Here’s a closer look at both:
1. Runes Protocol Background:
The Runes protocol emerged as a solution to the network congestion and junk UTXO problems caused by the previous BRC-20 protocol. The original intention of the Runes protocol was to create a lighter and simpler asset issuance scheme to improve the usability and user experience of tokens on the Bitcoin network.
2. Runes protocol implementation:
The balance of Runes tokens is directly included in UTXO (unspent transaction output). Each transfer transaction will be split into different UTXOs, and each UTXO holds a different number of Runes. The implementation of the Runes protocol is relatively simple in technology, avoiding the complex witness part and improving the overall health and efficiency of the network.
3. Comparison between Runes protocol and other protocols:
Compared with other Bitcoin token standards, such as BRC-20, RGB, Counterparty, etc., the Runes protocol is simpler to use and does not rely on off-chain data to operate. The Runes protocol improves operational efficiency and user experience through a UTXO-based model and direct token balance management.
4. Runestone Project:
Runestone is a highly anticipated project based on the Runes protocol, with simple and transparent airdrop rules. After holding a certain number of inscriptions in your Bitcoin wallet, you will have the opportunity to participate in the Runestone project's airdrop. The launch of this project is highly anticipated, and it will transform into a true PFP (personalized non-fungible token) series when Bitcoin is halved.
5. Runes Protocol Potential Opportunities:
At present, many projects using the Runes protocol have begun to warm up in the market. These projects use a pre-mining mechanism. Holding a certain number of Runes tokens will have the opportunity to obtain Runes runes issued by the project party in the future. The launch of these projects provides new opportunities and possibilities for the development and innovation of the Bitcoin ecosystem.
Another important factor that made the Runestone project popular is that it mined the largest block on the Bitcoin blockchain, thanks to its collaboration with @ordinalsbot and @MarathonDH. That is, the Runestone auctioned for 8 BTC mentioned earlier left its mark on Block 832947: the largest Bitcoin block ever, the largest Bitcoin transaction ever, and the largest Ordinals inscription ever. The use of the proceeds from the auction to pay for the airdrop also reflects the Runestone project's commitment to the entire community.
One of the important reasons why the inscription ecosystem can develop so rapidly is fairness, and Runestone has added the feature of "fairness" since the airdrop. The narrative features of "airdrop" + "fairness" + "Runes" can also be seen in the FOMO sentiment in the secondary market. At the same time, unlike previous inscriptions, Runestone has the consensus of users in the Chinese and Western communities, while the previous BRC-20 inscriptions were more played in the Chinese-speaking area. Leonidas also tweeted in Chinese: "Runestone's role as a bridge between the East and the West is really remarkable. I have noticed the efforts and contributions of the Eastern Runestone community. Although I only know English, it does not prevent me from seeing your contributions. Without the joint efforts of the East and the West, Runestone's achievements today would never have been achieved."
Currently, there are more than a dozen projects that have carried out airdrops to Runestone holders. Runestone is likely to become the golden shovel of the new rune ecosystem.
