Bitcoin (BTC) to Receive Major Network Upgrade, What to Know
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The Bitcoin network is set to undergo a key upgrade, dubbed the “Jubilee Upgrade.” Crypto exchanges KuCoin and OKX have announced support for the “Jubilee upgrade,” which will take place at a block height of 824,544.
In this light, KuCoin is temporarily suspending deposits and withdrawal services for ORDI, SATS and all other BRC20 tokens for a specific period on Jan. 5, 2024.
The Jubilee network upgrade alters the validity of certain inscription types, which has implications for BRC-20 logic.
BRC-20 is a token standard developed last April on the Bitcoin network that allows users to issue transferrable tokens in the form of inscriptions on small denominations of BTC, satoshis, or sats. The tokens referred to as inscriptions function on the Ordinals protocol.
However, different versions of Ordinals track inscriptions differently, causing BRC-20 indexers to report inconsistent balances and other unpredictability.
With the Ordinals Jubilee upgrade, there won’t be any more cursed Ordinals, so all inscriptions are in positive numbers.
In a tweet earlier in the year, UniSat, one of the largest marketplaces for BRC-20 tokens, stated it will follow the Ordinals Jubilee upgrade to confirm that BRC-20 is still on Ordinals without splitting into an isolated protocol. UniSat also stated that a whitepaper would be available on Jan. 31, 2024.
This did not sit well with Domo, the pseudonymous creator of the BRC 20 tokens, who believed rushing updates in BRC20 was “reckless, disregards their peer indexers, and could potentially harm the broader community of BRC20 users.”
In a new tweet today, UniSats announced a scheduled network update from Jan. 5, 8 a.m. UTC, to Jan. 6, 8 a.m. UTC, to support the Ordinals Jubilee BRC-20 upgrade. During this time, the BRC20 market will be temporarily closed, but other services will continue to operate normally.
