Recently, the Runestone project has attracted widespread attention in the market since its release, accompanied by a significant increase in its average price. In addition, more and more airdrop activities continue to drive the development momentum of Runestone, making it likened to a gold mine. However, what exactly is the Runestone project? What is its relationship with the Runes protocol? This article delves into the complexity of the Runes protocol and its ecosystem, providing insights into future prospects.
I. Overview of the Bitcoin Inscription Ecosystem
Background:
From the wealth surge triggered by $ORDI in March of last year, to the initial emergence of inscriptions in May, and the subsequent fluctuations from November to December, discussions about investment choices have been hot. Looking back at the core of blockchain, what are the Bitcoin inscriptions we create every day? What is the Ordinals protocol? The continuous addition of protocols ending in "20", such as BRC-20, ARC-20, SRC-20, has raised questions about their relationships, differences, and the sudden appearance of the Runes protocol. This article aims to reveal the diversity of protocols in the Bitcoin ecosystem.
Protocol Overview:
Ordinals Protocol: Initially introduced by Casey in December 2022, the Ordinals protocol allows data to be inscribed on the smallest unit of Bitcoin. These inscribed metadata are often referred to as Bitcoin NFTs inscribed on satoshis through the Ordinals protocol.
BRC-20 Protocol: Introduced by anonymous developer @domodata on March 8, 2023, the BRC-20 protocol is an extension of the Ordinals protocol. It encodes information related to tokens on satoshis, enabling functions such as deployment, minting, and transfer.
ARC-20 Protocol: Unlike the Ordinals protocol, ARC-20 adopts a colored coin model, where each token must have a supporting satoshi. Its design aims to intuitively reflect changes related to tokens on the chain.
SRC-20 Protocol: SRC-20 utilizes the BTC STAMPS protocol to store metadata in multi-signature UTXOs. Its difference from the Ordinals protocol lies in its architecture, as SRC-20 drives the development of the Bitcoin ecosystem in a more concise manner.
II. Runes Protocol
Timeline Background:
In response to the congestion and garbage output issues caused by BRC-20, Casey proposed the Runes protocol as an alternative on September 26, 2023. This UTXO-based protocol aims to enhance user experience by reducing the generation of garbage UTXOs and provides a more refined asset issuance solution.
Implementation of Runes:
The balance of Runes tokens is directly included in UTXOs. Transactions containing OP_RETURN and uppercase 'R' data outputs are considered protocol messages. Invalid protocol messages will result in the destruction of Runes, paving the way for future upgrades.
Transfer:
Protocol messages are decoded into integer sequences of ID, OUTPUT, and AMOUNT, used to specify relevant information for token transfers.
Creation:
Runes provides greater flexibility in token issuance, supporting token names of 1 to 28 characters and multiple issuance mechanisms.
User Experience:
The Runes protocol supports SPV wallets, providing a lightweight transaction experience and is compatible with existing Bitcoin scripts and address types.
III. Introduction to the Runestone Project
In the recent Rune protocol-related projects, the Runestone project has attracted much attention. On March 9 of this year, a Runestone inscribed by Ordinals was successfully auctioned for 8 BTC. All proceeds will be used for airdrops to over 112,383 Bitcoin addresses.
Through collaboration with @ordinalsbot and @MarathonDH, Runestone left its mark on block 832,947, marking the largest Bitcoin block, transaction, and Ordinals inscription in history.
The fair distribution method of Runestone and its consensus position in the global community make it a key component of the Rune ecosystem.
IV. Future Prospects
The rise of the Runestone project and other Rune protocol-related projects demonstrates the market's expectations for new technologies in the Ordinals field. With the halving of Bitcoin and the launch of the Rune protocol, people are beginning to speculate whether the revival of the Bitcoin ecosystem is imminent. With the push of the Runes protocol, can people finally expect the long-awaited third wave of inscriptions? Only time will tell us the answer.
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