In a groundbreaking move, the Layer 1 Foundation has been established by a coalition of prominent Bitcoin developers to formalize governance over the widely used BRC-20 fungible token standard. 

The Layer 1 Foundation (L1F), founded by BRC20 Creator @domodata and friends, is excited to announce its organization of a new BRC20 governance structure—including the appointment of several leading BRC20 indexers as collaborators.

Over the past months, it’s become clear that… pic.twitter.com/GDZxMelYkg

— Layer 1 Foundation (@L1Fxyz) March 11, 2024

Led by industry veterans such as Domo, Hiro, and Alex Labs, this initiative aims to ensure transparency and trust within the Bitcoin Ordinals ecosystem.

Vice President Isabel Foxen Duke emphasized the importance of this governance body in fostering future growth and protecting the interests of BRC-20 protocol users. 

The foundation’s resolution outlines commitments to simplicity in technical architecture, safety-first practices, community involvement, and open-source development.

By publicly endorsing the Layer 1 Foundation’s framework, major players in the BRC-20 space signal their dedication to avoiding potential conflicts and hard forks, which could disrupt the network. 

This move comes after recent debates surrounding the Jubilee update, where safety concerns clashed with development interests.

With the Layer 1 Foundation’s establishment, the Bitcoin Ordinals community can expect a more cohesive and secure environment, prioritizing user needs and decentralizing governance for the benefit of all stakeholders. 

The establishment of the Layer 1 Foundation by Bitcoin developers is a crucial step towards formalizing governance over the BRC-20 token standard. 

With commitments to transparency, safety, and community involvement, this initiative sets a precedent for cohesive and secure blockchain governance, benefitting all stakeholders.

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