The creator of BRC-20 (Bitcoin Request for Comment 20), Domo, has announced his non-profit foundation is now dedicated to the governance of the BRC-20 protocol. This organization, known as the Layer 1 Foundation<\/a> (L1F), will collaborate with Ordinals companies such as Unisat<\/a> and Best In Slot<\/a> to oversee the protocol’s maintenance, according to a press release sent to Bitcoin Magazine.<\/p>\n

\u201cThe goal is to support the growth of Bitcoin metaprotocols on Ordinals and\u00a0beyond,\u201d said BRC-20 Creator, Domo. \u201cBRC-20 was an early experiment\u2014but we\u2019re seeing a wave of standards that need tools, infrastructure and support to thrive. We hope to support innovation on Bitcoin in a fair and market-neutral capacity.\u201d<\/p>\n

Unisat and Best In Slot have been appointed as co-lead maintainers of the BRC-20 protocol and its indexer, operating within the governance guidelines<\/a> set by L1F. Unisat, known for developing the first BRC-20 indexer in partnership with Domo, has played a pivotal role in listing BRC-20 tokens, which recently reached a market cap of $5 billion.<\/p>\n

Concerns over 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.<\/p>\n

Moreover, Domo has appointed five Ordinals companies to the L1F Oversight Committee, tasked with enforcing governance guidelines for the BRC-20 standard. These companies, including Hiro, Allium, ALEX, Oyl Dynamics, and UTXO Management, represent major stakeholders in the BRC-20 ecosystem.<\/p>\n

The Layer 1 Foundation, operating as a non-profit with 501(c)(6) status, aims to advance the development of metaprotocols on Bitcoin beyond BRC-20. It seeks to provide educational resources and tools to support developers across Bitcoin-native ecosystems in attempt to foster innovation in a fair and market-neutral manner.<\/p>\n

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.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

The creator of BRC-20 (Bitcoin Request for Comment 20), Domo, has announced his non-profit foundation is now dedicated to the governance of the BRC-20 protocol. This organization, known as the Layer 1 Foundation (L1F), will collaborate with Ordinals companies such as Unisat and Best In Slot to oversee the protocol’s maintenance, according to a press […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24478","post","type-post","status-publish","format-standard","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/24478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/comments?post=24478"}],"version-history":[{"count":0,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/24478\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/media?parent=24478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/categories?post=24478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/tags?post=24478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}