Bitcoin (BTC) Set for Important Network Upgrade
The upcoming "Jubilee Upgrade" is an important milestone for the Bitcoin network. Both KuCoin and OKX have confirmed their backing for this upgrade, set to occur at block height 824,544.
To accommodate this change, KuCoin will temporarily pause deposits and withdrawals for ORDI, SATS, and all other BRC20 tokens on Jan. 5, 2024, for a specific duration.
This upgrade specifically impacts the validity of certain inscription types within the BRC-20 logic. BRC-20, a token standard introduced last April on the Bitcoin network, facilitates the issuance of transferable tokens represented as inscriptions on fractional BTC denominations like satoshis or sats. These inscriptions operate under the Ordinals protocol.
However, variations in Ordinals’ tracking mechanisms have led to inconsistencies in reported balances and other unpredictable behaviors among BRC-20 indexers. The Ordinals Jubilee upgrade aims to eliminate these issues by ensuring all inscriptions are expressed as positive numbers, eliminating the concept of cursed Ordinals.
UniSat, a major BRC-20 token marketplace, affirmed its commitment to follow the Ordinals Jubilee upgrade without fragmenting into an isolated protocol.
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They also announced the release of a whitepaper on Jan. 31, 2024. Conversely, Domo, the pseudonymous creator of BRC-20 tokens, criticized hurried updates as “reckless,” potentially disregarding peer indexers and harming the broader BRC-20 community.
In a recent tweet, UniSat announced a scheduled network update from Jan. 5, 8 a.m. UTC, to Jan. 6, 8 a.m. UTC, to seamlessly support the Ordinals Jubilee BRC-20 upgrade. During this period, the BRC-20 market will be briefly closed, while other services will continue as usual. #Bitcoin
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
