VC Funding Drops In 2023; BRC-69 Reduces Cost
By Kapil Rajyaguru
Venture capital investment in crypto companies has fallen over 70% in one year. During the month of June 2022, the digital asset space received $1.81 billion in 149 rounds, whereas this year, only 83 projects registered $520 million—the lowest funded month to date.
The fall in crypto VC investment is due to dismal actions by companies such as FTX and Terra along with the banking turmoil that took down four of the crypto friendly banks.
The former high flying crypto asset class has taken a back seat to other investments–namely artificial intelligence or AI. This shift is due to the ability of AI products and applications to cater to a broader audience while the crypto industry continues to focus on itself.
The BRC-69 standard brings with it an innovative way to reduce the time and cost it currently takes to make an inscription.
Ordinals, Bitcoin’s version of NFTs, allows non-financial data to be stored on blockchain.
Previously Oridnals had a 4-megabye limit on what could be inscribed on Bitcoin.
BRC-69 looks to bypass that limit, through what’s known as “recursive inscriptions.”
Recursive inscriptions are a mechanism that allows users to extract data from existing inscriptions, and use them to create new ones.
According to the protocol’s GitHub, the BRC-69 token standard is a way of recycling data already inscribed and reducing the current cost by more than 90%.
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