UniSat Wallet has officially announced its support for the upcoming Ordinals Jubilee upgrade, reinforcing its commitment to the BRC-20 token standard that operates on the Ordinals Protocol. This decision is strategic, aligning with the goal of maintaining protocol consistency and integration without deviating into a separate framework.
In addition to the announcement, UniSat has teased the release of a significant whitepaper scheduled for Jan. 31, 2024, promising substantial advancements for BRC-20, Ordinals, Bitcoin, and its community. The Jubilee upgrade is set to occur at block height 824,544, and as of the latest update, Bitcoin is 362 blocks behind, indicating that the block height should be reached imminently.
Despite UniSat’s enthusiasm for the upgrade, Domo, the creator of the BRC-20 token standard, has expressed concerns regarding the haste and potential risks associated with the updates. Domo emphasized the complexities and challenges of integrating new updates into the BRC-20 standard, calling for comprehensive testing and coordination to ensure the safety of protocol enhancements.
Furthermore, Domo and the Layer 1 Foundation, a non-profit organization dedicated to preserving the decentralized nature of the BRC-20 standard, have both voiced apprehensions about UniSat’s actions. They urge the BRC-20 community to reject UniSat’s proposed fork and support a non-profit, safety-oriented approach to protocol maintenance.
It is crucial to distinguish the Jubilee upgrade as a “split” rather than a “fork,” as it does not create two separate chains but rather different sets of rules coexisting on the same blockchain. This distinction is integral in understanding the implications of the upgrade on the BRC-20 standard and its interaction with the Ordinals Protocol.
The Jubilee upgrade holds significant importance in the realm of protocol governance, particularly in addressing issues related to the transfer and issuance of inscriptions or tokens on small denominations of Bitcoin. It aims to reclassify “cursed inscriptions” that were unrecognized by the protocol’s initial version, setting a precedent for future protocol development and governance.
As the crypto community continues to engage in discussions surrounding the Ordinals Jubilee upgrade, it is clear that the evolution and governance of the BRC-20 token standard remain at the forefront of considerations. The collaboration and coordination between stakeholders are essential in ensuring the safe and successful implementation of protocol enhancements.
