A coalition of Bitcoin developers has established the Layer 1 Foundation to formalize the BRC-20 fungible token standard, responding to the surge in popularity of Bitcoin Ordinals and meme coins on the blockchain. Led by pseudonymous BRC-20 creator Domo, the foundation aims to ensure transparency and trust in the protocol’s governance, emphasizing simplicity in technical architecture and a safety-first approach to protocol changes. With key industry players like Unisat and Ordinals aggregator Best in Slot onboard, the foundation seeks to prevent potential conflicts and hard forks by fostering mutual discussions and open-source protocol-level changes.
By uniting major players under a common set of operating principles, the foundation aims to mitigate risks associated with protocol updates and ensure the interests of users remain paramount. While disputes over protocol changes are inevitable, the foundation’s commitment to transparency and community involvement sets a positive precedent for the future development and stability of the BRC-20 protocol. As the cryptocurrency landscape continues to evolve, collaborative initiatives like the Layer 1 Foundation will play a crucial role in fostering innovation while safeguarding the interests of stakeholders.
