1 year ago
Bitcoin Ordinals inventor Casey Rodarmor says a fungible token protocol similar Runes wouldn’t permission arsenic overmuch “junk” connected the Bitcoin web arsenic that of BRC-20 tokens.
The inventor of Bitcoin Ordinals is proposing a caller Bitcoin-based fungible token protocol arsenic a imaginable alternate to the BRC-20 token standard.
The BRC-20 modular was launched successful March by an anonymous developer “Domo.” Within 2 months, the BRC-20 marketplace headdress reached $1 billion, with PEPE and ORDI among the astir notable BRC-20 tokens created connected Bitcoin.
New unspeakable thought conscionable dropped: Runes.
A worse-is-better fungible token protocol for Bitcoin.https://t.co/TPVrUvWxm8
BRC-20 enables the minting and transportation of fungible tokens via the Ordinals protocol connected Bitcoin. But the contented with BRC-20 tokens is that they spam Bitcoin with “junk” Unspent Transaction Outputs oregon UTXOs, argued Rodarmor.
BRC-20 tokens person the “undesirable effect of UTXO proliferation,” he explained successful a Sept. 25 post, proposing Runes arsenic a UTXO-based alternative.
“Protocols that are UTXO-based acceptable much people into Bitcoin and beforehand UTXO acceptable minimization by avoiding the instauration of "junk" UTXOs.”
TLDR connected Runes - A imaginable fungible token protocol for Bitcoin
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- Casey remains skeptical, citing "99.9% are scams and memes," but recognises they don't look to beryllium going away.
- Employs a UTXO-based system, notably simpler than BRC-20.
- Uses the missive 'R' successful the… https://t.co/zYP43f70gh
“If this protocol had a tiny on-chain footprint and encouraged liable UTXO management, it mightiness service arsenic harm simplification compared to existing protocols,” Rodarmor added.
UTXOs correspond the magnitude of cryptocurrency near successful a wallet pursuing a completed transaction, wherever the equilibrium is utilized successful consequent transactions and is stored successful the UTXO database.
Bitcoin’s UTXO model plays a relation successful making Bitcoin an auditable and transparent ledger by preventing the treble spending problem.
Rodarmor said different fungible token protocols connected Bitcoin, specified arsenic Really Good for Bitcoin, Counterparty and Omni Layer have problems of their own.
Rodarmor’s problems with existing fungible token protocols connected Bitcoin: Source: Casey Rodarmor.While Rodarmor admitted 99.9% of fungible tokens are filled with scams and memes, helium believes the close fungible token protocol tin adhd worth to the Bitcoin network:
“Creating a bully fungible token protocol for Bitcoin mightiness bring important transaction interest revenue, developer mindshare, and users to Bitcoin.”Related: Ordinals inactive marque up bulk of Bitcoin txs contempt terms illness
In a Sept. 25 Twitter Spaces with The Ordinals Show co-host Trevor Owens, Rodarmor said helium came up with the Runes thought past week and that helium wasn’t definite whether helium would prosecute it immoderate further.
Shortly aft the call, Owens floated offering $100,000 from the Bitcoin Frontier Fund to prospective developers that tin make a Rune exertion up and moving arsenic a means to further Rodarmor’s proposal.
Open $100k concern connection successful upcoming @BTCFrontierFund accelerator for archetypal squad who tin get a moving (not terrible) Rune indexer, issuance and/or transportation app, up unrecorded and running
Don't marque the tickers required to beryllium unique, volition beryllium a crap show
DM me. Serious offer. pic.twitter.com/6W0IwlhB9x
Cointelegraph reached retired to Rodarmor for remark but did not person an contiguous response.
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