Author: NFTScan Source: medium Translation: Shan Oppa, Bitchain Vision

Since the launch of the Ordinals protocol, there have been signs that funds and enthusiasm will spread to the Bitcoin NFT space.With the continued appreciation of Bitcoin and the widespread acceptance of the market, the NFT ecosystem on the Bitcoin network is gradually flourishing.The first 10K Bitcoin Punks that were cast for free with Ordinals were sold out even in less than a day.This year is the booming development of the NFT ecosystem. With the continuous heat of the crypto market, from the continuous improvement of infrastructure to the continuous emergence of innovative projects, and the gradual expansion of user groups, the Bitcoin NFT ecosystem is showing strong vitality.

Data shows that in the past seven days, Ethereum and Solana followed closely, and Bitcoin NFT prices generally rose.Driven by the Runes agreement, Runestone’s reserve price has risen to 0.084 BTC (approximately $5912), with a market value of $660 million, surpassing BAYC to become the second largest project in the NFT market, despite its different positioning.

About Runestone

The Runestone Project is undoubtedly a shining star.It is an experimental project initiated by Leonidas, the founder of @ord_io.With the completion of the airdrop in mid-March, Runestone achieved amazing results.The initiative is designed to inspire and reward early proponents who contribute to the Ordinals ecosystem.With over 110,000 unique parent-child inscriptions, Runestone not only explores digital art but also reflects every aspect of the booming NFT ecosystem on the Bitcoin network.

Runestones are also significantly different from traditional NFT methods.Compared with the total 10,000 common NFT projects, the circulation is ten times that of the NFT projects.The snapshot of the runestone project was taken at block height 826,600, a height that marks the first anniversary of the serial number.

On March 9, Runestone#63140674 sold for 8 BTC, which is about $556,000.Runestone is one of the largest bitcoin serial number inscriptions ever, with a file size of 3,967,899 bytes (3.967 MB).It is one of only seven bitcoin ordinal inscriptions over 400,000 bytes (400 KB), and it was mined in block 832,947, creating the largest block record in Bitcoin history.

The proceeds from the auction, along with previously raised Bitcoin donations through Twitter, will be used to pay for mining expenses of the Runeter Stone Airdrop program, making it one of the largest Ordinals airdrop projects in history.This move not only demonstrates the community’s support and commitment to the Runestones project, but also increases expectations for the entire Bitcoin community and the upcoming launch of the Runes protocol.

Rune Agreement

Runes is a new protocol for issuing alternative tokens launched by Casey, founder of Ordinals.It first appeared on Casey’s blog and is expected to be released at the beginning of the Bitcoin halving, with a Bitcoin block height of 840,000.

Ordinals incorporates runes into the Bitcoin ecosystem and creates a centralized currency issuance mechanism in the form of indexed characters through BRC-20.However, this mechanism puts huge pressure on the Ordinals protocol, which was originally developed for NFT applications.Even founder Casey couldn’t make the BRC-20 disappear despite being decentralized.Casey has expressed his dissatisfaction with the BRC-20 many times, saying that it occupies a large amount of rune numbers and Bitcoin storage space, but does not bring much positive value to the ecosystem.

As a solution, Casey proposed a new protocol called Runes.The main purpose of the Runes protocol is to define a way to exchange symbolized assets on the Bitcoin network.It uses runes as the unit of symbolized assets, uses UTXO to represent rune balances, and transmits protocol messages through transactions according to specific formats and rules, including transfers and issuance operations.

Although the official Runes agreement has not been released yet, many projects related to the Runes agreement have begun to heat up in the market.Strictly speaking, there is no real Runes rune yet, but many projects are being released in the form of Bitcoin NFT.Among the recent projects related to the Rune protocol, the Runestone project is probably the most popular one.

Runestone’s innovation and vision path

The Runestone project embodies the innovative spirit of blockchain technology, and adheres to the principles of fairness, transparency and decentralization.Its allocation mechanism provides unique incentives for participants in the Ordinals protocol, providing valuable examples for the entire cryptocurrency community.In this way, Runestone not only establishes a healthy incentive system for the Ordinals protocol ecosystem, but also demonstrates how blockchain technology can promote equity, transparency and decentralization.

In addition, the large file size of the runestone also allows the runestone to carry more rich and complex content.Runestones can contain more data and information than traditional NFTs, making runestone an ideal medium for digital art and cultural expression.Leonidas also stressed that Runestone’s goal is simple: create the world’s top memecoin on the Bitcoin chain, and pointed out that many people mistakenly regard Runestone as only an NFT collection.

It should be noted that Runestone’s goal is to redefine the standard NFT framework.By supporting open source algorithms, community-driven projects, fair airdrops, and rewarding early supporters, Runestone aims to disrupt the traditional NFT market and build a more equitable and open ecosystem.As part of the Ordinals ecosystem, Runestone is committed to fostering wider engagement and innovation.

Runestone uses open source algorithms to facilitate project verification and further development of the community.Open source algorithms mean that the code and technical details of the project are publicly visible, allowing anyone to view, review and make improvements.

Runestone emphasizes returning control and ownership to the community to ensure fair participation.Through a community-driven approach, project development and decision-making are no longer controlled by a single entity, but by community members who actively participate and make decisions.

Runestone adopts fair airdrops to ensure equal distribution of tokens, providing credit to early supporters and inspiring community participation.Fair airdrops ensure that every bitcoin holder has a chance to get runstone tokens, rather than limited to a few holders.

Each rune stone is associated with an important moment in Bitcoin’s history, with larger data capacity allowing for more complex multimedia content.By connecting with Bitcoin’s history, runes add more historical significance and cultural value, attracting a wider range of users.In addition, the larger data capacity provides artists and creators with more creative space and possibilities, enriching the content and experience of NFT.

Compared with other public chains such as Ethereum, the Bitcoin network has long been regarded as the “old guardian” of encrypted networks.However, with the advent of innovations such as the Ordinals protocol, the Bitcoin network is gradually moving away from this stereotype and reshaping its position in the field of digital asset issuance.The growing market value of runes has sparked speculation about whether it will become the next wealth secret and whether NFT assets in Bitcoin network will become a new industry consensus on asset issuance.Only time will give the answer.