Altcoins may soon appear on the Bitcoin network.
The Runes protocol allows the creation of altcoins based on the Bitcoin network
Transaction costs have skyrocketed in anticipation of the launch of Runes
Everyone is waiting for the halving, meanwhile, another interesting event will happen along with it - the launch of the Runes protocol, developed by programmer Casey Rodarmore
Runes is a new platform on which it will be possible to create altcoins on the Bitcoin blockchain. Previously, only networks like Ethereum and Solana had this opportunity.
Interest in Runes stems from the success of Rodarmore's previous project, the Ordinals protocol. Ordinals brought innovation to the Bitcoin network in the form of NFT-like “inscriptions.” They significantly increased the income of miners, but at the same time caused network congestion and an increase in transaction fees.
The launch of Runes will take place immediately after the halving, but transactions on the Bitcoin network are already growing. In one day they increased by more than 45%, and compared to last year - by 892.7%. These dynamics highlight the growing interest in the new protocol.
Runes extends the Bitcoin network by using unspent transaction balances (UTXO) to support a broad ecosystem of tokens. Essentially, a single Rune can represent different amounts of multiple tokens, improving the functionality of Bitcoin.
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