The Layer 1 Foundation (L1F)?
The team, now known as the Layer 1 Foundation, just rolled out their new governing body on Monday. They’re all about keeping things legit and clear with the protocol, saying it’s super important for the future growth of the whole shebang.
Domo, the mysterious mastermind behind BRC-20, helped kickstart the Layer 1 Foundation. They’ve got a bunch of big names on board like Hiro, Alex Labs, Oyl Dynamics, Allium Labs, and UTXO Management. And guess what? Unisat, the Bitcoin wallet whiz, and Best in Slot, the go-to for Ordinals, are teaming up to keep the BRC-20 protocol ship-shape from here on out, according to the Layer 1 Foundation.
BRC-20 token: What is Layer-1 Resolution?
The Layer 1 Foundation members are setting some goals. They want to keep things simple in the tech department, prioritize safety when tweaking the protocol, encourage open discussions, think about the community in development decisions, and make sure any protocol changes are open-source.
By publicly backing the Layer 1 Foundation’s framework, the team is hoping to avoid any more big clashes or threats of hard forks with the BRC-20 protocol. And if anyone did decide to go down that hard fork road, she made it clear it would be out in the open. Just to clarify, a hard fork means making changes to the blockchain that aren’t compatible with the older version.
It basically means everyone’s got to update their software to keep things running smoothly. They’ve set up a fresh governance structure for BRC20, teaming up with top indexers for the ride. According to them, having a transparent and user-friendly governance setup is key for the protocol’s future growth and reliability.
L1F isn’t messing around—they’ve put together a solid governance resolution and standards for BRC20 development, and they’re calling on leading indexers and stakeholders to get on board with these principles.
But that’s not all. L1F’s got plans to roll out public tools, educational stuff, and a forum for open discussion, all to support the open-source developers out there crafting metaprotocols on Bitcoin.
What does this mean?
In other words, the Layer 1 Foundation (L1F) is a group started by the creator of BRC20, @domodata. They’re all about making sure BRC20, which is like a special type of digital token, is managed well. They’ve come up with some rules and guidelines for how BRC20 should be developed and managed, and they’re asking other important folks in the digital world to agree to follow these rules too.
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