The creator of BRC-20 (Bitcoin Request for Comment 20), Domo, announced that his non-profit foundation is now dedicated to managing the BRC-20 protocol. This organization, known as the Layer 1 Foundation (L1F), will collaborate with Ordinals such as Unisat and Best In Slot 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 meta-protocols on the 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 hope to support innovation in the Bitcoin space in a fair and market-neutral way.”
Unisat and Best In Slot have been appointed as co-administrators of the BRC-20 protocol and indexer, operating within the governance guidelines established by the L1F. Unisat, known for developing the first BRC-20 index in partnership with Domo, 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 the BRC-20 decentralized indexing solution by Best In Slot. The two companies will work together to promote the decentralization of the BRC-20 Index as lead stewards.
Furthermore, Domo has appointed five Ordinals to the L1F Oversight Committee, charged with implementing the governance guidelines of the BRC-20 standard. These companies, including Hiro, Allium, ALEX, Oil Dynamics and UTXO Management, represent key stakeholders in the BRC-20 ecosystem.
The Layer 1 Foundation, which operates as a non-profit with 501(c)(6) status, aims to advance Bitcoin meta-protocols beyond BRC-20. It seeks to provide educational resources and tools to support developers across Bitcoin native ecosystems in an effort to foster innovation in a fair and market-neutral way.
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.
