Bitcoin Ordinals Inventor Proposes Rune Token Protocol as Alternative to BRC-20

2023-9-26 14:15

Casey Rodarmor, the creator of Bitcoin Ordinals, has pitched a new token protocol for Bitcoin, Rune, which he claims addresses the shortcomings of BRC-20.

There has been crazy development in the Bitcoin (BTC) ecosystem this year. First Ordinals, then BRC-20 tokens took the crypto industry by storm.

How Rune Addresses Shortcoming of BRC-20 Protocol on Bitcoin

Rudarmor claims that 99.9% of fungible tokens on Bitcoin are scams and memes. But, he compares them to casinos, saying they are not going away anytime soon.

Hence, he believes “worse is better.” Because fungible token protocols can bring revenue from transaction fees and onboard more users and developers to the Bitcoin ecosystem.

Rudarmor argues:

“If this protocol had a small on-chain footprint and encouraged responsible UTXO management, it might serve as harm reduction compared to existing protocols. At least one of which, BRC-20, is already quite popular, and has the undesirable consequence of UTXO proliferation.”

UTXO refers to the unused amount in transactions. 

Click here to learn more about Unspent Transactions Output (UTXO).

Indeed, BRC-20 transactions received backlash from some Bitcoin developers for spamming the network. The BRC-20 protocol started a meme coin frenzy, clogging the Bitcoin network. Due to the clogging, daily minting fees started hitting record highs in May 2023. 

However, Rudarmor claims that Rune being UTXO-based can solve the shortcomings of BRC-20. Moreover, Rune aims to tackle the issues that Bitcoin’s other fungible token protocols bring. Some of these problems are as follows:

Complexity Poor user experience Junk unspent transactions output (UTXO) Requirement of native token for operation

Lastly, Rudarmor concludes that he is unsure if such protocols should exist on the Bitcoin network. 

He says that Rune can onboard more users to Bitcoin by not depending on the off-chain data, running without a native token, and syncing well with the native UTXO model. However, he is concerned with scams on the Bitcoin fungible token protocols, saying it is “a near totally irredeemable pit of deceit and avarice.”

Click here to read everything you need to know about BRC-20 tokens.

Do you have anything to say about the Rune protocol or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Bitcoin Ordinals Inventor Proposes Rune Token Protocol as Alternative to BRC-20 appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

BlockMason Credit Protocol (BCPT) íà Currencies.ru

$ 0 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.04 %
Cåãîäíÿ L: $0 - H: $0
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0195725 (-100%)

protocol bitcoin token brc-20 rune ordinals inventor

Èñòî÷íèê: beincrypto.com

protocol bitcoin → Ðåçóëüòàòîâ: 126


Bitcoin, Blockchain and Cryptocurrency News For Today October 19th [VIDEO]

MimbleWimble Protocol Creator “Voldemort” Produces New Whitepaper on Privacy MimbleWimble Protocol Creator “Voldemort” Produces New Whitepaper on Privacy Bitcoin Account Dispute Leads to Two Women Arrested for Home Invasion Bitcoin Account Dispute Leads to Two Women Arrested for Home Invasion FLOGmall Online Marketplace Now Uses Ink Protocol's XNK for Buying and Selling FLOGmall Online Marketplace […]

2018-10-19 23:05


Ôîòî:

LiveJasmin Partners With PumaPay so Customers Can Pay Using Cryptos

The adult entertainment sector has been one of the first adopters of technology, especially when it makes the lives of their customers easier and provides more anonymity. Now popular adult live streaming website LiveJasmin is partnering with PumaPay to utilize the latter’s open-source blockchain-based billing protocol that will allow users to make cryptocurrency payments.

2018-10-17 20:59


Ôîòî:

What Bitcoin Did Gets Technical with Crypto-Educator Jimmy Song

<iframe style="border: none" src="//html5-player. libsyn. com/embed/episode/id/7132345/height/90/theme/custom/autoplay/no/autonext/no/thumbnail/yes/preload/no/no_addthis/no/direction/backward/render-playlist/no/custom-color/87A93A/" height="90" width="100%" scrolling="no"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen></iframe> On the latest episode of What Bitcoin Did, host Peter McCormack interviews Jimmy Song, a consultant in blockchain education, to take an in-depth look at a relatively recent incident in the world of cryptocurrency and use that as an example to segue into a deeper discussion on the possible trajectories of Bitcoin itself.

2018-10-6 00:05


Ôîòî:

Bitcoin Distribution Process Was ‘Fairest’ Possible System, Study Claims

Dan Held, co-founder of Interchange, published a summary on Thursday about the perceived fairness of Satoshi Nakamoto’s initial distribution of bitcoins. The director of the institutional-grade cryptocurrency portfolio management service argues that the Bitcoin protocol’s earliest cryptocurrency distribution processes remain the most honest and equitable to date, particularly in comparison with the methods favored by […] The post Bitcoin Distribution Process Was ‘Fairest’ Possible System, Study Claims appeared first on Bitcoin News.

2018-10-6 20:00


Ôîòî:

Stackr: The Dawn of a Digital Asset Savings Solution - [BTC Media Sponsor]

Financial savings have long been the foundation of wealth and asset building. However, we are now in a time when the growing obsolescence of financial institutions has forced certain technologies out of date, created high fees, revealed structural inefficiencies and, ultimately, meant that some standard investment solutions now fail to place consumer needs first.

2018-10-6 16:37


Ôîòî:

Re-establishing Integrity: TokenPost Launch a Blockchain-based Platform to Leverage the Media Industry

Having successfully launched its PUBLISH protocol in September 2018, TokenPost, one of the top DLT and cryptocurrency based media outlets, is determined to outdo itself once again, this time with the help of “PUBLISH Alliance” – a non-profit decentralized platform, launched to connect media enterprises, academic bodies and tech start-ups to PUBLISH-related initiatives.

2018-10-3 09:00


Ôîòî:

TRON Blockchain to Augment BitTorrent Protocol

The TRON Foundation has revealed some details about Project Atlas, an experimental framework that aims to serve as a trailblazer for decentralized content distribution. In a press statement released on September 27, 2018, the foundation, which is building out an infrastructural basis for a distributed and decentralized internet experience, for the first time gave some details about the role of.

2018-10-2 11:00


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

New Protocol Aims to Cut Bitcoin NFT Costs by 90%

Bitcoin Ordinals launchpad, Luminex, introduced a new standard, BRC-69, aiming to reduce the cost of Bitcoin non-fungible tokens (NFTs) by 90%. The post New Protocol Aims to Cut Bitcoin NFT Costs by 90% appeared first on BeInCrypto.