Bitcoin Developers Join Writing Regulations for BRC-20 Tokens
The Layer 1 Foundation assembled an alliance to avert splits concerning the standard related to the famous Ordinals project.
The massive fame of Bitcoin Ordinals and new meme coins generated on the globe’s major blockchain has created an alliance of Bitcoin developers seeking to solemnize the fundamental BRC-20 fungible token standard.
Bitcoin Developers Establish Layer 1 Foundation
The alliance, the recently established Layer 1 Foundation, revealed its new governance on March 1 and strives to ensure transparency and trust around the protocol. It also claims it is vital for future growth.
In an interview, Isabel Foxen Duke, Layer 1 Foundation’s Vice President, said they invited all major BRC-20 indexers to partner. They also sought to openly agree and work within this specific procedure and governance resolution standard written and presented as operating philosophies for BRC-20 governance.
Layer 1 Foundation Commits to Safety-First Strategy
The Layer 1 Foundation was co-founded by Domo, a pseudonymous BRC-20 developer, and entails input from Oyl Dynamics, Hiro, UTXO Management, Allium Labs, and Alex Labs. Further, the coalition noted that Unisat, Bitcoin wallet developer and Best in Slot, Ordinals aggregator, will co-lead BRC-20’s maintenance.
Its resolution entails foundation members committing to several goals, including a safety-first strategy when revising the protocols or indexers, effortlessness in technical architecture, and ensuring mutual discussions. Additionally, the foundation members commit to making protocol-level changes open-source and bearing in mind the community when embracing developmental changes.
Foxen Duke claimed that by openly declaring their backing for the Layer 1 Foundation’s model, preventing another stalemate and threat of a hardfork of the BRC-20 protocol is possible. She explained that if a member opts to hard fork BRC-20, it would occur in the open.
A hard fork entails amendments to a blockchain that is not backwards compatible. It compels each person on the network to move to the latest software to continue participating. In January, the BRC-20 community debated whether to execute the Jubilee update to Bitcoin Ordinals. According to Domo, this could impact the indexing of BRC-20 tokens. Unisat was on one side of the argument, while Domo was on the other.
Safeguard BRC-20 Protocol Users
Domo cited security problems and advised against the revision until Jubilee could be adequately tested, claiming that failing to do so is thoughtless and could affect the wider BRC-20 community. Despite the impending likelihood of a hard fork, Lorenzo, Unisat Wallet founder, claimed the plan was different.
Domo revealed to a media outlet that if BRC-20 was their objective, the previous ten months had more favourable moments that would have benefited them more.
Despite the politics involved, Foxen Duke claimed the ultimate objective is safeguarding the users of the BRC-20 protocol and prioritizing their needs over those of one developer. He said they are supporting real individuals who hold value in the protocol and being a voice for them.
Duke illustrated that such is accomplished via the decentralization of governance, meaning no single firm has massive influence and power in making decisions that may benefit that firm over users.
