Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’

BRC-20 enables the minting and transfer of fungible tokens via the Ordinals protocol on Bitcoin.” Protocols that are UTXO-based fit more naturally into Bitcoin and promote UTXO set minimization by preventing the production of “junk” UTXOs.” TLDR on Runes – A potential fungible token procedure for Bitcoinᚱᚢᚾᛖᛊ- Casey stays doubtful, pointing out “99.9% are frauds and memes,” but identifies they dont appear to be going away.

Cointelegraph reached out to Rodarmor for comment however did not receive an instant response.Magazine: Blockchain games arent truly decentralized … but thats about to alter

” If this procedure had a small on-chain footprint and encouraged accountable UTXO management, it might serve as damage reduction compared to existing procedures,” Rodarmor added.UTXOs represent the amount of cryptocurrency left in a wallet following a completed transaction, where the balance is used in subsequent transactions and is stored in the UTXO database.Bitcoins UTXO design plays a role in making Bitcoin a transparent and auditable journal by avoiding the double costs problem.Rodarmor stated other fungible token protocols on Bitcoin, such as Really Good for Bitcoin, Counterparty and Omni Layer have problems of their own.Rodarmors issues with existing fungible token protocols on Bitcoin: Source: Casey Rodarmor.While Rodarmor confessed 99.9% of fungible tokens are filled with memes and frauds, he believes the ideal fungible token procedure can include worth to the Bitcoin network:” Creating a good fungible token protocol for Bitcoin might bring substantial deal charge earnings, designer mindshare, and users to Bitcoin.” Related: Ordinals still comprise bulk of Bitcoin txs despite cost collapse In a Sept. 25 Twitter Spaces with The Ordinals Show co-host Trevor Owens, Rodarmor stated he developed the Runes concept recently and that he wasnt sure whether he would pursue it any further. Shortly after the call, Owens drifted providing $100,000 from the Bitcoin Frontier Fund to potential designers that can produce a Rune application up and running as a way to additional Rodarmors proposal.Open $100k financial investment offer in upcoming @BTCFrontierFund accelerator for very first team who can get a working (not horrible) Rune indexer, issuance and/or transfer app, up live and runningDont make the tickers needed to be special, will be a shit showDM me. Severe offer. pic.twitter.com/6W0IwlhB9x— trevor.btc (@TO) September 26, 2023

The inventor of Bitcoin Ordinals is proposing a new Bitcoin-based fungible token protocol as a possible alternative to the BRC-20 token standard. The BRC-20 standard was released in March by an anonymous developer “Domo.” Within two months, the BRC-20 market cap reached $1 billion, with PEPE and ORDI among the most notable BRC-20 tokens developed on Bitcoin.New dreadful concept simply dropped: Runes.A worse-is-better fungible token procedure for Bitcoin.https:// t.co/ TPVrUvWxm8– Casey (@rodarmor) September 25, 2023

Other Questions People Ask

What are the main features of the BRC-20 alternative ‘Runes’ proposed by Casey Rodarmor?

Casey Rodarmor's proposed ‘Runes’ aims to create a fungible token protocol that fits more naturally into Bitcoin's UTXO model. This protocol seeks to minimize the creation of "junk" UTXOs while maintaining a small on-chain footprint. Rodarmor believes that a well-designed fungible token system could enhance Bitcoin's value by generating transaction fee revenue and attracting developers and users to the network.

How does Casey Rodarmor view existing fungible token protocols on Bitcoin compared to ‘Runes’?

Rodarmor has expressed skepticism about existing fungible token protocols like BRC-20, Counterparty, and Omni Layer, citing their inherent issues. He acknowledges that while 99.9% of fungible tokens are filled with memes and frauds, there is potential for a better protocol. His vision for ‘Runes’ is to address these shortcomings and provide a more reliable and valuable alternative for Bitcoin users.

What prompted Casey Rodarmor to develop the ‘Runes’ concept?

The development of the ‘Runes’ concept was influenced by Rodarmor's observations during a Twitter Spaces discussion where he shared his thoughts on the limitations of current fungible token protocols. He recognized the need for a solution that could effectively integrate with Bitcoin's architecture while promoting responsible UTXO management. Following this discussion, Trevor Owens offered funding to incentivize developers to bring the ‘Runes’ concept to life.

What potential impact could ‘Runes’ have on the Bitcoin ecosystem?

Rodarmor believes that a successful implementation of ‘Runes’ could significantly benefit the Bitcoin ecosystem by generating transaction fees and attracting developer interest. By creating a more efficient fungible token protocol, it could also help mitigate the issues associated with existing protocols, such as excessive UTXO generation. Ultimately, ‘Runes’ has the potential to enhance Bitcoin's utility and appeal in the broader cryptocurrency market.

Why is Casey Rodarmor doubtful about the future of fungible tokens like ‘Runes’?

Despite his innovative approach with ‘Runes’, Rodarmor remains cautious about the future of fungible tokens, noting that most are often associated with fraud and memes. He emphasizes that while there is potential for value creation, the overwhelming majority of tokens fail to deliver meaningful utility. His skepticism reflects a broader concern about ensuring that any new protocol, including ‘Runes’, can stand out in a crowded and often dubious market.