Token

Rune

Bitcoin

ORDI

<div class="intro-text"> 
 Bitcoin Ordinals creator Casey Rodarmor has proposed the creation of a new fungible token protocol called “Runes” as an alternative to existing protocols, including the BRC-20 standard.&nbsp; 
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In a <a style="color: #0000ff;" href="https://rodarmor.com/blog/runes/" rel="noopener noreferrer nofollow">blog post</a> published on September 25, 2023, Rodarmor expressed concerns about current fungible token protocols like Good for Bitcoin, Counterparty, Omni Layer, and the relatively new BRC-20 standard. 
<blockquote class="twitter-tweet"> 
 New terrible idea just dropped: Runes. 
 A worse-is-better fungible token protocol for Bitcoin.<a href="https://t.co/TPVrUvWxm8" rel="noopener noreferrer nofollow">https://t.co/TPVrUvWxm8</a> 
 — Casey (@rodarmor) <a href="https://twitter.com/rodarmor/status/1706438248606904382?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 25, 2023</a> 
</blockquote> 
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The BRC-20 standard was introduced by an anonymous developer in March 2023. Since then, the protocol standard has steadily increased in popularity among token developers. The memecoin, <a style="color: #0000ff;" href="https://defi-planet.com/2023/07/from-meme-themed-origins-to-1-billion-market-cap-a-closer-look-at-pepecoins-meteoric-rise/" rel="noopener noreferrer nofollow">PEPE</a>, is one of the popular tokens built with the standard.&nbsp; 
Notably, BRC-20 enables the creation and transfer of fungible tokens on the Bitcoin network via Rodarmor’s<a href="https://defi-planet.com/2023/06/bitcoin-ordinals-explained-everything-you-need-to-know/" rel="noopener noreferrer nofollow"> Ordinal</a> protocol.&nbsp; 
However, Rodarmor argued that tokens created with this standard have the “undesirable consequence of UTXO proliferation.”&nbsp; 
<a href="https://defi-planet.com/2023/08/unspent-transaction-output-utxo-in-crypto-explained/" rel="noopener noreferrer nofollow">UTXOs (Unspent Transaction Output)</a> represent the amount of unspent cryptocurrency in a wallet after a transaction. It plays a vital role in Bitcoin’s transparency and security by preventing double-spending. 
Rodarmor acknowledged that many fungible tokens are associated with scams and memes but suggested that the right fungible token protocol could add value to the Bitcoin network while promoting responsible UTXO management. He proposed ‘Runes’ as a UTXO-based alternative to existing protocols. 
Rodarmor envisioned “Runes” as a protocol with a focus on delivering a “good user experience” while efficiently managing UTXOs within the Bitcoin network. Although “Runes” remains in the conceptual stage, it has garnered significant interest from developers and the broader Bitcoin community. 
Trevor Owens, co-host of The Ordinals Show, has proposed allocating $100,000 from the Bitcoin Frontier Fund to support developers interested in implementing a Rune application.&nbsp; 
<blockquote class="twitter-tweet"> 
 Open $100k investment offer in upcoming <a href="https://twitter.com/BTCFrontierFund?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BTCFrontierFund</a> accelerator for first team who can get a working (not terrible) Rune indexer, issuance and/or transfer app, up live and running 
 Don’t make the tickers required to be unique, will be a shit show 
 DM me. Serious offer. <a href="https://t.co/6W0IwlhB9x" rel="noopener noreferrer nofollow">pic.twitter.com/6W0IwlhB9x</a> 
 — trevor.btc (@TO) <a href="https://twitter.com/TO/status/1706476952457035912?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 26, 2023</a> 
</blockquote> 
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Earlier, during a <a style="color: #0000ff;" href="https://x.com/TO/status/1706478750546772173" rel="noopener noreferrer nofollow">Twitter Spaces discussion</a> with Owens, Rodarmor expressed uncertainty about pursuing the “Runes” concept further. Thus, Owen’s potential funding could help propel the proposal into actionable development.&nbsp; 
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The post <a href="https://defi-planet.com/2023/09/bitcoin-ordinals-creator-proposes-runes-as-alternative-to-brc-20-and-other-fungible-token-protocol/" rel="noopener noreferrer nofollow">Bitcoin Ordinals Creator Proposes “Runes” as Alternative to BRC-20 and Other Fungible Token Protocol</a> first appeared on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>. 
The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/09/bitcoin-ordinals-creator-proposes-runes-as-alternative-to-brc-20-and-other-fungible-token-protocol/">Bitcoin Ordinals Creator Proposes “Runes” as Alternative to BRC-20 and Other Fungible Token Protocol</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Bitcoin Ordinals Creator Proposes “Runes” as Alternative to BRC-20 and Other Fungible Token Protocol

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