Bitcoin Ordinals Founder Casey Rodarmor Seeks Community Advice on RUNE Creation
In Brief
BTC Ordinals founder Casey Rodarmor seeks community suggestions regarding name, symbol, divisibility and minting conditions for RUNE.
Founder of the Bitcoin non-fungible token (NFT) protocol Ordinals, Casey Rodarmor recently requested for suggestions regarding the creation of RUNE–a token on the Bitcoin blockchain aimed at representing fungible assets featuring distinct characteristics and metadata.
Suggestions are sought for aspects such as the name, currency symbol, divisibility and minting conditions, with a desire for understanding and input from the community.
According to a post on the social media platform X, Casey Rodarmor said that RUNE 0-9 may be hard-coded, all within the framework of an open and fair mint, devoid of any pre-mine or pre-distribution. Users are invited to contribute to the “Genesis Rune Suggestion Box” by expressing their preferences for consideration.
The Runes protocol (RUNE) introduces a new type of fungible tokens on the Bitcoin network, aiming to address the shortcomings of existing token schemes on Bitcoin, particularly those stemming from Ordinals. Runes seek to offer a user-friendly alternative based on the Unspent Transaction Output (UTXO) model, distinguishing themselves from existing tokenisation protocols such as Ordinals, ORC-20, BRC-20 and Stamps.
Designed with a focus on user-friendly functionality, Runes avoid implementation complexities associated with other protocols. Furthermore, they hold the promise for significant improvements in the Bitcoin token ecosystem–adhering to Bitcoin’s Unspent Transaction Output (UTXO) model, Runes contribute to “harm reduction” by addressing the substantial issue of UTXO set bloat, commonly observed in existing protocols like BRC-20 and Stamps.
Its simple design has the potential to draw increased interest and participation from developers, accelerating innovation within the Bitcoin development community. At the same time, the provision of a seamless user experience may contribute to greater mainstream adoption, as users are not required to navigate native tokens or contend with off-chain complexities.
Runes Protocol Set for Mainnet Launch
Last year, Casey Rodarmor announced that the mainnet launch for the Runes protocol is scheduled for a Bitcoin block height of 840,000, coinciding with the anticipated time of the next Bitcoin halving, projected to take place on April 23, 2024.
Recently, the cryptocurrency exchange OKX integrated the inscription token standards, encompassing Runes, Stamps, and Dogecoin Ordinals, among others, across its wallet and marketplace, marking the first-of-its-kind initiative among cryptocurrency exchanges, following the rising popularity of Bitcoin inscriptions over the past year.
Guided by Casey Rodarmor’s vision and community involvement, the Runes protocol development represents a notable stride in advancing user-friendly and innovative solutions within the Bitcoin landscape.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
