Written on the eve of the Rune Explosion of RUNEs

In today’s article, we will only talk about the pure Runes protocol and the RUNE ALPHA runes protocol proposed by Casey.

TO START WITH THE NEWS, TODAY IS THE FIRST ANNIVERSARY OF ORDINALS, AND ORDINALS HAVE JUST BEGUN.

Runes

BTC runes are unique, fungible tokens that exist on BTC blockchains. They are intended to represent fungible assets with unique characteristics and metadata. Proposed by Casey Rodamor, the creator of the Ordinals protocol, the scheme is known as Runes. Runes aims to provide a user-friendly, UTXO-based alternative to existing tokenized protocols such as Ordinals, ORC-20, BRC-20, and Stamps.

Runes are a whole new type of fungible token on the BTC network. These tokens differ from existing alternatives in several ways. First, runes are native to BTC’s Unspent Transaction Output (UTXO) model. This minimizes the generation of “garbage” UTXOs, allowing for more responsible UTXO management and a smaller on-chain footprint. BTC blockchain is designed as a minimal and efficient ledger for transferring value through BTC transactions.

Runes protocol created by Casey

Designed for ease of use, Runes promises to bring some impactful changes to the BTC token ecosystem. By following the BTC UTXO model, Runes provide a form of “harm reduction” by reducing unnecessary bloat of UTXO sets, which is a significant problem with existing protocols such as BRC-20 and Stamps. Its simpler design can attract more developer interest and participation, potentially accelerating innovation in BTC development community. A seamless user experience can attract more mainstream adoption, as users don’t need to deal with the native token or deal with off-chain complexity.

This allows for flexible allocation and transfer of rune balances, with invalid protocol messages causing runes to burn as a safeguard for future upgrades. In addition, runes can issue specific human-readable symbols and decimal configurations, and their issuance and transfer do not require the use of native tokens, making the protocol less cumbersome and more user-friendly. Overall, runes provide a simpler and more intuitive way to deal with fungible tokens on BTC blockchain.

We don’t know when Casey’s Runes protocol will be launched, but progress has been slow since September, but there is no doubt that once it is launched, it will be an opportunity to grab chips, which will lead to the same fortune as ORDI.

Of the entire inscription protocols, the one that really competes with the BRC 20 ORDI and other protocols is the RUNE protocol. AFTER ALL, IT WAS CREATED BY THE FOUNDERS OF ORDINALS, AND BRC 20 IS A PROTOCOL BUILT ON TOP OF ORDINALS. Stay tuned.

RUNE ALPHA

Next we are talking about RUNE ALPHA, which is in the limelight. This rune protocol has little to do with the runes that Casey proposed. Because Rune.Alpha made it clear that it had nothing to do with Casey, all the discussion was on a technical level. However, judging from the recent official disclosure, there may be a consensus with Casey.

What is RuneAlpha?

RuneAlpha is a cutting-edge block explorer and all-in-one application on the Rune protocol (BTC). It’s your gateway to learn more about the Rune protocol, keep an eye on transactions, process data, and provide extensive support for Rune.

PSBT

A Partially Signed BTC Transaction (PSBT) is a data format that allows wallets and other tools to exchange BTC transaction information and the signatures required to complete the transaction.

You can create a PSBT to determine a set of unspent transaction outputs (UTXOs) to spend and a set of outputs to receive spent value.

RuneAlpha’s market is harnessing the power of PSBT in some very aggressive ways:

Multi-party transactions: PSBT is great for getting multiple parties to sign on the same transaction. We can mix and match the signatures of buyers and sellers, and then broadcast the results to the BTC network. This is both secure and saves users a lot of money.

Offline Signature: PSBT comes with handy metadata that can help the device check the address and amount.

RUNE ALPHA Fun

This is the project website, currently only mint and deployment functions, transfer and marketplace are not yet available.

The biggest difference between the deployment protocol and BRC 20 is that by deploying runic tokens on RUNE, the deployer can get 2 dollars per coin, that is, the Mint side needs to support an additional $2 to the deployer. And the inscription is free to participate.

This may not seem like a good fit, but it can be regarded as a new way to play, which can attract high-quality project parties to come in and participate in the construction. If you were a project party, would you be willing to deploy in a market with revenue or not?

At present, the leader on the RUNE agreement is COOK, with a total amount of 198,000 tickets, a mint cost of 15-30 dollars, an over-the-counter price of 400 dollars, and a market value of 79.2 million US dollars. Officially, $COOK holders will receive special benefits (continuous empowerment

）。 And a part of the COOK that passes through the contract mint will be destroyed. At that time, the total amount will be reduced.

And today’s market mint is hot is PSBTS, this official did not clearly state support, out of the community’s short-sighted sentiment most of the mint.

As far as the market deployer service fee is concerned, PSBTS is a success, as it can earn $600,000 for just deploying a rune protocol (the final total amount is not determined, based on the total amount of 300,000, in fact, it will eventually exceed 300,000).

This is only the income of the deployment, and when the market is opened in the future, the deployer can enjoy the transaction fee income, which is undoubtedly a golden job. I believe that the follow-up rune market will attract a lot of high-quality projects to come to the layout. At that time, the market value of the entire rune will be opened at the 10 billion mark. As a leading COOK, we believe that the market capitalization is comparable to the ORDI and SATS of the BRC 20 leaders.

In addition, miners will also be more fond of runes than other inscription protocols, because runes do not specify the total amount, and only mint in a limited block time, which means that the total amount is completely determined by the number of participants. When the block is finished, it is over.

A high-quality rune will arouse FOMO sentiment in everyone, then the GAS in a block will not be reduced, and the benefits for miners are considerable.

END

There is an unwritten rule on the BTC chain that whoever wins the miner wins the world. So the Rune Age has just arrived.

Runes are expected to bring transaction fee revenue, developer interest, and more users to the BTC network. The runes and inscriptions will have an unprecedented impact on the blockchain ecosystem.