What the F*ck are Runes? #BTC
— BackBone Labs 🏴☠️ 🌖 🐳 🧪 ㊗️ 🐶 ⚵ (@BackBone_Labs) April 26, 2024
An Overview of Runes’ Conception⁰
Runes were created by Casey Rodarmor, the same developer behind another Bitcoin innovation called Ordinals.
Runes aim to improve how digital tokens work on Bitcoin by fixing problems with the older BRC-20… pic.twitter.com/1ExJVQeboH
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Bitcoin Is Evolving!
Mon 29 Apr 2024 ▪
3
min of reading ▪ by
Getting informed
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In recent months, Bitcoin has expanded its features and is winning over users with a clear evolution in its utility. Until recently, significant constraints linked to the scripting language prevented the development of tokens, NFTs, and smart contracts. Competitors such as Ethereum, Solana, Cardano, Polkadot, etc., had built their business model and reputation on this weakness. But things have changed. The blockchain now welcomes BRC-20 tokens, competing with Ethereum’s ERC-20 tokens. It even houses a Bitcoin DeFi ecosystem. Here’s a look back at the evolution of a blockchain undergoing major renovations.
BRC-20 and Runes: The Acceleration Towards Tokenization on Bitcoin
Not so long ago, developers had to turn to competing blockchains to create DApps, NFTs, smart contracts, etc. However, having undergone a makeover after some strategic upgrades, Bitcoin is no longer constrained by scripting language and has enhanced its adaptability.
Indeed, with the introduction of Bitcoin Ordinals, the BRC-20 standard, and the Runes protocol, developers can now directly create BRC-20 tokens and NFTs on Bitcoin. Three months after their introduction, BRC-20 tokens had already reached a market capitalization of one billion dollars.
The launch of the Runes protocol in April 2024 also sparked unparalleled enthusiasm. Coupled with the bitcoin halving, the event caused a surge in transactions and network congestion. Everything happened very quickly.
Bitcoin Finally Ready for the Next Step in Crypto Finance?
The renovation of Bitcoin completely changes the game and represents a significant advancement in the tokenization of real assets on the network. The blockchain is now catching up to its competitors in the realms of DeFi, NFTs, smart contracts, etc., with BRC-20 tokens mirroring Ethereum’s ERC-20 tokens.
With the infectious potential of the Runes protocol, which is still in its infancy, Bitcoin ETFs, and the BRC-20 standard, Bitcoin appears to be engaged in a very rapid maturation process. The future of the crypto ecosystem seems not far off. New applications and financial innovations could soon emerge on the blockchain.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.