The inventor of the Ordinals protocol, Casey Rodarmor, has proposed an alternative to the popular BRC-20 token standard launched earlier this year.
New Proposal “Runes” From The Creator Of Bitcoin Ordinals
The inventor of the Ordinals protocol, Casey Rodarmor, has proposed
an alternative to the popular BRC-20 token standard launched earlier this year.
While BRC-20 sparked a frenzy of memecoin trading
on Bitcoin and enabled the creation of fungible tokens like PEPE and ORDI using Ordinals on Bitcoin, Rodarmor argues it leads to excessive "junk" unspent transaction outputs (UTXOs) spamming the blockchain.
In a blog post, he detailed "Runes" as a UTXO-based protocol that could better align with Bitcoin by avoiding extra outputs.
Rodarmor acknowledged issues with existing fungible token protocols like Counterparty, Omni and Really Good for Bitcoin as well. While most fungible tokens are highly speculative, he believes getting the protocol right could boost Bitcoin development and adoption.
Speaking on The Ordinals Show Twitter Spaces, Rodarmor mentioned he was uncertain of advancing the Rune idea. This led co-host Trevor Owens to later offer
$100,000 from the Bitcoin Frontier Fund to developers if they create a working Rune application.
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