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The creator of the BRC-20 token standard, referred to as Domo, announced a change in the governance of the token on Monday. The organization’s non-profit entity, the Layer 1 Foundation (L1F), will now manage the protocol’s token oversight.
Domo disclosed that L1F will partner with UniSat and Best in Slot, prominent Bitcoin infrastructure providers, to act as the primary maintainers of BRC-20.
Overheard@isabelfoxenduke :
“Layer 1 foundation will explore decentralized governance structure for BRC 20 tokens”
— Cosmos Joe
(@CosmosDefi) March 11, 2024
BRC-20 functions on the Bitcoin network’s Ordinals Protocol, allowing for the transfer of non-BTC digital assets. This technology employs “inscriptions” on satoshis, which are minor units of BTC, to monitor, store data, and enable asset transfers on the Bitcoin Network.
BRC-20 Partnerships and Advancements
The governance of both the protocol and the wider Bitcoin network has traditionally been a complicated matter.
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This was highlighted earlier this year during a dispute between Domo and UniSat, a marketplace for the Ordinals Protocol. UniSat advocated for a protocol upgrade for Ordinals known as “Jubilee,” which Domo opposed, arguing it could fragment the developing ecosystem.
In spite of this previous disagreement, Domo acknowledged UniSat’s significant initial contribution to the decentralization of the BRC-20 ecosystem.
Oversight and Future Growth
UniSat was the inaugural marketplace to offer BRC-20 tokens, and the collaboration between UniSat and Best in Slot led to the development of a decentralized indexing solution for BRC-20.
“The objective is to foster the expansion of Bitcoin metaprotocols on Ordinals and beyond,” Domo remarked. “BRC-20 was an initial experiment—but we are witnessing a surge of standards that require tools, infrastructure, and support to flourish.”
To enhance the governance framework of the BRC-20 standard, Domo established an oversight committee, which includes the Bitcoin Ordinals wallet, Oyl (which recently finalized a pre-seed funding round with Domo’s backing), and UXTO Management, a division of Bitcoin Magazine’s parent organization, BTC Inc.
The post Bitcoin Asset Protocol BRC-20 Enhances Governance with New Maintainers appeared first on Cryptonews.
