1 year ago
Casey Rodarmor, creator of Bitcoin Ordinal inscriptions, introduced a caller fungible token protocol named Runes successful a blog station September 25, 2023. Although uncertain if it’s a “good idea,” Rodarmor believes a robust fungible token protocol could “bring important transaction interest revenue, developer mindshare, and users to Bitcoin.”
Bitcoin’s Ordinals Pioneer Presents New ‘Runes’ Protocol
On Monday, Casey Rodarmor, creator of Bitcoin’s Ordinals, wrote a blog post introducing a caller fungible exertion protocol named Runes. In the post’s opening, Rodarmor expressed uncertainty, saying he’s “not definite creating a caller fungible token protocol for Bitcoin is simply a bully idea.” He added that fungible tokens are “99.9% scams and memes.” However, helium recognizes they’re present to enactment and that processing a robust fungible token protocol for Bitcoin mightiness beryllium advantageous.
“If this protocol had a tiny onchain footprint and encouraged liable UTXO management, it mightiness service arsenic harm simplification compared to existing protocols,” Rodarmor said. “At slightest 1 of which, BRC20, is already rather popular, and has the undesirable effect of UTXO proliferation.”
Runes are a projected elemental protocol for creating fungible tokens connected apical of Bitcoin and balances are represented by unspent transaction outputs (UTXOs) that tin incorporate immoderate fig of runes. Transactions encode Rune transfers and issuances via an OP_RETURN output and transfers specify which Runes to delegate to which outputs. Rodarmor insists that Rune tech aims to beryllium simple, avoids relying connected offchain data, abstains from having a autochthonal token, and utilizes Bitcoin’s UTXO model.
“Should specified a happening exist?” Rodarmor askes. “Such a strategy mightiness gully users from different schemes with worse on-chain footprints, and bring developer and idiosyncratic mindshare to Bitcoin, encouraging them to follow Bitcoin itself.”
Rodarmor’s latest exertion emerges arsenic different data-embedding strategy connected Bitcoin, known arsenic “Atomicals,” has been introduced. Similar to BRC20 tokens, Atomicals tin nutrient ARC20 tokens. For now, Rodarmor’s Runes remains a proposal, and clip volition find its popularity. “On the different hand, the satellite of fungible tokens is simply a adjacent wholly irredeemable pit of deceit and avarice, truthful it mightiness beryllium a wash,” Rodarmor concludes successful his message.
What bash you deliberation astir Rodarmor’s latest idea? Share your thoughts and opinions astir this taxable successful the comments conception below.
English (US) 