These Crypto exchanges support the upcoming Bitcoin Jubilee update

These Crypto exchanges support the upcoming Bitcoin Jubilee update



A number of crypto exchanges have joined Bitcoin Ordinals solutions provider UniSat Wallet to support the upgrade of BRC-20 Ordinals, a growing trend in the BTC community.

According to the official announcement, KuCoin will be among them. The exchange's decision comes within 24 hours of OKX notifying the crypto community about its support. Both platforms will stop depositing and withdrawing BRC-20 tokens on January 5th at 10:00 am UTC to continue as the network stabilizes after the upgrade.

Standard Jubilee update

The upcoming Orthodox Jubilee Update is designed to address the problem of cursed texts, which received negative numbers because they were not indexed and recognized by standard protocol.

okex

Since cursed texts were unknown in the first edition of the Ord, the Jubilee Amendment sought to reclassify them by giving them positive numbers. The amendment will facilitate the development and management of the protocol.

The Jubilee upgrade is scheduled to be drilled between January 5 and 6 at 824,544 block elevation. However, the effect of the update on the BRC-20 network has sparked a debate in the Bitcoin development community due to the threat of the token standard entering a neutral framework.

A divided society

The BRC-20 encryption standard was created based on the standard protocol, but the network may freeze on the current 0.9 version, when Ord upgrades to Jubilee. According to UniSat, the development is not considered a “fork” but a “distributed” one, as the upgrade separates the network into different clusters with different rules residing on the same blockchain.

The Ordinals solutions provider, which doubles as a marketplace, has taken it upon itself to ensure that the BRC-20 network does not split from Ordinals after the upgrade, deviating from an initial agreement with other parties to reject the proposal.

On the other hand, BRC-20 founder, Domo, accused Unisat of strategizing to dominate the protocol, highlighting the risks of integrating new updates to the token level without robust testing and coordination.

Domo urged the crypto community to reject UniSat's proposed fork and instead stick with the non-profit, security-first approach brought by the Layer 1 Foundation, which is dedicated to protecting funds held in BRC-20 assets.

The decision

Remarkably, DOMO, Unisat and all affected parties have reached a resolution to the community dispute over the amendment and its impact on BRC-20.

On Thursday's Twitter, Domo announced that they will be accepting Ordinal version 0.14, meaning that BRC-20 will follow the standard update and not diverge from the protocol, a vindication by Ordinals creator Casey Rodermore being ignored for the time being.

Furthermore, the groups take up the most serious issues raised in Vindication PR and ignore issues related to encoding and representation.

Special Offer (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off your first month of Binance Futures (terms).

Leave a Reply

Pin It on Pinterest