Developed by Casey Rodarmor, a prominent figure known for his creation of Bitcoin Ordinals in September 2023, Runes emerges from a rich lineage of innovation within the Bitcoin blockchain.
Extra Reasons for Taking Notice
In addition to being a technological advancement, Runes is a gateway to a broader audience. With its potential to facilitate a larger volume of tokens and thereby attract more participants, Runes aligns with Bitcoin’s mission of fostering economic freedom for all.
The pre-Runes NFT project, Runestone, has already generated buzz by airdropping tokens to early Bitcoin blockchain adopters, hinting at the expansive reach and impact Runes will likely have.
Notably, as per CoinGecko data, Runestone boasts a 24-hour trading volume of around $513,000 (7.27 BTC) and a hefty market cap of $707 million (10,026 BTC)—an awe-inspiring achievement, especially considering it only launched last month.
How Runes Protocol Works
Leveraging Bitcoin’s robust UTXO model, the Runes Protocol enhances transaction safety and reduces risks associated with blockchain reorganizations, thereby ensuring system stability.
It innovates in token creation and management on the Bitcoin network by using a UTXO-based framework to generate digital tokens efficiently.
Repurposing Bitcoin’s unspent transaction outputs and utilizing the OP_RETURN field ensures each token’s authenticity and uniqueness without overburdening the network.
Furthermore, its compatibility with the Lightning Network marks a significant step towards faster and more cost-effective transactions, sidestepping traditional Bitcoin blockchain delays and fees.
Preparing for Runes
As the Runes Protocol launch approaches, enthusiasts and potential users can take several steps to ensure readiness:
- Opt for a Runes-compatible Bitcoin wallet, with Magic Eden’s ME Wallet being a recommended choice.
- Keep abreast of announcements and updates from Casey Rodarmor and the Runes community through social media.
- Acquire Bitcoin, the essential currency for engaging with Runes and covering transaction fees.
This initiative marks a significant milestone and is set to boost Bitcoin’s utility and open up fresh opportunities for users and developers within the blockchain landscape.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.