In a transformative move for the digital asset space, Bitcoin Ordinals platform Luminex has launched an innovative standard for Ordinals collections, BRC-69, offering an over 90% discount on inscriptions. This development holds significant implications for the South African Bitcoin and NFT markets.
Bringing simplicity to the forefront, the BRC-69 standard offers a radical approach to creating recursive Ordinals collections swiftly and efficiently. By serving as a dynamic engine, BRC-69 aims to expedite the launch of recursive collections on the Bitcoin platform. This ingenious method not only simplifies the process but also dramatically reduces the costs associated with inscriptions for Ordinals collections by over 90%.
The cost reduction is achieved through a streamlined 4-step process:
- Inscribing traits,
- Deploying the collection,
- Compiling collections, and
- Minting assets.
What sets BRC-69 apart from other methods is its sheer simplicity and convenience. Minters only need to inscribe a single line of text, eliminating the need for an entire image. This single line of text allows for the final image to be automatically rendered on all ordinals-frontends, using only on-chain resources, thanks to the concept of recursive inscriptions.
For South African users and the broader African Bitcoin community, this new standard paves the way for beautifully rendered images. Unlike traditional SVG recursive collections, these images can be dragged, dropped, and saved as typical image-type Ordinals, enhancing the user experience and ease of use.
The BRC-69 standard doesn’t stop at simplicity and cost reduction. It also provides a robust framework for future enhancements and features. It’s now possible to launch collections with a fully on-chain pre-disclosure process. Luminex plans to test the new standard with upcoming launches, marking a significant advancement in the digital asset space.
However, as the world of Ordinals has evolved to include NFT-like digital media etching and meme tokens on the Bitcoin blockchain, the incidence of scams and exploits has also increased. Last week, the Ordinals space experienced an attack that some users have described as the most significant to date.
On June 9, a new meme token project named ORNG was launched through a fraudulent website called “Luminux,” which many unsuspecting individuals confused with Luminex. Shortly after this, several Twitter users reported that their Bitcoin wallets had been emptied after signing a transaction to mint a new meme token. The exact sum stolen in the attack remains unclear, but the wallet associated with the scam obtained around 2.37 Bitcoins (worth approximately ZAR 1,179,947).
In response to this, Luminex, along with Bitcoin wallet creation company Xverse, has issued warnings about the scam, providing detailed information on Twitter to help users avoid falling into similar traps. South African and global users alike are urged to stay vigilant and ensure their online security when engaging with digital assets.
