Due to the massive popularity of Bitcoin Ordinals and new meme coins issued on the world’s leading blockchains, the Bitcoin Developer Alliance has come together to formalize the basic BRC-20 fungible token standard.
The newly formed Layer 1 Foundation coalition announced a new governance body on Monday focused on ensuring trust and transparency in the protocol, which it called critical to its future growth.
“We invited all of the largest BRC-20 indexers to become partners… and publicly agreed to operate within the specific procedures and governance resolutions we have written and laid out as the operating principles of BRC-20 governance.” Layer 1 Foundation Vice President Isabel Foxen Duke said: decryption In an interview.
The Layer 1 Foundation, co-founded by pseudonymous BRC-20 creator Domo, includes Hiro, alex lab, oil dynamics, Allium Labsand UTXO Management. Bitcoin Wallet Developer Unisat and ordinal aggregator best in slots The Layer 1 Foundation said it would co-lead maintenance of the BRC-20 protocol going forward.
In the resolution, foundation members seek simplicity in the technical architecture, take a safety-first approach when making changes to protocols or indexers, promote interactive discussion, consider the community when pursuing development changes, and make protocol-level changes open source.
Foxen Duke said that by publicly declaring support for the Layer 1 Foundation’s framework, the hope is to avoid another confrontation and threat of a hard fork of the BRC-20 protocol. She stated that if one of her members decides to hard fork BRC-20, it will happen publicly.
A hard fork refers to a change to the blockchain that is not compatible with previous versions. To continue participating, everyone on your network must upgrade to the latest software.
Last January, the BRC-20 community debated whether to implement the Jubilee update to Bitcoin’s ordinal, which Domo said could affect how BRC-20 tokens are indexed. On one side of the argument was Unisat and on the other was Domo.
Citing safety concerns, Domo advised against updating Jubilee until it has been sufficiently tested. It said failing to do so would be reckless and potentially detrimental to the wider BRC-20 community.
Despite the possibility of a hard fork looming, Unisat Wallet founder Lorenzo said that is not the plan.
“If forking BRC20 had been our goal, there would have been more opportunities in our favor over the past 10 months,” Lorenzo said. decryption At that time.
Despite the politics involved, Foxen Duke said the end goal is to protect users of the BRC-20 protocol and prioritize their needs over single developers.
“We are championing real people with value and making their voices heard in this protocol,” Foxen Duke said. “We achieve this by decentralizing governance as much as possible, so no company has more power and influence than users to make decisions that may benefit that company.”
Edited by Ryan Ozawa.
