2024

Bitcoin

DeFi

April

<p>In recent months, Bitcoin has expanded its features and is winning over users with a clear evolution in its utility. Until recently, significant constraints linked to the scripting language prevented the development of tokens, NFTs, and smart contracts. Competitors such as Ethereum, Solana, Cardano, Polkadot, etc., had built their business model and reputation on this weakness. But things have changed. The blockchain now welcomes BRC-20 tokens, competing with Ethereum’s ERC-20 tokens. It even houses a Bitcoin DeFi ecosystem. Here’s a look back at the evolution of a blockchain undergoing major renovations.</p>
<h2 id="h-brc-20-and-runes-the-acceleration-towards-tokenization-on-bitcoin">BRC-20 and Runes: The Acceleration Towards Tokenization on Bitcoin</h2>
<p>Not so long ago, developers had to turn to competing blockchains to create DApps, NFTs, smart contracts, etc. However, having undergone a makeover after some strategic upgrades, Bitcoin is no longer constrained by scripting language and has enhanced its adaptability.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Indeed, with <a href="https://decrypt.co/228012/bitcoin-runes-transactions-dominate-btc-network-brc-20-dog" target="_blank" rel="noopener noreferrer nofollow">the introduction of Bitcoin Ordinals</a>, the BRC-20 standard, and the Runes protocol, developers can now directly create BRC-20 tokens and NFTs on Bitcoin. Three months after their introduction, BRC-20 tokens had already reached a market capitalization of one billion dollars.</p>
<p>The launch of the Runes protocol in April 2024 also sparked unparalleled enthusiasm. Coupled with the bitcoin halving, the event caused a surge in transactions and network congestion. Everything happened very quickly.</p>
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <div class="entry-content-asset">
   <div class="social-embed-container">
    <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
     <p lang="en" dir="ltr">What the F*ck are Runes? <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <br><br>An Overview of Runes’ Conception⁰<br><br>Runes were created by Casey Rodarmor, the same developer behind another Bitcoin innovation called Ordinals. <br><br>Runes aim to improve how digital tokens work on Bitcoin by fixing problems with the older BRC-20… <a href="https://t.co/1ExJVQeboH" rel="noopener noreferrer nofollow">pic.twitter.com/1ExJVQeboH</a></p>— BackBone Labs <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f3f4-200d-2620-fe0f.png" alt="🏴‍☠️" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f316.png" alt="🌖" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9ea.png" alt="🧪" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/3297.png" alt="㊗" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f436.png" alt="🐶" class="wp-smiley" style="height: 1em; max-height: 1em;"> ⚵ (@BackBone_Labs) <a href="https://twitter.com/BackBone_Labs/status/1783916371249680629?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 26, 2024</a>
    </blockquote>
    <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
   </div>
  </div>
 </div>
</figure>
<h2 id="h-bitcoin-finally-ready-for-the-next-step-in-crypto-finance">Bitcoin Finally Ready for the Next Step in Crypto Finance?</h2>
<p>The renovation of Bitcoin completely changes the game and represents a significant advancement in the tokenization of real assets on the network. The blockchain is now catching up to its competitors in the realms of DeFi, NFTs, smart contracts, etc., with BRC-20 tokens mirroring Ethereum’s ERC-20 tokens.</p>
<p>With the infectious potential of the Runes protocol, which is still in its infancy, Bitcoin ETFs, and the BRC-20 standard, Bitcoin appears to be engaged in a very rapid maturation process. <a href="https://www.cointribune.com/en/heres-why-tokenization-of-real-assets-is-the-future-of-the-crypto-ecosystem/" rel="noopener noreferrer nofollow">The future of the crypto ecosystem</a> seems not far off. New applications and financial innovations could soon emerge on the blockchain.</p>

Bitcoin Is Evolving!

Table of Contents

Cointribune EN

Other articles published on Apr 29, 2024

Ethereum vs SEC: What next for Franklin Templeton Investments’ ETF

Exploring Dogwifhat’s Meteoric Rise in the Solana Network

Insights on Bitcoin’s Market Trends and Analyst Predictions

Will Cardano (ADA) Recover Back to $0.5?

UK Authorises Police To Seize Illicit Crypto Without Arrests

Veteran Trader Who Exposed the Sam Bankman-Fried FTX Scandal Says Pepe Coin (PEPE) Is Doomed; Its...

Join our free newsletter for daily crypto updates!