BRC-20 (bitcoin Request for Comment 20) creator Domo has announced that his non-profit foundation is now dedicated to the governance of the BRC-20 protocol. This organization, known as Layer 1 Foundation (L1F), will collaborate with Ordinals companies such as Unisat and Best in slots to oversee the maintenance of the protocol, according to a press release sent to bitcoin Magazine.
“The goal is to support the growth of bitcoin metaprotocols in Ordinals and beyond,” said BRC-20 creator Domo. “BRC-20 was an early experiment, but we are seeing a wave of standards that need tools, infrastructure and support to thrive. “We look forward to supporting innovation in bitcoin in a fair and market-neutral manner.”
Unisat and Best In Slot have been appointed co-lead maintainers of the BRC-20 protocol and its indexer, operating within the governance guidelines set by L1F. Unisat, known for developing the first BRC-20 indexer in partnership with Domo, has played a pivotal role in the listing of BRC-20 tokens, which recently reached a market capitalization of $5 billion.
Concerns about the risks associated with a centralized indexer led to the development of a decentralized BRC-20 indexing solution by Best In Slot. The two companies will work together to advance the decentralization of the BRC-20 indexer as co-lead maintainers.
Additionally, Domo has appointed five Ordinals companies to the L1F Oversight Committee, charged with enforcing governance guidelines for the BRC-20 standard. These companies, including Hiro, Allium, ALEX, Oyl Dynamics and UTXO Management, represent major stakeholders in the BRC-20 ecosystem.
The Layer 1 Foundation, which operates as a nonprofit organization with 501(c)(6) status, aims to advance the development of metaprotocols in bitcoin beyond BRC-20. It seeks to provide educational resources and tools to support developers across all native bitcoin ecosystems in an attempt to foster innovation in a fair and market-neutral manner.
Disclaimer: UTXO Management's parent company, btc Inc., is also the parent company of bitcoin Magazine. UTXO Management operates separately and independently from bitcoin Magazine.
