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Home»Blockchain»Bitcoin Asset Protocol BRC-20 appoints new administrators
Blockchain

Bitcoin Asset Protocol BRC-20 appoints new administrators

2024-03-12No Comments2 Mins Read
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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.

See also  Solana AI projects rise despite Trump stealing headlines

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.

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administrators appoints Asset Bitcoin BRC20 Protocol
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