Layer 1 Foundation Partners with UniSat and Best in Slot to Maintain BRC-20 Token Standard

According to CoinDesk, Domo, the pseudonymous creator of the Bitcoin network's BRC-20 token standard, announced a partnership between his non-profit organization, Layer 1 Foundation (L1F), and Bitcoin infrastructure companies UniSat and Best in Slot. The partnership aims to serve as BRC-20's 'lead maintainers.' The BRC-20 token standard operates on the Ordinals Protocol, enabling digital assets other than BTC to be traded on the Bitcoin network. Ordinals functions by writing 'inscriptions' onto small denominations of BTC, known as satoshis, allowing them to be tracked, loaded with data, and transferred. Governance on BRC-20 and Bitcoin, in general, has been a contentious issue, as demonstrated earlier this year when UniSat and Domo disagreed over the proposed 'Jubilee' upgrade to the Ordinals protocol. Despite their differences, Domo has recognized UniSat's role in decentralizing the BRC-20 ecosystem, as it was the first marketplace to list BRC-20 tokens. UniSat has also collaborated with Best in Slot to develop a decentralized BRC-20 indexing product. Domo stated that the goal is to support the growth of Bitcoin metaprotocols on Ordinals and beyond. Additionally, Domo has appointed an 'oversight committee' to enforce L1F governance guidelines for the BRC-20 standard. The committee's appointees include Bitcoin Ordinals wallet Oyl and UXTO Management, the fund arm of Bitcoin Magazine owner BTC Inc.

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