Will Bitcoin Runes Boost Your Crypto Wealth?
After BRC-20 now we have Bitcoin Runes which offers more utility compared to BRC-20.
“Runes.of.Bitcoin” is another Runes token. Users can use R token for trading NFT’s and use it as a store of value. R will be used as a payment method in multiple Marketplaces of Bitcoin Runes.
Token Name: Runes.of.Bitcoin
Token Symbol: R
Total Supply: 21,000,000,000
Token Contract Address: https://mempool.space/tx/2c946f16746c1ec7e232d07f995935a4d29d46de6e812de6de1b46653c5132dd
Ordiscan:
https://ordiscan.com/rune/RUNESOFBITCOIN
Token Minting:
https://luminex.io/runes/mint?rune=RUNES%E2%80%A2OF%E2%80%A2BITCOIN
Twitter:
https://twitter.com/runesofbitcoin
As an advancement over Ordinals, Bitcoin Runes provide a more efficient means of producing fungible tokens on the Bitcoin network.
And it has been seen that Bitcoin transaction fee was astoundingly skyrocketed just after the successful bitcoin halving in April 2024 which is the beginning of Bitcoin Runes inception.
Advantages of Runes Over BRC-20
- Runes reduces on-chain footprint because of the concept based on UTXO
- Its ease of use might encourage creativity within the Bitcoin community
- Runes doesn’t need off-chain data to function
- Runes permits open minting under conditions established by the etcher
After first four days since Bitcoin Runes have been launched, 10,000 Bitcoin Runes have been Etched which is phenomenal & demonstrates significant community’s interest in Runes protocol.
Every blockchain / crypto enthusiast knew that there is no better utility except having utility on bitcoin native chain.
Unlike BRC-20’s basic token transfer features, Bitcoin #Runes allow developing fungible tokens on #Bitcoin, increasing its utility beyond a store of value.
Difference between Bitcoin Runes & BRC-20
By incorporating Bitcoin’s UTXO mechanism, the Runes protocol enhances the Ordinals-based BRC-20 token standard. Because of this, it can function within of Bitcoin Layer 1 and reduce the production of unnecessary UTXOs (Unspent Transaction Output). As a result, Runes increases overall efficiency while leaving a small on-chain footprint.
On the other hand, Ordinal Theory—which is not native to Bitcoin—is the foundation of BRC-20. Also, the protocol’s token issuing strategy causes network congestion and the growth of UTXOs.
Runes encourages users to practice proper UTXO management by burning tokens made or minted using transactions that contain mistakes or cenotaphs. This is another significant distinction between the two systems. On the other hand, in case of errors, users can retry using the BRC-20 protocol.
