The creator of BRC-20 (Bitcoin Request for Comment 20), Domo, has announced that its non-profit foundation is now focused on managing the BRC-20 protocol. This organization, known as the Layer 1 Foundation (L1F), will work with Ordinals companies such as Unisat and Best In Slot to oversee the maintenance of the protocol, according to a press release sent to Bitcoin Magazine.
“The goal is to support the growth of Bitcoin metaprotocols on Ordinals and beyond,” said BRC-20 Creator, Domo. “BRC-20 was an early experiment, but we are seeing a wave of standards that need tools, infrastructure and support to thrive. We hope to support Bitcoin innovation in a fair and market-neutral way.”
Unisat and Best In Slot have been appointed co-lead maintainers of the BRC-20 protocol and its indexer, operating within L1F’s governance guidelines. Unisat, known for developing the first BRC-20 indexer in collaboration with Domo, has played a crucial role in listing BRC-20 tokens, which recently reached a market capitalization of $5 billion.
Concerns about the risks associated with a centralized indexer led to the development of a decentralized BRC-20 indexing solution by Best In Slot. The two companies will work together to advance the decentralization of the BRC-20 indexer as co-lead maintainers.
In addition, Domo has appointed five Ordinals companies to the L1F Oversight Committee, charged with enforcing governance guidelines for the BRC-20 standard. These companies, including Hiro, Allium, ALEX, Oyl Dynamics and UTXO Management, represent key stakeholders in the BRC-20 ecosystem.
The Layer 1 Foundation, operating as a 501(c)(6) nonprofit organization, aims to advance the development of metaprotocols on Bitcoin beyond BRC-20. It aims to provide educational resources and tools to support developers in Bitcoin-native ecosystems in an effort to promote innovation in a fair and market-neutral manner.
Disclaimer: UTXO Management’s parent company, BTC Inc., is also the parent company of Bitcoin Magazine. UTXO Management operates separately and independently from Bitcoin Magazine.