tl;dr
The unveiling of the Runes protocol by Bitcoin Ordinals founder Casey Rodarmor marks a significant evolution in the Bitcoin protocol's capabilities for handling digital assets directly on its blockchain. Runes introduces a novel fungible token protocol on Bitcoin and brings several key features and ...
The unveiling of the Runes protocol by Bitcoin Ordinals founder Casey Rodarmor marks a significant evolution in the Bitcoin protocol's capabilities for handling digital assets directly on its blockchain. Runes introduces a novel fungible token protocol on Bitcoin and brings several key features and improvements, such as simplified transactions, security enhancements, and a unique approach to token issuance and transfer. Looking forward, the Runes protocol aims to support a wide array of applications and interactions, including decentralized finance (DeFi) on the Bitcoin network. The activation of the Runes protocol is strategically timed to coincide with the Bitcoin halving, setting expectations for a block height of 840,000, around April 20.
On Thursday, Bitcoin Ordinals founder Casey Rodarmor unveiled the documentation for a new Bitcoin-native digital commodities protocol known as Runes. This groundbreaking update is set to coincide with Bitcoin’s upcoming halving, marking a significant evolution in the Bitcoin protocol’s capabilities for handling digital assets directly on its blockchain. Runes introduces a novel fungible token protocol, streamlining transactions, offering security enhancements, and enforcing unique token naming. Utilizing a UTXO-based system for token issuance and transfer, Runes are designed to support a wide range of applications, including decentralized finance (DeFi) on the Bitcoin network. This unveiling comes at a strategically timed block height of 840,000, around April 20, aligning with the Bitcoin halving.
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