Bitcoin Ordinals Creator Announces New Fungible Token Protocol 'Runes' - Decrypt
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itcoin Ordinals Creator Announces New Fungible Token Protocol 'Runes'
The development of a new token standard and trading of Runes-based tokens is expected in the coming weeks. A new Bitcoin fungible token protocol is the talk of the town.
Casey Rodarmor, the creator of Bitcoin Ordinals protocol, r
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Casey Rodarmor, the creator of Bitcoin Ordinals protocol, has announced a new fungible token protocol called "Runes." The Ordinals protocol, which allows for the issuance of meme tokens and NFT-like assets on the Bitcoin blockchain, has been criticized for clogging the network and increasing transfer fees. Runes aims to address these issues by holding token balances in UTXOs and allowing for transactions with any amount of any number of runes. While Rodarmor expressed concerns about creating a new fungible token protocol for Bitcoin, he acknowledged the popularity of such tokens and the potential benefits they could bring to the network.
Top Highlights
- itcoin Ordinals Creator Announces New Fungible Token Protocol 'Runes' The development of a new token standard and trading of Runes-based tokens is expected in the coming weeks.
- A new Bitcoin fungible token protocol is the talk of the town. Casey Rodarmor, the creator of Bitcoin Ordinals protocol, rolled out a new protocol called “Runes” dedicated to fungible tokens yesterday.
- The Ordinals protocol has provided a platform for issuing meme tokens and NFT-like assets on the Bitcoin blockchain through the BRC-20 standard. Its current design, however, tends to clog the network and increase transfer fees.
- Rodarmor said that Ordinals have “undesirable consequences of Unspent Transaction Output (UTXO) proliferation” on Bitcoin. UTXO represents the amount of Bitcoin remaining after a transaction is executed, essentially serving as the balance of a Bitcoin address for future transactions.
- Each Ordinals transaction requires a separate Bitcoin transaction. In contrast, Runes token balances will be held by UTXOs, and each transaction output can “contain any amount of any number of runes,” Rodarmor wrote in his blog post. A spokesperson from Ordinals marketplace, Ordinals Wallet, told Decrypt that, “Rune works better than BRC-20 as far...
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