The creator of Ordinals proposes a new fungible token protocol to replace BRC-20, designing it to be more efficient with blockspace and more Bitcoin-like.
Casey Rodarmor, the mad genius creator behind Bitcoin Ordinals, has largely avoided the spotlight since March. A month and a half after launch, the Ordinals protocol exceeded any developer’s wildest dreams of adoption, long before it reached the current statistics of 32M inscriptions, 180k unique users, and $550M in trading volume, nine months down the line.
But on Tuesday of this week, Casey’s warm up was over. He unveiled a blog post introducing the idea for “Runes,” an alternative fungible token protocol on Bitcoin. In his words, Runes serves to mitigate UTXO proliferation and provide significant user experience benefits compared to other fungible token protocols on Bitcoin.reduction. BRC-20s create a lot of unused UTXOs. In order to spend Runes, you have to destroy UTXOs, which is good for the system as a whole.
According to Casey, the off-chain fungible token protocols require you to reconcile the off-chain data with the blockchain, creating an awkward user experience. The ones that are address based don’t work well with Bitcoin’s UTXO-based approach, leading to similar complications for end users.Herein lies the magic of the Runes protocol. Instead of linking the record of balances to wallet addresses, it puts the records in the UTXOs themselves.
For example, if I use a UTXO with ten thousand satoshis , it can have a million Runes in it. If I want to send two friends 100k Runes each, I put the tuple assigning where those Runes go into the OP_RETURN of the Bitcoin transaction. I put in one UTXO, three UTXOs come out; two with 100k Runes each to my friends and the other with 800k Runes to myself.
This also means that Runes are separate from the Ordinals protocol. In some ways, this is beneficial; the separation between Ordinals and Runes makes development simpler without each depending on the other. The downside is that Runes can’t take advantage of the already existing user base and decentralization of Ordinals, making it more challenging to start a base of nodes.
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