Bitcoin Developers Launch Layer 1 Foundation to Formally Govern BRC-20 Tokens

• Bitcoin developers created the Layer 1 Foundation to formalize guidelines for BRC-20 tokens due to their rising popularity

• The coalition aims to ensure trust and transparency around the BRC-20 protocol through new governance standards

• Members commit to goals like simplifying architecture, prioritizing safety, fostering discussions, considering the community, and open-sourcing changes

• The framework intends to avoid another hard fork standoff over the protocol like the dispute earlier this year

• The end goal is decentralizing governance to prevent any one company from having too much power over decisions affecting users