tl;dr
The Layer 1 Foundation has been established to oversee the BRC-20 fungible token standard, with the involvement of key creators and indexers in the Bitcoin community. The foundation is committed to maintaining simplicity, safety, and open-source changes in the protocol, with the goal of avoiding a h...
The Layer 1 Foundation has been established to oversee the BRC-20 fungible token standard, with the involvement of key creators and indexers in the Bitcoin community. The foundation is committed to maintaining simplicity, safety, and open-source changes in the protocol, with the goal of avoiding a hardfork and prioritizing user needs. Disputes over the Jubilee update and concerns about hard forking have highlighted the importance of protecting protocol users and decentralizing governance to ensure fair decision-making.
The immense popularity of Bitcoin Ordinals and new meme coins minted on the world’s top blockchain has brought a coalition of Bitcoin developers together to cooperatively formalize the underlying BRC-20 fungible token standard. Co-founded by pseudonymous BRC-20 creator Domo, the Layer 1 Foundation includes participation from prominent developers and indexers in the Bitcoin community, signaling a unified effort to ensure trust and transparency within the protocol. The foundation's commitment to simplicity, safety, and open-source changes, coupled with the goal of avoiding hardforks and prioritizing user needs, marks a significant shift in governance and decision-making within the BRC-20 protocol.
The resolution of the foundation members to foster mutual discussions, consider the community when pursuing changes in development, and make protocol-level changes open-source underscore their dedication to decentralized governance and user empowerment. Despite the politics involved in the determination of updates and the looming possibility of a hard fork, the end goal remains clear: to protect BRC-20 protocol users and prioritize their needs over a single developer’s. This collaborative approach to governance aims to ensure that no one company has outsized power and influence in making decisions that might benefit that company over users, reaffirming the commitment to fairness and transparency within the BRC-20 community.
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