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New Trend or Blow: What are Bitcoin Runes?
What are Runes?
Runes are a new protocol to create fungible tokens on the Bitcoin network. Created by Casey Rodarm, the protocol uses the Bitcoin UTXO model and the OP_Return instruction to simplify tokens creation and management.
With Runes, it is easier to create Memecoins and other community projects on Bitcoin's blockchain. Rune with the highest market capitalization is currently RSIC • Genesis • Rune, valued at more than $ 325 million. This innovation is part of the Bitcoin Defi (BTCFI) movement, which seeks to add more use to the Bitcoin network.
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Projects that use the Runes Protocol:
The Runes Protocol is a recent innovation in the Bitcoin ecosystem, emerging at the beginning of 2024. It uses Bitcoin's UNTX (UNTXE transaction Output system to create a fungible token pattern. This makes the creation and management of digital assets in Bitcoin Bitcoin easier and can extend Bitcoin's functionality as well as simple tokens exchange.
Check out some interesting projects that use the Runes Protocol:
- BVM Runechain: The BVM project, a Layer 2 solution for Bitcoin, launched its own Runechain product, a Rune -based dentralized (Decentralized Exchange);
- Rune #5 (dog • dog • dog • dog): an anonymous project of runes;
- Rune #6 (Satoshi • Nakamoto): Another anonymous project of Runes;
- Rune #7 (Meme • Economics): Another project that focuses on the community.
Runes advantage compared to other protocols defined:
The Runes Protocol offers an innovative approach to the creation and management of fungible tokens directly on Bitcoin blockchain. Here are some key benefits compared to other solutions defined:
- Efficiency: Runes -based UTX (UTXO) model simplifies tokens creation and control, avoiding the complexity of additional layers;
- Safety and Decentralization: By perfectly integrating with Bitcoin architecture, Runes maintains the security and decentralization of the network without depending on off-chan data;
- Scalability: Efficient use of data space in blockchain reduces congestion and improves scalability.
In summary, the Runes Protocol offers a promising alternative to boosting Bitcoin applications, combining safety with functionality ... And of course, it is not a blow, although some users do not like the project initiative!
Lucas Lippe
The idea of freedom is fascinating and Bitcoin provides us with this in many ways. Explaining ideas for a decentralized web on the Bitcoin Lovers website.
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