Introducing Runes: A New Protocol on Bitcoin
Bitcoin enthusiasts have something new to look forward to: the upcoming launch of Runes, a protocol developed by Casey Rodarmor, the mind behind Ordinals. While Runes won’t be implemented until the Bitcoin halving event, which reduces miner rewards and cuts the supply of newly minted BTC in half, it has already generated a lot of buzz. Here’s what you need to know about this exciting development.
The Concept Behind Runes
Runes is a protocol created by Casey Rodarmor, who previously developed Ordinals. Ordinals introduced “inscriptions” or NFT-like tokens on the Bitcoin network. With Runes, Rodarmor aims to provide a new lens through which Bitcoin can be viewed, this time with shitcoins. The project builds upon the BRC-20 fungible token standard developed by domo, another pseudonymous developer.
How Do Runes Work?
Unlike Ordinals, which are non-fungible tokens used for unique data such as collectibles or art, Runes are fungible tokens that are interchangeable. They use an Unspent Transaction Output (UTXO) model, similar to Bitcoin itself and different from other chains like Ethereum that use an account model.
- Runes operate on-chain and do not rely on off-chain data.
- The issuer sets a limit on the number of tokens that can be minted in each transaction.
- This ensures equal access for both the creator and potential buyers of the tokens.
The Launch Date for Runes
Casey Rodarmor has timed the release of Runes to coincide with the Bitcoin halving event. The protocol and associated tokens will go live when Bitcoin reaches a block height of 840,000, which is expected to happen around April 20. The halving event occurs approximately every four years and is viewed as a bullish indicator for Bitcoin.
Projects Building on Runes
Since the announcement of the Runes protocol in September, several projects have started preparing for its launch:
- RSIC: A collection of 21,000 Ordinals planning to launch a token called RUNE.
- Runestone: Consists of 112,383 Runestone Ordinals airdropped to existing Ordinals wallet holders.
- Node Apes: Combines NodeMonkes-inspired profile pictures with Runic Miner Ordinals for mining runes.
- RuneX: Building a decentralized exchange for Runes on Bitcoin and has its own Ordinals collection.
- Xverse: Added testnet support for Runes and plans to support the fungible token standard on mainnet.
The Purpose of Runes
Casey Rodarmor is upfront about his intentions for Runes. He aims to divert liquidity, technology, and attention away from other cryptocurrencies and bring it back to Bitcoin. His goal is not to create another shitcoin but to provide a platform for others to do so. While he acknowledges the potential risks associated with this approach, he believes it will lead to fair token launches and minimize the risk of rug pulls.
Hot Take: Runes Brings Excitement and Innovation to Bitcoin
🔥 Get ready for the launch of Runes! This new protocol developed by Casey Rodarmor is set to revolutionize the way we view Bitcoin. With fungible tokens and an on-chain approach, Runes offers exciting possibilities for token creation and trading. Projects like RSIC, Runestone, Node Apes, RuneX, and Xverse are already building on this innovative protocol, preparing for its launch during the Bitcoin halving event. While some may question the purpose of Runes, its creator aims to bring liquidity and attention back to Bitcoin in a fair and transparent manner. Stay tuned for more updates on this game-changing development! 🔥
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