Casey Radarmore, creator of the Bitcoin Ordinals protocol, has proposed a new protocol for exchangeable tokens on the Bitcoin network. This long-awaited protocol will make the Bitcoin network no more "stable" than digital collections such as the popular BRC-20.
In a September 25th blog post, the creators of Bitcoin Ordinal shared plans to launch a new exchange token protocol called Rune. Rodarmor clarified that this long-awaited protocol is better than the BRC-20 protocol. The protocol is lightweight and leaves no balance on the Bitcoin network.
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Casey Radarmore, creator of Ordinals, rejected a proposal for a BRC-20 alternative called Runes 27 minutes ago.
I'll be going live in a few minutes to discuss this.
We're still trying to figure out how it works, but Casey thinks…
— trevor.btc (@TO) September 25, 2023
Wildcards vs wildcards
Non-fungible tokens are digital assets that have been tokenized through the blockchain network. These digital assets are given unique identification codes and metadata that distinguish them from other cryptocurrencies. Digital collections can be sold and exchanged for cash, cryptocurrencies or other NFTs depending on their market value and owner.
An NFT is a unique type or property of items that cannot be imitated. For example, airline tickets cannot be exchanged because they cannot have another similar ticket due to their specific information. A house, boat, or car is a physical intangible asset because it is a unique asset.
On the other hand, tokens or exchangeable assets are indivisible and unique. For example, fiat currencies such as the dollar are interchangeable; A $1 bill in New York is worth the same as a $1 bill in Miami. A convertible token can also be a cryptocurrency such as Bitcoin; 1 BTC is worth 1 BTC wherever it is released.
Earlier this year, Casey Rodarmore introduced a new protocol for fuzzy tokens. Bitcoin developers account for NFTs using the ordinal theory created by anonymous Bitcoin creator Satoshi Nakamoto. Bitcoin serial numbers can represent text or audio values.
In March 2023, inspired by Bitcoin and Ethereum's ERC-20, a cryptocurrency analyst and developer known as Domo introduced the BRC-20 Standard Token to allow the issuance and transfer of unique exchange tokens. the bitcoin block chain.
The Gitbook is updated to answer frequently asked questions and has goals for future practice. https://t.co/h6fksQ1oAe
— domo (@domodata) March 10, 2023
The BRC-20 benchmark token has been warmly welcomed by cryptocurrency investors. Between April and May, BRC-20 transactions accounted for more than 50% of all transactions on the Bitcoin blockchain, surpassing normal BTC transactions. Unfortunately, the BRC-20 NFTs have faded from the initial market buzz amid the recent cryptocurrency market downturn.
"Rune" replacement token protocol.
Bitcoin inventor Ordinal is returning to the cryptocurrency market with a hyped Bitcoin-based token protocol, a potential alternative to the BRC-20 token standard. This new protocol works in a relatively similar way to BRC-20, allowing the storage and transfer of exchange tokens in the Bitcoin Ordinal protocol.
In his blog post, Casey Radarmore explains that the main difference between BRC-20 and his new protocol is that BRC-20 has the unintended consequences of "unspent transaction yield," or UTXO proliferation. Bitcoin developer explains:
“UTXO-based cryptoprotocols are more compatible with Bitcoin and facilitate UTXO minification, preventing the creation of 'junk' UTXOs. If these protocols are small on-chain and facilitate responsible UTXO management, this can serve to reduce losses compared to existing protocols.
Before closing, Casey Radarmore admits that 99.9% of trading tokens are full of scams and memes. However, he believes that the right exchange token protocol can add value to the Bitcoin network. The development of new standard tokens and the trading of Rune-based tokens are expected to take place in the coming weeks or months.
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