In today’s article we only talk about the pure Runes protocol and the RUNE ALPHA rune protocol proposed by Casey.
Let me start with a piece of news. Today is the first anniversary of ORDINALS, and ORDINALS has just begun.
runes
Bitcoin Runes are unique, fungible tokens that exist on the Bitcoin blockchain. They are designed to represent fungible assets with unique characteristics and metadata. Proposed by Casey Rodamor, the creator of the Ordinals protocol, the solution is called Runes. Runes aims to provide a user-friendly, UTXO-based alternative to existing tokenization protocols such as Ordinals, ORC-20, BRC-20, and Stamps.
Runes are a completely new type of fungible token on the Bitcoin network. These tokens differ from existing alternatives in several ways. First, Rune is native to Bitcoin’s Unspent Transaction Output (UTXO) model. This minimizes the generation of “junk” UTXOs, allowing for more responsible UTXO management and a smaller on-chain footprint. The Bitcoin blockchain is designed as a minimal and efficient ledger for transferring value through Bitcoin transactions.
Runes protocol created by Casey
Runes are designed for ease of use and are expected to bring some impactful changes to the Bitcoin token ecosystem. By following Bitcoin’s UTXO model, Rune provides a form of “harm reduction” by reducing unnecessary bloat of the UTXO set, a significant issue with existing protocols such as BRC-20 and Stamps. Its simpler design can attract more developer interest and participation, potentially accelerating innovation in the Bitcoin development community. A seamless user experience can attract more mainstream adoption because users don’t need to deal with native tokens or deal with off-chain complexities.
This allows for flexible allocation and transfer of rune balances, with invalid protocol messages causing runes to burn as a safeguard for future upgrades. In addition, Runes can issue specific human-readable symbols and decimal configurations, and their issuance and transfer do not require the use of native tokens, making the protocol less cumbersome and more user-friendly. Overall, Runes provides a simpler and more intuitive way to handle fungible tokens on the Bitcoin blockchain.
As for when Caseys Runes protocol will be launched, we dont know. From September to now, the progress has been slow, but there is no doubt that once it is launched, it will be an opportunity to grab chips. If you grab this chip, you will get the same wealth as ORDI. .
Among the entire Inscription protocol, the one that can truly compete with protocols such as BRC 20 ORDI is the RUNE protocol. After all, it was created by the founder of ORDINALS, and BRC 20 is a protocol built on ORDINALS. Stay tuned.
RUNE ALPHA
Next we are talking about the popular RUNE ALPHA. This rune protocol has little to do with the runes Casey proposed. Since Rune.Alpha has made it clear that it has nothing to do with Casey, all discussions are on a technical level. But according to recent official disclosures, a consensus may have been reached with Casey.
What is RuneAlpha?
RuneAlpha is a cutting-edge block explorer and all-in-one application on the Rune protocol (Bitcoin). It is your portal to learn more about the Rune protocol, follow transactions, process data, and provide extensive support for Rune.
PSBT
Partially Signed Bitcoin Transactions (PSBT) is a data format that allows wallets and other tools to exchange Bitcoin transaction information along with the signatures required to complete the transaction.
A PSBT can be created to identify a set of unspent transaction outputs (UTXOs) for spending and a set of outputs for receiving spent value.
RuneAlpha’s marketplace is leveraging the power of PSBT in some very radical ways:
Multi-Party Transactions: PSBT is great for having multiple parties sign off on the same transaction. We can mix and match the signatures of buyers and sellers and then broadcast the results to the Bitcoin network. This is both safe and can save users a lot of money.
Offline signing: PSBT comes with convenient metadata that helps devices check addresses and amounts.
RUNE ALPHA fun things
This is the project website https://runealpha.xyz/. Currently, it only has mint and deployment functions. Transfer and market have not yet been launched.
The biggest difference between the deployment protocol and BRC 20 is that when deploying rune tokens on RUNE, the deployer can get an income of 2 dollars per token, that is, the Mint side needs to support the deployer with an additional 2 US dollars. And Inscription is free to participate.
This may seem like runes are not suitable, but it is also a new way of playing, which can attract high-quality project parties to participate in the construction. If you were a project party, would you rather deploy in a market with income or one without? Everyone thinks about this answer for themselves.
The current leader in the RUNE protocol is COOK, with a total of 198,000 pieces, a mint cost of 15-30 knives per piece, an OTC price of 400 knives per piece, and a market value of 79.2 million US dollars. Officially stated that $COOK holders will receive special benefits (continuous empowerment
). And some COOKs passed through the contract mint will be destroyed. The total amount will then be reduced.
Today, PSBTS is the most popular in the market. The official has not clearly stated its support. Most of them went to mint because of the lack of enthusiasm in the community.
As far as the market deployment service fee is concerned, PSBTS is successful because it can earn 600,000 US dollars by deploying just one rune protocol (the final total amount is not determined, based on the total amount of 300,000, in fact it will exceed 300,000 in the end).
This is just the income from deployment. When the market opens later, the deploying party can enjoy transaction fee income. This is undoubtedly a golden rice bowl. I believe that the follow-up rune market will attract many high-quality projects to be deployed. At that time, the market value of the entire rune will reach tens of billions. As the leading company COOK, we believe its market value is comparable to ORDI and SATS, the leading BRC 20 companies.
In addition, miners will love runes more than other inscription protocols, because the total amount of runes is not specified and can only be minted within a limited block time. In other words, the total amount is completely determined by the number of participants. When the block is completed, it is over.
A high-quality rune will arouse everyones FOMO emotions, so the GAS in a block will not decrease, and the benefits for miners are considerable.
END
There is an unwritten rule in the Bitcoin chain: whoever wins the miners wins the world. So the Rune Age has just arrived.
Runes are expected to bring transaction fee revenue, developer interest, and more users to the Bitcoin network. The runes and inscriptions will bring unprecedented impact to the blockchain ecology.
