Bitcoin ecological tokens are experiencing a gener

Watch crypto, be a crypto person, and realize your crypto dream. We will accompany you through the bull and bear markets.

With the coming of Bitcoin halving, several halving concept coins have also begun to attract market attention. Among them, BCH halved in the early morning of April 4 and has seen a large increase recently.

In addition, BSV is expected to halve on April 14; ETC is expected to halve on June 7; DASH is expected to halve on July 10; ZEC is expected to halve on November 22; and ZEN is expected to halve on December 11.

The most noteworthy thing is the next rune, which will be launched after the halving and directly challenge BRC20.

From the get-rich-quick effect of ORDI that began in March last year, to the first wave of inscription rise in May, to the second wave of inscription market in November-December, everyone is in a high mood discussing what to buy today and what to buy tomorrow.

Back to the blockchain itself, what is the Bitcoin inscription that is typed every day, what is the Ordinals protocol, and the various protocols ending with "20" are emerging one after another. What are BRC-20, ARC-20, SRC-20, etc.? What are the connections and differences? Why is there a Runes protocol suddenly?

Let us continue to explore the colorful Bitcoin ecosystem protocol with these questions today.

On May 8, 2023, BTC’s core developers published a post claiming that the BRC-20 protocol caused too much garbage and frequent transactions, causing the BTC network to be blocked, and the BTC community should take action to stop it;

Later on September 1, Casey publicly opposed the BRC20 agreement and hoped to stop minting BRC-20.

Casey Rodarmor redeveloped a protocol called Runes as an alternative to BRC-20. The protocol is a UTXO-based alternative token protocol that allows Bitcoin users to have a good experience. Casey believes that after the improvement, Runes can reduce the phenomenon of creating a large number of junk UTXOs. It is a better, lighter and simpler asset issuance solution than the previous experimental BRC-20 protocol. At least, the current popularity of BRC-20 has created a large number of "junk" UTXOs.

What are Runes Tokens?

The balance of Runes tokens is contained directly in the UTXO. A transaction contains a protocol message if it contains an output whose script pubkey contains an OP_RETURN followed by a data output representing an ASCII uppercase R. Runes entered into a transaction with an invalid protocol message will be burned, which allows future upgrades to change the way runes are allocated or created, avoiding old clients from incorrectly allocating rune balances.

Among the recent Rune Protocol related projects, the most talked-about one is probably Runestone.

Recently, the floor price of Runestone climbed to 0.065 Bitcoin (BTC), equivalent to $4,505, a 33.2% increase in 24 hours. This jump has brought Runestone's market value to $506 million, surpassing BAYC's $411 million, becoming the second largest project in the NFT market. Compared with the rise of BAYC, Runestone's market value growth can be described as a straight rise.

Why did Runestone’s market value exceed BAYC this month?

As the Bitcoin halving event approaches, the Runes protocol will be officially launched on the mainnet. As the "singularity" of the Bitcoin ecosystem's "big bang", Casey's influence on the entire Bitcoin ecosystem is unmatched, and the Runes protocol itself has a strong consensus.

The Runes protocol itself carries a strong consensus foundation. As this consensus continues to strengthen, the increase in asset value has become a market consensus. Not everyone can get the first wave of crabs, and the threshold for actually participating in the Runes protocol Mint is not low. Similar to the early days of the Ordinals protocol, the Runes protocol requires users to build a Bitcoin full node to participate in the new minting process, which is a very high threshold for most ordinary users.

As the largest Ordinals airdrop in history, Runestone distributes the airdrop to users for free despite the high transaction fees. In addition to the $70,000 donation from the community, Runestone also used the proceeds of the auction of the largest Ordinal inscription in history, The Runestone #63140674, of 8 BTC (equivalent to $556,000), to pay for the network fees required for the airdrop.

What community users are more concerned about may be the potential airdrop of protocol tokens. According to Casey, the founder of Ordinals protocol, the mainnet of the Bitcoin network token protocol Runes protocol will be launched when Bitcoin is halved in 2024.

Although Runestone’s market value exceeds that of BAYC, Runestone’s benchmark is not BAYC.

Runestone founder Ordinals developer Leonidas said on social media that after the token swap, Runestone's goal is simple: to create the world's top memecoin on the world's top blockchain. Runestone's MEME coin code and supply will be determined by the community, and it does not necessarily need to be related to the Runestone theme. The design concept is completely open.

Runestone's competitors are not NFT projects such as BAYC, but top Meme coins such as DogeCoin, Shiba Inu and PEPE.

The rune will be officially activated at Bitcoin block height 840,000, which is expected to be around 19 days away.

In the recent update of BRC-20, not only 5-character tickers are supported, but also "self-issuance", that is, the project party deploys and completes it by itself, and also supports the burning mechanism. In the short term, these updates of BRC-20 are more conducive to hype than Runes. They not only facilitate the centralized issuance of projects, but also enable old projects to come up with some deflationary gameplay to stimulate market performance. This is the current advantage of BRC-20.

As the official son of Ordinals, Runes will not have the stability issues caused by changes in the Ordinals protocol like BRC-20, and can fully enjoy the possible improvements brought about by the new features of the Ordinals protocol. At the same time, it is also based on UTXO, and players do not need to carve transfer inscriptions first and then send transfer inscriptions to complete transactions, which greatly saves costs.

热点：Bitcoin tokens A