UTXOs
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#BinanceVietnamSquare
#CKB
#cellmodel
#UTXOs
#eUTXO
CKB is different, unique, and has a very solid foundation.
Up to now, CKB is a 4-year-old PoW blockchain with hashrate increasing steadily over the years. This means that CKB as designed, is on its way to becoming a settlement layer in the future.
One of the special features of CKB is that its ledger structure is in the form of eUTXO. CKB uses a more modern variation of UTXO called cell-model and when combined with the CKBVM virtual machine (a RISC-V virtual machine) it allows:
1. Use most languages ââthat compile to a RISC-V binary (not immediately, but more according to the included development tools). Currently there are 5 supported languages: C++, C, Rust, Lua and about 2 months ago, JavaScript was added.
2. All programs can be turring-complete - meaning you can write whatever you want, without any restrictions.
3. Let's call each UTXO a storage unit - can store anything in any format, including videos, movies or images on-chain - as long as you have enough CKB to store it all, These UTXOs are called cells. These cells can reference the smart contract source code stored in different cells and use it as a smart contract.
4. The third feature allows creating "real" NFTs on CKB without having to worry about CKB being flooded to death like with Ordinal on Bitcoin. https://spore.pro/ is the application that allows me to do this. Users can upload movies and when needed can reclaim CKByte storage space and do whatever they want.
#CKB
#cellmodel
#UTXOs
#eUTXO
CKB is different, unique, and has a very solid foundation.
Up to now, CKB is a 4-year-old PoW blockchain with hashrate increasing steadily over the years. This means that CKB as designed, is on its way to becoming a settlement layer in the future.
One of the special features of CKB is that its ledger structure is in the form of eUTXO. CKB uses a more modern variation of UTXO called cell-model and when combined with the CKBVM virtual machine (a RISC-V virtual machine) it allows:
1. Use most languages ââthat compile to a RISC-V binary (not immediately, but more according to the included development tools). Currently there are 5 supported languages: C++, C, Rust, Lua and about 2 months ago, JavaScript was added.
2. All programs can be turring-complete - meaning you can write whatever you want, without any restrictions.
3. Let's call each UTXO a storage unit - can store anything in any format, including videos, movies or images on-chain - as long as you have enough CKB to store it all, These UTXOs are called cells. These cells can reference the smart contract source code stored in different cells and use it as a smart contract.
4. The third feature allows creating "real" NFTs on CKB without having to worry about CKB being flooded to death like with Ordinal on Bitcoin. https://spore.pro/ is the application that allows me to do this. Users can upload movies and when needed can reclaim CKByte storage space and do whatever they want.
#Bitcoin UTXOs: Profit Taking or Panic Selling? đ€đš
Looks like the $BTC whales have been cashing out! đłđ° The percentage of Bitcoin UTXOs (Unspent Transaction Outputs) in profit has hit the lowest point since October 2023, according to CryptoQuant. đ
Is this a sign of smart profit-taking or a hint of panic selling? đ
đđ If history is any guide, the last time UTXOs were this low, #BTC surged by a whopping 273% from $26,700 to $73,000! đđ
So, should we be buying the dip or bracing for a storm? 𩬠Let us know your thoughts! DYOR! #UTXOs #CryptoMarketMoves
Thanks CryptoQuant for insights!! đ€
Looks like the $BTC whales have been cashing out! đłđ° The percentage of Bitcoin UTXOs (Unspent Transaction Outputs) in profit has hit the lowest point since October 2023, according to CryptoQuant. đ
Is this a sign of smart profit-taking or a hint of panic selling? đ
đđ If history is any guide, the last time UTXOs were this low, #BTC surged by a whopping 273% from $26,700 to $73,000! đđ
So, should we be buying the dip or bracing for a storm? 𩬠Let us know your thoughts! DYOR! #UTXOs #CryptoMarketMoves
Thanks CryptoQuant for insights!! đ€
Bitcoin Ecosystem Evolution: A Recap of Key Developments
In recent times, the #Bitcoin ecosystem has witnessed significant developments with the emergence of protocols like #Ordinals , #BRC20 tokens, and the latest proposal, Runes.
Ordinals:
- Introduced earlier, Ordinals brought a novel concept of numbering satoshis (sats) in the order they are mined, initially applied for non-fungible tokens (NFTs) directly on the Bitcoin blockchain.
- The rise of BRC-20 tokens followed, utilizing the Ordinals protocol for fungible tokens on Bitcoin, resulting in a surge of meme tokens. However, this created network congestion due to inefficient processes and exorbitant transaction fees.
BRC-20 Tokens:
- Enabled fungible tokens on Bitcoin but faced criticism for network congestion and spamming via unused UTXOs (Unspent Transaction Outputs), clogging the Bitcoin network.
- Despite issues, BRC-20 tokens attained a market cap of $1 billion in a short span.
Runes Proposal:
- Casey Rodarmor proposed #Runes as a solution to the inefficiencies of BRC-20 tokens, aiming for a simplified and UTXO-based protocol for Bitcoin.
- Runes protocol avoids spamming #UTXOs , focusing on efficient and responsible UTXO management.
- Unlike BRC-20, Runes protocol doesnât rely on off-chain data, native tokens, or witness-based transactions, presenting a more streamlined approach.
Comparison - Runes vs. BRC-20:
- Runes emphasizes a UTXO-based model, addressing issues of spam and inefficiency faced by BRC-20 tokens.
- BRC-20 tokens faced criticism due to network congestion, high fees, and reliance on inefficient processes, leading to the quest for alternatives like Runes.
Implications and Uncertainties:
- Runes' introduction brings potential benefits such as compatibility with the Lightning Network and improved user experience.
- Uncertainties remain regarding the widespread adoption of Runes, given the entrenched position of BRC-20 and its established network effects among users and developers.
Conclusion:
- While Runes offers a technically robust solution, the established network effects of BRC-20 and uncertainties about Runes' future pose challenges to its widespread adoption.
- Rodarmorâs proposal highlights ongoing exploration for innovative solutions in the Bitcoin ecosystem, demonstrating the importance of efficient, transparent protocols that add value to users.
---
Ordinals:
- Introduced earlier, Ordinals brought a novel concept of numbering satoshis (sats) in the order they are mined, initially applied for non-fungible tokens (NFTs) directly on the Bitcoin blockchain.
- The rise of BRC-20 tokens followed, utilizing the Ordinals protocol for fungible tokens on Bitcoin, resulting in a surge of meme tokens. However, this created network congestion due to inefficient processes and exorbitant transaction fees.
BRC-20 Tokens:
- Enabled fungible tokens on Bitcoin but faced criticism for network congestion and spamming via unused UTXOs (Unspent Transaction Outputs), clogging the Bitcoin network.
- Despite issues, BRC-20 tokens attained a market cap of $1 billion in a short span.
Runes Proposal:
- Casey Rodarmor proposed #Runes as a solution to the inefficiencies of BRC-20 tokens, aiming for a simplified and UTXO-based protocol for Bitcoin.
- Runes protocol avoids spamming #UTXOs , focusing on efficient and responsible UTXO management.
- Unlike BRC-20, Runes protocol doesnât rely on off-chain data, native tokens, or witness-based transactions, presenting a more streamlined approach.
Comparison - Runes vs. BRC-20:
- Runes emphasizes a UTXO-based model, addressing issues of spam and inefficiency faced by BRC-20 tokens.
- BRC-20 tokens faced criticism due to network congestion, high fees, and reliance on inefficient processes, leading to the quest for alternatives like Runes.
Implications and Uncertainties:
- Runes' introduction brings potential benefits such as compatibility with the Lightning Network and improved user experience.
- Uncertainties remain regarding the widespread adoption of Runes, given the entrenched position of BRC-20 and its established network effects among users and developers.
Conclusion:
- While Runes offers a technically robust solution, the established network effects of BRC-20 and uncertainties about Runes' future pose challenges to its widespread adoption.
- Rodarmorâs proposal highlights ongoing exploration for innovative solutions in the Bitcoin ecosystem, demonstrating the importance of efficient, transparent protocols that add value to users.
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