Summary
TLDR: The Layer 1 Foundation, a coalition of Bitcoin developers, has been formed to formalize the BRC-20 token standard for Bitcoin Ordinals and new meme coins. The foundation aims to ensure transparency and trust within the protocol, prioritize user needs, and prevent hard forks by encouraging cooperation among developers.
Key Points
1. The coalition known as the Layer 1 Foundation was formed to formalize the BRC-20 fungible token standard in response to the popularity of Bitcoin Ordinals and new meme coins on the blockchain.
2. The Layer 1 Foundation’s governance body aims to ensure trust and transparency around the protocol to support future growth, with a focus on operating within specific standards of procedure and governance resolution.
3. By publicly declaring support for the Layer 1 Foundation’s framework, members aim to prevent potential hard forks of the BRC-20 protocol and prioritize the needs of users over individual developers, advocating for decentralization in governance decisions.