2024-3-12 17:00 |
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 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’re 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.”
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 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.
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.
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.
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.
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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