The BRC-20 Token Standard for Bitcoin Gets a Major Governance Makeover
As Domo’s Layer 1 Foundation collaborates with UniSat & Best in Slot to drive decentralised protocol innovation and leadership, the evolution of BRC-20 governance takes shape.
A governance shift is now underway for the BRC-20 token standard, which is well-known for enabling the trading of digital assets on the platform other than Bitcoin. This is happening as key Bitcoin infrastructure businesses, UniSat and Best in Slot, collaborate with Domo, the anonymous developer of the BRC-20 standard, and his nonprofit organisation, the Layer 1 Foundation (L1F), to be the primary protocol maintainers.
Joint Ventures for Progression
The partnership represents an important turning point in the development of Bitcoin’s governance structure, especially in relation to the BRC-20 token standard. L1F has teamed up with Unisat and Best in Slot, two businesses with a strong presence in the Bitcoin ecosystem, to collaboratively monitor and manage the BRC-20 protocol under Domo’s direction.
The goal of this partnership is to create the services and infrastructure required for the adoption of new standards inside Bitcoin, promoting innovation and steady growth at the same time.With its groundbreaking work in BRC-20 token listing and the creation of the first BRC-20 indexer in partnership with Domo, UniSat is well-known for having played a significant role in the protocol’s rise to a $5 billion market capitalization.
Slot’s participation in a decentralised BRC-20 indexing solution reinforces the group’s effort to reduce the dangers associated with centralization in the ecosystem. As a result, the decentralised character of the indexer becomes essential to the governance and functionality of the protocol.
BRC-20 Governance and Supervision
To improve the BRC-20 standard’s governance structure, Domo has created an oversight committee inside the L1F framework in addition to designating co-lead maintainers. consisting of five Ordinals businesses that are essential to the BRC-20 ecosystem: Hiro, Allium, ALEX, Oyl Dynamics, and UTXO Management.
Enforcing governance standards to make sure that market developments are consistent with fairness and market neutrality is the committee’s responsibility.
A further indication of this improved governance is the Layer 1 Foundation’s status as a 501(c)(6) non-profit organisation. Beyond BRC, L1F’s goal is to support the development of metaprotocols on the Bitcoin network.
Through the provision of educational resources and development tools, L1F seeks to drive innovation within Bitcoin-native ecosystems, emphasizing a market-neutral approach to support.
