Satoshi

Rune

Bitcoin

Impact

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/exploring-the-impact-of-runes-on-bitcoins-ecosystem/" data-wpel-link="internal">Exploring the Impact of Runes on Bitcoin’s Ecosystem</a><br></p>
<p class="p1" style="text-align: justify"><a href="https://coin-turk.com/goldman-sachs-bitcoini-neden-varlik-olarak-tanimadi" data-wpel-link="internal">Bitcoin</a> introduced a new token standard called <strong>Runes</strong>, which since its launch post-April 20th halving event, has accounted for over two-thirds of the transactions on the <a href="https://en.coin-turk.com/bitcoin-consolidates-as-average-transaction-volume-hits-lowest-in-over-two-years-is-a-surge-imminent/" data-wpel-link="internal">Bitcoin</a> ecosystem. According to the Dune Analytics dashboard shared by blockchain research firm <a href="https://en.coin-turk.com/has-the-cryptocurrency-downturn-ended/" data-wpel-link="internal">Crypto</a> Koryo, since its release on April 20th, there have been over 2.38 million Runes transactions, making up 68% of all Bitcoin transactions.</p> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-bitcoin-ecosystem">What’s Happening in the Bitcoin Ecosystem?</h2> 
<p class="p1" style="text-align: justify"><strong>Crypto Koryo</strong> shared data including total transaction numbers covering ordinary Bitcoin peer-to-peer transactions, BRC-20 assets, Ordinals, and Runes. Runes experienced its busiest day on April 23, with over 750,000 transactions, but the number fell by more than half the following day, closing with 312,000 transactions.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-344293 size-full" src="https://coin-turk.com/wp-content/uploads/2024/04/dune-1.webp" alt="" width="938" height="556"></p> 
<p class="p1" style="text-align: justify">The initial demand at block 840,000 came largely from <a href="https://en.coin-turk.com/bonk-coins-market-performance-and-analysis/" data-wpel-link="internal">memecoin</a> enthusiasts and <a href="https://coin-turk.com/populer-nft-projesi-pixelmoon-8-milyon-dolar-yatirim-aldi-iste-detaylar" data-wpel-link="internal">NFT</a> aficionados racing to write and mine code on rare satoshis through the Runes protocol. Consequently, Runes transactions contributed to about 70% of the mining fees on the day of the halving event. Since then, the daily figures have varied between 33% and 69%, indicating a gradual decline in the hype within the Bitcoin ecosystem. These developments could also be linked to the recent drop in Bitcoin prices.</p> 
<h2 class="p1" style="text-align: justify" id="prominent-critic-raises-concerns">Prominent Critic Raises Concerns</h2> 
<p class="p1" style="text-align: justify">With these developments, industry experts are divided on whether Runes can provide a sustainable income stream for Bitcoin miners, as there is already a disparity between the number of Rune transactions and the mining fees earned on Runes.</p> 
<p class="p1" style="text-align: justify">The new protocol initiated by Ordinals’ creator Casey Rodarmor, which is used to create Bitcoin-based tokens, is presented as a more efficient way to create new tokens on the Bitcoin network compared to the BRC-20 token standard, an Ordinal-based method. However, not everyone is pleased with the amount of block space Runes transactions occupy lately.</p> 
<p class="p1" style="text-align: justify">Among these critics is the lead developer of the blockchain search engine <strong>Blockchair</strong>, Nikita Zhavoronkov, who believes that Bitcoin has completely abandoned its original purpose as a peer-to-peer electronic cash system, a view that aligns with the initial vision of Bitcoin’s creator, Satoshi Nakamoto.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-344292" src="https://coin-turk.com/wp-content/uploads/2024/04/nikita.webp" alt="" width="500" height="622"></p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/exploring-the-impact-of-runes-on-bitcoins-ecosystem/" data-wpel-link="internal">Exploring the Impact of Runes on Bitcoin’s Ecosystem</a></h5>

Exploring the Impact of Runes on Bitcoin’s Ecosystem

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