jakiro
Original source: Metauniu Special Attack Team
Three days later, at around 4 a.m. Beijing time on Saturday, April 20, 2024, Bitcoin cut halving for the fourth time in history.
What attracted the most attention and participation of the Bitcoin halving this time was the launch of the Runes protocol main network and the first rune token was launched.As a Bitcoin builder, investor, enthusiast, or Fomo, do you deploy full nodes yourself or rely on the platform to make a deal?
As Bitcoin’s fourth halving approaches, the industry’s attention has begun to focus on the synchronous launch of Runes Protocol, a homogeneous token protocol developed by Casey Rodarmor, the founder of Ordinals Protocol, aims toProvides a more responsible way to issue tokens that saves Bitcoin on-chain space than BRC-20.
On the recent Twitter timeline, you may have seen many KOLs publish technical strategies to teach you step by step to “lay out full nodes” to welcome the arrival of the Rune Agreement.
So why lay out nodes?This is about the creation and issuance mechanism of rune tokens.
“Etch” is the primary step in creating rune tokens. This process involves setting the basic characteristics and management rules of rune tokens, such as separability and minting conditions.
During the etching process, the project party can choose whether to perform “premine”, that is, before the rune tokens are publicly circulated, a portion of the tokens will be pre-allocated to the founder or initiator of the project.This is mainly done to provide project start-up funds, reward developers, or reserve tokens for community activities and other specific distributions.
After the etching is completed, it enters the “Mint” stage, that is, the process of generating new tokens.The casting may be public or closed depending on the conditions set during the etching stage:
Open Minting: Anyone who meets the preset criteria can create new tokens, which ensures that community members can actively participate in the development of the rune ecosystem.
Closed Minting: The minting of new tokens can only be carried out after a specific preset condition is met (such as a certain amount or a certain time has passed).Once these conditions are no longer met, the minting process will cease, limiting the total supply of tokens.
In order to prevent the first rune from being snatched or pre-digged by the VC or project party, Casey decided to hardcode the first 10 runes (Rune 0 – Rune 9) into the rune protocol and only supports public casting, so that everyone can allCan participate in the commons.
Among them, the rune 0 named UNCOMMON•GOODS will automatically start minting during this Bitcoin halving, with a block height of 840,000, allowing anyone to mint at any time in the next four years.Since this is the first token under the Rune Agreement, the expectation is very high. Everyone wants to participate in public minting as soon as possible, but this will also cause the “token minting” platform or tool for the launch dayThe traffic is overloaded, crashed and down, so building a full node is the safest way.
So how to build a full node?
Run your own Bitcoin Core and avoid relying on third-party services.Download Bitcoin core software for your operating system from bitcoin.org and install it on your SSD hard drive.
Install the Ord and Runes clients.
After setting up the Bitcoin Core, Ord, and Runes clients, you can start practicing etching and casting runes on the testnet with the command line.
For more detailed information, such as detailed tutorials on installing and running full nodes, you can refer to @ohxiyu and @web3 annie tweets, or you can search for relevant content yourself.
If you are worried that it is too difficult to install full nodes, there is also a simpler way to participate – using the proxy platform.Here are some tips:
① Prepare multiple wallets: Since different agency platforms may support different types of wallets, it is recommended to prepare several commonly used wallets, such as Unisat Wallet, OKX Wallet, Xverse Wallet, etc.This allows you to switch to different platforms at any time as needed.
② Rationally manage UTXOs: Split up the UTXOs in each wallet to increase the number of UTXOs.If the number of UTXOs in the wallet is too small, even if the amount is large, the number of transactions that can be initiated in parallel is very limited.
But the amount of a single UTXO cannot be too low either.For example, when a single UTXO is about ten or dozens of dollars, the wallet will piece together the UTXO for payment, which will increase your network fee cost.Especially considering that Gas Fee will soar after Bitcoin’s halving, it is not recommended to use too many fragmented UTXOs to form orders.
It is recommended to maintain at least 3 UTXOs per address, and the amount of each UTXO is preferably not less than $500 to optimize transaction costs and efficiency.
