jakiro
Author: haotian, independent researcher Source: X
How to understand the innovative value of Runes and the impact of potential follow -up market?In my opinion, Runes is a set of FT tokens issuance standards based on the Ordinals protocol, which will become the basis for the subsequent construction of a huge ecological asset issuance in the BTC network.If the stage of halving the first BRC20, ARC20, SRC20 and other standards are regarded as the “chaos”, the Runes standard will promote the birth of a BTC ecological development?Next, talk about my understanding:
1) Ordinals is an agreement based on BTC -based distribution and transfer of various encrypted assets through chain indexing methods.Ordinals initially compared the NFT types of assets. The emergence of the Rune standard made up for the shortcomings of FT homogeneous currency assets, and truly helped it become a BTC derivative crypto asset issuance and management agreement;
2) After the Ordinals, a series of derivative innovation standards such as BRC20, ARC20, SRC20, etc. are born, all of which are articles around the Script script space in UTXO.
As the first token standard, BRC20 realizes asset issuance by putting data in the Witness isolation witness, and through the joint management between the subsequent Ordinals and other multi -indexes to achieve asset management; ARC20 is a derivative tokens derived from improved tokens.Standards, based on the chain UTXO itself, to achieve the transfer management of derivative inscription assets, reducing the dependence on the multi -index; the SRC20 directly embeds the original data into the UTXO transaction in the form of stamp coding.Asset issuance and management can be achieved.
The above three types of tokens issuance standards have their own advantages and disadvantages: although the BRC20 has a strong early consensus, the market FOMO emotions will cause UTXO collection to expand and cause a lot of dust to see the BTC network for a long time; ARC20 is simple and simple and simple and simple and simple in the transfer model of the chromosomal coin transfer model.Bitwork’s POW mining paradigm is loved by the technical community, but its dependence isolation witnesses to make data storage is not perfect, and subsequent token split also encounters some troubles; although the SRC20 can not rely on the indexer, the data storage itself storage itselfThe problem of making dust for BTC networks has not been solved.
3) As you can see, this kind of chaos of this kind of heroes has continued for a long time, and the founder of Ordinals @Rodarmor Casey proposed that the new Runes standard intended to solve this chaos. There are two innovation points:
1. Introduced OP_RETURN Bitcoin script operating codes, which can be marked and stored any data related to non -payment, and the problem of UTXO dust is solved on the source;
2. The UTXO model asset transfer characteristics dominated by ARC20 have been adopted. Users can realize the transfer and management of inscription assets by transferring UTXO.
OP_RETURN is equivalent to the BLOB space applied on the Ethereum Layer2, which can effectively record data but not be performed by the entire node. Through OP_RETURN markers, the order of the order can be managed and accountable according to the UTXO transfer, which can achieve assets well.Disassemble and avoid asset loss.How to achieve asset splitting?For example, if Alice has 10 RUNE tokens, now send 2 RUNE tokens to BOB:
1. Alice initiates conventional transaction transfer on the chain, and specifies the address of the BOB as the receiving address;
2. Wallet or asset management platform will follow up with an OP_RETURN transaction and marked two to Bob to the BOB, and the remaining 8 to find the zero -finding address for Alice (the inscription transfer actually has 2 transactions);
(The reason for burning the assets existing in ARC20 is here. If the user does not specify the zero address, the default asset will “disappear” with UTXO to the miner)
3. The Ordinals protocol indexing data found that OP_RETURN records the request of 2 transfer, give the BOB address +2, gives the new address +8 of Alice, and complete the asset splitting and transfer management.
4) It is not difficult to see that the Runes standard adopts the chief and fundamentally solves the problem of criticism of UTXO’s expansion. The key is that the Runes standard and the Ordinals protocol can achieve the unity of FT and NFT assets, allowing the Ordinals protocol to further consolidate the foundation.
In popular understanding, the Runes standard is actually a set of FT token standards affiliated to the Ordinals protocol. It and the Ordinals combination will output a healthy and basic asset issuance and management method to the BTC market.Runes abandons the defects of the BRC20 excessive dependence on the indexer, and play more UTXO’s own transfer ability to auxiliary tags, thereby achieving a way to issue asset distribution close to BTC’s native assets.
Other standards have the advantages, it has, other standards that cannot be resolved, it is not.Unless you have to be more credible than the real Ordinals protocol, or the Ordinals+RUNE must be the “Perfect” issuance paradigm of the current BTC derivative assets.
5) The combination of Runes and Ordinals In the short term, it will impact the issuance standards for BRC20, ARC20, SRC20 and other tokens. After all, its comprehensive consensus+technical advantages+long -term stability, etc.A lot of attention and fans.
However, this is by no means completely replaced. If you pay attention to the ARC20, it still does not rule out the possibility of stunning development in the future.In my opinion, Ordinals can be regarded as an indexant or a Layer2 index chain. To some extent, the CKB chain @Nervosnetwork with homogeneous binding characteristics belongs to the same level competition.Although the consensus of the Ordinals protocol is very strong, it is impossible to prevent the birth and development of other protocols that are coexisting.(If you still try to get rid of Runes for “standard” differentiated innovation based on Ordinals, it will be provinced.
6) The emergence of the Runes standard that we were surprised to find that market gameplay changed. Sky price miners and Premine mechanisms, as well as RuneSTONE, RISC and other series of gameplay such as NFT airdrops to make the entire BTC derivative asset market distribution more like the early NFT market gameplay.
Some people say that it has changed the fundamentals of the Fair Mint, which is wrong. This is driven by the project party. There is a public transparency distribution mechanism, subsequent empowerment development potential, and the community to continue to grow.EssenceIf an asset issue can only be FOMO a wave, let a wave of people get rich and there will be no follow -up imagination space, and its significance is very limited.
above
As it is at the beginning, I hope that the emergence of the Runes standard will open a “constant” development situation for the BTC ecological development. At present, it is not bad.It is also hoped that as a mainstream asset -based paradigm, it can truly speed up the BTC ecology from the stage of speculation asset issuance paradigm to a stage of empowering the development ecology of Layer2.
Only the Runes standard asset issuance Fara new effect and the subsequent BTC Layer2 chain continue to link the ecological operation level, which is the beginning of the BTC ecological explosion.
