Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’
- Rudolph Harmon
- September 26, 2023
- Bitcoin, Crypto, News
- Bitcoin Protocols, Casey, Rodarmor
- 0 Comments
Casey Rodarmor proposes ‘Runes,’ a Bitcoin-based fungible token protocol aiming to solve issues caused by BRC-20 tokens and improve Bitcoin’s ecosystem.
- Bitcoin Ordinals inventor, Casey Rodarmor, proposes a new Bitcoin-based fungible token protocol named ‘Runes’ as an alternative to BRC-20 tokens.
- Rodarmor argues that BRC-20 tokens lead to ‘junk’ UTXOs, spamming Bitcoin.
- ‘Runes’ is designed to have a smaller on-chain footprint and encourage responsible UTXO management.
- The proposal may attract significant transaction fee revenue, developer mindshare, and users to Bitcoin if pursued further.
Casey Rodarmor, the mind behind Bitcoin Ordinals, unveils a conceptual fungible token protocol, ‘Runes’, deemed as a prospective alternative to the prevalent BRC-20 token standard. The BRC-20 standard, initiated in March by the concealed developer “Domo”, swiftly amassed a market cap of $1 billion in just two months, rendering PEPE and ORDI as the eminent tokens.
TLDR on Runes – A potential fungible token protocol for Bitcoin
– Casey remains skeptical, citing "99.9% are scams and memes," but recognises they don't appear to be going away.
– Employs a UTXO-based system, notably simpler than BRC-20.
– Uses the letter 'R' in the… https://t.co/zYP43f70gh
— Franken (@ItsFranken) September 25, 2023
However, Rodarmor contends that BRC-20 tokens clutter the Bitcoin network with “junk” Unspent Transaction Outputs (UTXOs). To mitigate the proliferation of such undesirable UTXOs, he suggests ‘Runes’—a protocol grounded in UTXO, aligning seamlessly with Bitcoin’s fabric and fostering judicious UTXO management, thereby diminishing the generation of “junk” UTXOs.
Rodarmor asserts that the majority of the existing fungible token protocols are plagued with scams and memes, comprising 99.9% of the landscape. However, he remains optimistic about the transformative potential of a well-crafted fungible token protocol, which could infuse value into the Bitcoin network by drawing substantial transaction fee revenue, developer involvement, and user base.
In the burgeoning realm of Bitcoin protocols, the proposition of ‘Runes’ by Casey Rodarmor marks a potential paradigm shift. If actualized, it promises a refined, clutter-free Bitcoin ecosystem, alleviating the prevailing issues linked with BRC-20 tokens. The meticulous management of UTXOs and a minimized on-chain footprint could render ‘Runes’ a catalyst in amplifying the efficacy and appeal of Bitcoin network protocols.
Moreover, the integration of a well-designed fungible token protocol could be instrumental in accruing substantial transaction fee revenues and expanding the user and developer community around Bitcoin. The endeavor represents not just a technological advance but a strategic move to elevate Bitcoin’s stature in the cryptographic domain.
However, the fruition of ‘Runes’ is contingent on further developmental pursuits and comprehensive exploration of its feasibility and impact. The proposition is in its nascent stage, and whether it will materialize into a groundbreaking protocol contributing to the evolution of the Bitcoin network remains a captivating aspect to observe in the unfolding narrative of cryptographic innovations.