Bitcoin (BTC) Will Receive a Major Network Update, What You Need to Know

Bitcoin (BTC) Will Receive a Major Network Update, What You Need to Know

The Bitcoin network will undergo a key upgrade, dubbed the “Jubilee Update.” Cryptocurrency exchanges KuCoin and OKX have announced support for the “Jubilee upgrade,” which will take place at a block height of 824,544.

The Bitcoin network will undergo a key upgrade, dubbed the “Jubilee Update.” Cryptocurrency 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 January 5, 2024.

The Jubilee network upgrade alters the validity of certain registration 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 transferable tokens in the form of inscriptions in small denominations of BTC, satoshis or sats. Tokens called inscriptions work on the Ordinals protocol.

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However, different versions of Ordinals track enrollments differently, causing BRC-20 indexers to report inconsistent balances and other unpredictabilities.

With the Ordinals Jubilee update, there will be no more cursed Ordinals, so all enrollments are in positive numbers.

In a tweet earlier this year, UniSat, one of the largest exchanges for BRC-20 tokens, stated that it will follow the Ordinals Jubilee update to confirm that BRC-20 is still in Ordinals without splitting into an isolated protocol. UniSat also stated that a white paper would be available on January 31, 2024.

This did not sit well with Domo, the pseudonymous creator of the BRC 20 tokens, who believed that rushing upgrades into BRC20 was “reckless, ignores its indexing peers, and could potentially harm the broader community of BRC20 users.”

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In a new tweet today, UniSats announced a network upgrade scheduled from January 5 at 8am UTC to January 6 at 8am 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 as normal.

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