BRC-69 tokens, a new standard in Bitcoin

[Criptoinforme]

In an increasingly digital world, Bitcoin continues to be a key reference in the field of cryptocurrencies. Against this backdrop, Luminex , a launch pad for Bitcoin Ordinals , has recently introduced a modified version of the BRC-20 token standard , known as BRC-69. This new implementation promises a significant reduction in minting costs and has aroused great interest in the crypto community.

https://criptoinforme.com/bitcoin/tokens-brc-69-en-bitcoin-que-son-y-para-que-sirven-descubre-la-nueva-solucion-de-luminex/

[mendace]

I don't know exactly what that BIP does but if it's for ordinals then I won't waste my time with it.  I hate ordinals it's something totally useless, it will end soon I hope.

[tread93]

Very interesting, I thought it was pretty wild that this new token protocol saves a whopping 90% on mining costs! Ordinals still seem a little taboo to most folks on here, it's gonna have to be a heck of an update to gain more adoption to the OGs on here as they see no value to these...... I however do think it's overall good for the Bitcoin Ecosystem and opens btc up to new users...

[vv181]

The NFT-related things within Bitcoin blockchain should be better swayed away. There is a better approach if someone, especially a company/project, wants to build things directly onwith Bitcoin. The Ordinal has proven congested and filled the blocks with unnecessary burden of this kind of stuff. A better alternative such as implementing it not on L1 is a feasible approach(see RGB/Taro), sadly, the hype just strangely is not there.

Efficiency should be significantly developed by building it on the L2 solution/side chain, instead of figuring out a better implementation natively on the Bitcoin blockchain.

[cryptoaddictchie]

The NFT-related things within Bitcoin blockchain should be better swayed away. There is a better approach if someone, especially a company/project, wants to build things directly on Bitcoin.

Can you share those options or approach? I believe we cant do newer project on bitcoin chain since its a proof of work and does not utilize any smart contract. So therefore, company cant issued their own tokens using bitcoin. Might as well proceed with alts if thats the cas elike erc20 on eth or other L1. Ordinals inscription on bitcoin is quite different from nft.

[o48o]

Thiss isn't really altcoin thread issue but and belongs in bitcoin discussion imho.

But anyway:

In addition, the BRC-69 standard offers new functionalities. For example, it allows the launch of collections without revealing tokens beforehand,

Wait does this mean that with brc-20 in BTC NTF collections you weren't able to buy nfts blindly and wait for the reveal?
I don't understand any of the technical aspect of how revealing works but surely this means something else and they didn't have to make whole another protocol for it.
Can someone explain what this means in ELI5 way?

[danherbias07]

I am also against the ordinals because of what happened recently with the heavy traffic in transactions and the high cost of fees. I think Bitcoin should be left as it is or if there will be upgrades that will happen it should just be about how fast it could be if ever new investors will come in and then for the future when most people will be using Bitcoin as their means of payment regularly.
Let's not insert something that will be of no use at all in its chain. It will just become how bad the Ethereum chain had been and the fees and speed cannot be fixed anymore so their only solution was to switch to proof of stake.
Also, I think another thing that should be focused on is the miners, and how long will they be willing to do the mining work especially when every halving comes and the rewards get lesser and lesser.

[TastyChillySauce00]

It's still analogy that being made by luminex as one of brc ordinal market that was always issuing so many garbage brc tokens and spamming bitcoin network. I will support bitcoin dev to block this shitty ordinal.

What have been saying by the dev was related in cutting the process to be even more shorter than before but i do believe the scam tokens issued in ordinal will increase a lot.

[el kaka22]

These type of things do not matter until people overwhelmingly start using it. Look at Lightning network for example, that has promised a lot lower transaction fees for many years now and we are still not using it? Because it doesn't provide the same security feeling, it's just not ready yet and people are not using it, even though it's offering nearly free transactions.

Same goes all these "innovations", at the start they will get some hype by some people for sure but as long as we do not get overwhelming amount of support for it, as in like 80%+ of the market, then it's not going to matter. This could be nothing and we would still be using segwit in the years to come, it needs more attention and a lot more people adopting it.

[ryzaadit]

Still in the early stage.

Did you know (BRC-69 Token) are the enhanced BRC-20 Token standard is also being introduced in just these years (2023). Also, there still have some security risks since they need to take a look and modified bases the source code of Bitcoin for these ones.

IMO, based on the progress of NFTs even is gonna be on (Bitcoin) network not gonna really success at all since you all know how the NFTs ended on other networks. 

[jossiel]

With what it does to the network, many didn't like the effect of it.

That's why if it's all about these NFT through Bitcoin protocol or network, it's not as optimistic as it gets because we've seen how it affected the network through having expensive fees.

Right on, the fees have been too calm and low and this is much better even without these.

[JeromeTash]

Another pile of garbage with a flashy technical like name such as BRC-69 to confuse and scam newbies by convincing them that it's the next big thing. Those who know these money grab games won't even spend a single cent of these BRCs.

[Silberman]

I am also against the ordinals because of what happened recently with the heavy traffic in transactions and the high cost of fees. I think Bitcoin should be left as it is or if there will be upgrades that will happen it should just be about how fast it could be if ever new investors will come in and then for the future when most people will be using Bitcoin as their means of payment regularly.
Let's not insert something that will be of no use at all in its chain. It will just become how bad the Ethereum chain had been and the fees and speed cannot be fixed anymore so their only solution was to switch to proof of stake.
Also, I think another thing that should be focused on is the miners, and how long will they be willing to do the mining work especially when every halving comes and the rewards get lesser and lesser.

And all of that happened when the bitcoin network was not really that busy, can you imagine how bad things are going to get once the bull run comes and the price begins to go up every single week and those scammers begin to release all kind of NFTs on the network? It will take forever for any transaction to get confirmed and those that want to make any transaction at the time will have to pay a huge fee for the privilege, so it is better ordinals get forbidden before we have to face that scenario.

[vv181]

The NFT-related things within Bitcoin blockchain should be better swayed away. There is a better approach if someone, especially a company/project, wants to build things directly onwith Bitcoin.

Can you share those options or approach? I believe we cant do newer project on bitcoin chain since its a proof of work and does not utilize any smart contract.

You are right. I did not use the word of what I truly meant. The original post is updated. What I trying to convey is that they better utilize sidechain or L2 solutions.

In addition, the BRC-69 standard offers new functionalities. For example, it allows the launch of collections without revealing tokens beforehand,

Wait does this mean that with brc-20 in BTC NTF collections you weren't able to buy nfts blindly and wait for the reveal?
I don't understand any of the technical aspect of how revealing works but surely this means something else and they didn't have to make whole another protocol for it.

Yes, it seems the BRC-20 implementation did not support pre-reveal. https://docs.bitcoincomputer.io/examples/fungible-token/#brc20

This must have something do to with Ordinals' Recursion: https://docs.ordinals.com/inscriptions.html#recursion

This has a number of interesting use-cases:
    Remixing the content of existing inscriptions.
~
    Generative art collections where an algorithm is inscribed as JavaScript, and instantiated from multiple inscriptions with unique seeds.
    Generative profile picture collections where accessories and attributes are inscribed as individual images, or in a shared texture atlas, and then combined, collage-style, in unique combinations in multiple inscriptions.

What I comprehend of how BTC69 works is: suppose it is a cake. `deploy` ops is where the cake's ingredients rely upon, `compile` ops is where you bake and display the cakes, and finally, `mint` is where somebody bought them. Where the ingredient must be already stored on the chain in order for the token to be deployed, in first hand. So, it seems in the `compile` parts are where the pre-reveal works.

[zasad@]

In an increasingly digital world, Bitcoin continues to be a key reference in the field of cryptocurrencies. Against this backdrop, Luminex , a launch pad for Bitcoin Ordinals , has recently introduced a modified version of the BRC-20 token standard , known as BRC-69. This new implementation promises a significant reduction in minting costs and has aroused great interest in the crypto community.

https://criptoinforme.com/bitcoin/tokens-brc-69-en-bitcoin-que-son-y-para-que-sirven-descubre-la-nueva-solucion-de-luminex/

Look at the experience of people who useless their ethereums for the publicized NFTs. They are in big losses right now.Fraudsters want to take your bitcoins and give away worthless tokens in return. Keep your bitcoins safe from such projects.

[rhomelmabini]

Looks like another way to drain retail investor's pocket. Not gonna lie but this doesn't differentiate from BRC-20 and it doesn't have that future in the space, they have but just likely not that great. I think BRCs should be left out, the network would be thankful if these founders will end this scheme.

[jacafbiz]

I still don't know what the future hold for all these new tokens on BTC, but if the transaction fee can be this higher when the bull market has not come how high is it going to be when the bull market comes, I don't know much about lighting network if it is possible to use it for listing these BRC tokens, since the cost of transaction is very low on LN, I believe it will reduce the transaction cost on BRC tokens, I know some people are driving this adoption, but the ordinal story makes me think they still have a long way to go before true adoption will come

[Godday]

Is this really an upgrade from BTC or just a new project? I don't follow all about BTC but after I went to the link you have written I thought this looks like a new project with the BTC name behind it?

[vv181]

Fraudsters want to take your bitcoins and give away worthless tokens in return. Keep your bitcoins safe from such projects.

Personally, what is concerning is that the initiative of BRC-69 is started by a launchpad service.

Looks like another way to drain retail investor's pocket. Not gonna lie but this doesn't differentiate from BRC-20 and it doesn't have that future in the space, they have but just likely not that great.

Technically, it is distinct from BRC-20. The BRC-20 standard is a copycat of ERC-20, whereas BRC69 is a more polished one that is suited to bitcoin capability condition, specifically ordinals specifications. To be exact, they making use of the recent Ordinal Recursive feature among other changes.

but the ordinal story makes me think they still have a long way to go before true adoption will come

Ordinal is architecturally inefficient. I believe it would be a dumb and crazy idea to progress it forward and farther. There is a way more effective solution if someone or the community want to make such features that are connected to Bitcoin.