A new standard of fungible Runes tokens would not leave as much garbage on the Bitcoin network as BRC-20 did. This was stated by Ordinals creator Casey Rodarmore.
In March 2023, a developer under the pseudonym domo introduced BRC-20, an experimental standard for fungible tokens for the Bitcoin blockchain. A month later, the capitalization of assets created on its basis exceeded $1 billion.
BRC-20 allows fungible tokens to be issued and sent over the Ordinals protocol, causing “unwanted proliferation consequences” UTXO” Rodarmore reported.
“UTXO-based protocols fit seamlessly into the Bitcoin blockchain, helping to minimize the growth of unspent transactions and avoiding the creation of their “junk” counterparts,” – the specialist explained.
Rodarmore admitted that 99.9% of fungible tokens are memes and scams. “The right standard” can increase the value of the network, the developer emphasized.
According to the blog, Runes balances are held in UTXO. The latter can contain any number of Runes.
“Significant income will be generated from transaction commissions, the exchange of ideas among developers, and there will also be an influx of new users,” – the specialist predicted.
In an interview with The Ordinals Show, Rodarmore questioned the desire to pursue the concept. In response, the podcast author offered $100,000 from Bitcoin Frontier to potential developers who could develop the ideas behind Rune.
Open $100k investment offer in upcoming @BTCFrontierFund accelerator for first team who can get a working (not terrible) Rune indexer, issue and/or transfer app, up live and running
Don’t make the tickers required to be unique, will be a shit show
DM me. Serious offer. pic.twitter.com/6W0IwlhB9x
— trevor.btc (@TO) September 26, 2023
At the end of August, the share of Bitcoin NFT-related transactions on the network reached 85%. In September, Ordinals and BRC-20 filled the digital gold blockchain blocks to 100%.
Since the launch of the protocol, 34.7 million inscriptions have been created with a total volume of 12.9 GB. Miners received 1307 BTC as commissions.
Let us recall that in May, Bitcoin Core developer Luke Dash Jr. proposed introducing a “spam filter” for BRC-20 and Ordinals standard tokens due to their negative impact on the network.
Ethereum co-founder Vitalik Buterin, on the contrary, supported the protocol for launching Bitcoin NFTs, calling its emergence the return of “creator culture” to the blockchain of the first cryptocurrency.
Recently, ForkLog reported that the mempool was the first to count about 393,000 unconfirmed transactions. The reason is Ordinals.
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