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Written on the eve of the RUNEs rune explosion

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Runes provide a simpler and more intuitive way to deal with fungible tokens on the Bitcoin blockchain.

Original Title: "Pre-RUNEs Rune Explosion"

Source: Odaily Star Daily

Today we will only discuss the pure Runes protocol proposed by Casey and the RUNE ALPHA rune protocol.

First, a message: today is the one-year anniversary of ORDINALS, and ORDINALS is just getting started.

符文

translates to

Runes

in English.

Bitcoin Runes are unique and interchangeable 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 scheme is called Runes. Runes aim to provide a user-friendly, UTXO-based alternative for existing tokenization protocols such as Ordinals, ORC-20, BRC-20, and Stamps.

符文(Rune) is a new type of fungible token on the Bitcoin network. These tokens differ from existing alternatives in several ways. Firstly, Runes are native to Bitcoin's Unspent Transaction Output (UTXO) model. This minimizes the creation of "junk" UTXOs, resulting in more responsible UTXO management and a smaller on-chain footprint. The Bitcoin blockchain is designed to be a minimal and efficient ledger used to transfer value through Bitcoin transactions.

Casey's Runes Protocol

Runes is designed for usability and is expected to bring some influential changes to the Bitcoin token ecosystem. By following Bitcoin's UTXO model, Runes provides a "harm reduction" form by reducing unnecessary inflation of the UTXO set, which is a major problem with existing protocols such as BRC-20 and Stamps. Its simpler design can attract more developers' interest and participation, potentially accelerating innovation in the Bitcoin development community. A seamless user experience can attract more mainstream adoption, as users do not need to deal with native tokens or off-chain complexity.

This allows for flexible allocation and transfer of rune balances, with invalid protocol messages resulting in rune burning 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 provide a simpler, more intuitive way to handle fungible tokens on the Bitcoin blockchain.

As for Casey's Runes protocol, we do not know when it will be released. Progress has been slow since September, but there is no doubt that once it is released, it will be an opportunity to grab chips. If you grab this chip, you will gain wealth similar to ORDI.

Throughout the entire inscription agreement, the only protocol that can truly rival BRC 20 ORDI and other protocols is the RUNE protocol. After all, it was created by the founder of ORDINALS, and BRC 20 is a protocol built on top of ORDINALS. Keep paying attention.

RUNE ALPHA

Next, we will talk about the popular RUNE ALPHA protocol. This rune protocol is not related to the rune relationship proposed by Casey. Because Rune.Alpha clearly states that it has nothing to do with Casey, all discussions are at the technical level. However, according to the recent official disclosures, it may have reached a consensus with Casey.

RuneAlpha is what?

RuneAlpha is a cutting-edge block explorer and integrated application on the Rune protocol (Bitcoin). It is a portal for you to gain in-depth understanding of the Rune protocol, track 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 and the signatures required to complete the transaction.

You can create a PSBT to determine a set of unspent transaction outputs (UTXOs) for spending and a set of outputs for receiving spent value.

RuneAlpha's market is harnessing the power of PSBT in some very aggressive ways:

Multi-party transactions: PSBT is very suitable for multiple parties to sign 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 secure and can save users a lot of fees.

Offline signature: PSBT comes with convenient metadata that can help devices verify addresses and amounts.

RUNE ALPHA Fun Features

This is the project website https://runealpha.xyz/, currently only with mint and deployment functions, transfer and market are not yet available.

The biggest difference between the deployment protocol and BRC-20 is that deploying Rune tokens on RUNE can earn the deployer $2 per token, while the Mint needs to provide an additional $2 to the deployer. On the other hand, inscription is free to participate in.

It seems that runes may not be suitable in this way, but it is also a new way of playing that can attract high-quality project parties to participate in construction. If you are a project party, would you prefer to deploy in a market with income or without? Everyone can think about the answer themselves.

The current leader on the RUNE protocol is COOK, with a total supply of 198,000 tokens. The minting cost ranges from $15 to $30 per token, while the off-market price is $400 per token, resulting in a market capitalization of $79.2 million. The official team has announced that COOK holders will receive special benefits and continuous empowerment. Additionally, a portion of the COOK tokens minted through the contract will be burned, resulting in a decrease in total supply.

Today, the hot topic in the market for those in the encryption industry is PSBTS. The official support for this is not clearly stated, so most people turn to mint due to community sentiment.

It's just about market deployment service fees, and PSBTS is successful because it can earn $600,000 by deploying just one runic protocol (the final total is not determined, calculated based on a total of 300,000, in fact, it will exceed 300,000 in the end).

This is just deployment income. After the market is opened, the deployment party can enjoy transaction fee income, which is undoubtedly a gold mine. I believe that the subsequent runic market will attract many high-quality projects to lay out. At that time, the entire runic market will open up a market value of tens of billions. As the leader COOK, we believe that the market value can be compared with the BRC 20 leaders ORDI and SATS.

In addition, miners' preference for runes will be higher than other inscriptions protocols, because runes are not limited in quantity and only minted in a limited block time, which means that the total quantity is completely determined by the number of participants. When the block is completed, it will end.

A high-quality rune will trigger FOMO among everyone, while the GAS in a block will not decrease, which is very profitable for miners.