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- Bitcoin developers have united to govern the BRC-20 token standard
- They formed a governing body known as Layer 1 Foundation
- The intend to popularize the standard’s usage on the Bitcoin blockchain
A group of Bitcoin developers have united to formalize the BRC-20 token standard through the creation of the Layer 1 Foundation governance body. The developers have also invited other leading entities currently using the token standard to launch fungible tokens on the Bitcoin blockchain. The governance body will be led by the standard’s pseudonymous creator Domo who recently disagreed with a proposed upgrade of the protocol saying it would introduce centralization.
A Public Declaration to Thwart Hard Fork
Layer 1 Foundation states that it will strive to introduce a simple technical architecture and enhance the protocol’s security when initiating changes, among other missions. It also vowed to involve the community in key development decisions and open up the code to the public.
The Layer 1 Foundation (L1F), founded by BRC20 Creator @domodata and friends, is excited to announce its organization of a new BRC20 governance structure—including the appointment of several leading BRC20 indexers as collaborators.
Over the past months, it’s become clear that… pic.twitter.com/GDZxMelYkg
— Layer 1 Foundation (@L1Fxyz) March 11, 2024
Domo will work with leading entities like Alex Labs, Bitcoin wallet developer Unisat, UTXO Management and top BRC-20 indexer. The foundation, however, asked the indexers to publicly declare their support to prevent disagreements that may result in a BRC-20 hard fork.
The foundation has already released a standard operating procedure that outlines the steps for upgrading the protocol. The procedure involves eight phases with the first being “roles and responsibilities” and the last being “continuous improvement cycle.”
Bitcoiners Unhappy With BRC-20 and Ordinals Projects
In between these phases, there are ideation, assessment, oversight, development, testing and integration stages.
The BRC-20 and the Ordinals project have in the past divided the Bitcoin community including developers who said they’re working to push the projects out of the blockchain. The divide, however, hasn’t prevented the two from gaining considerable traction since their inception.
With the creation of Layer 1 Foundation, it’s to be seen whether BRC-20 tokens will be as popular as ERC-20 tokens on the Ethereum blockchain.
