Bitcoin Asset Protocol BRC-20 Enhances Governance with New Maintainers

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Bitcoin Asset Protocol BRC-20 Enhances Governance with New Maintainers
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The developer of the BRC-20 token standard, known as Domo, revealed a shift in the token’s governance on Monday. The creator’s non-profit, the Layer 1 Foundation (L1F), will now oversee the protocol’s token management.

Domo announced that L1F will collaborate with UniSat and Best in Slot, key Bitcoin infrastructure providers, to serve as BRC-20’s lead maintainers.

Overheard@isabelfoxenduke :

“Layer 1 foundation will explore decentralized governance structure for BRC 20 tokens”

— Cosmos Joe (@CosmosDefi) March 11, 2024

BRC-20 operates on the Bitcoin network’s Ordinals Protocol, enabling the movement of non-BTC digital assets. The technology utilizes “inscriptions” on satoshis, which are small units of BTC, to track, store data, and facilitate asset transfers on the Bitcoin Network.

BRC-20 Partnerships and Advancements

Governance for both the protocol and within the broader Bitcoin network has historically been a complex issue.

This was evident earlier in the year with a disagreement between Domo and UniSat, an Ordinals Protocol marketplace. UniSat supported a protocol upgrade for Ordinals known as “Jubilee” which Domo opposed, stating it had the potential to divide the growing environment.

Despite this past conflict, Domo recognized UniSat’s crucial early role in decentralizing the BRC-20 ecosystem.

Oversight and Future Growth

UniSat was the first marketplace to list BRC-20 tokens. Collaboration between UniSat and Best in Slot resulted in the creation of a decentralized indexing product for BRC-20.

“The goal is to support the growth of Bitcoin metaprotocols on Ordinals and beyond,” Domo stated. “BRC-20 was an early experiment—but we’re seeing a wave of standards that need tools, infrastructure, and support to thrive.”

To support the BRC-20 standard’s governance framework, Domo created an oversight committee. Appointees on the committee include the Bitcoin Ordinals wallet, Oyl (which recently completed a pre-seed funding round with Domo’s investment), and UXTO Management, part of Bitcoin Magazine’s parent company BTC Inc.

The post Bitcoin Asset Protocol BRC-20 Enhances Governance with New Maintainers appeared first on Cryptonews.

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