jakiro
Author: CB Spears, Bitcoin Accelerator; Translation: Bit Chain Vision Xiaozou
1. Runes is more interesting than you think
You may have heard of the Runes idea of Casey Rodarmor. Runes is a popular NFT standard. Casey has implemented the standard at the same client used by Pitcoin Ordinals.Casey’s idea directly responded to the clear demand of market Bitcoin alternative tokens, improved and solved many problems raised by existing standards such as BRC-20 (including Casey).Casey will release his Runes token standard at half (840,000 block height) in April.This may greatly increase the cost of Bitcoin miners, when they need it most!
Most Runes speculators are mainly concerned about airdrop mining, and they know very little about the working principle of the agreement.However, if you know a little, go deep into Runes’s rabbit hole with me to find out.
2. Runes operates under the UTXO model of Bitcoin
Most Runes Degens knows the basic differences between Runes and BRC-20.The phrase “they are more suitable for BRC-20” is usually correct, because it is best not to add the UTXO set to Bitcoin (more UTXO will make the running node more difficult/more expensive).In the past year, the inscription UTXO set has doubled, most of which are always useless-they are “dead” BRC-20 coin/transfer inscriptions.
Runes operation (coin, transfer equivalent) does not produce remaining useless UTXO.This is a very simple and direct improvement of the BRC-20.I know that the market is not particularly concerned about technological improvement, so I am very glad that the market is enthusiastic about Runes. Even if this is due to speculative reasons, I hope that such market emotions can promote the overall improvement of the network!
3. Runes improves the index problem?
BRC-20 is a model based on account, which means that your balance is linked to your Bitcoin address.The situation of Runes is that your balance is bound to your UTXO.That is to say, if you want to get your personal balance, you do n’t have to verify the entire status of all BRC-20, you only need to verify the UTXO and previous UTXO you have, so in theory, you can have a very lightweight Runes clientIt can even combine it with “Utreexo”. This is an interesting technology that supports running the Bitcoin Core light client on mobile devices.
This has a great impact on the state of index Runes.Basically, I believe it will allow many users to self-verify their Runes transactions, which means that the “decentralized index” problem that plagues the BRC-20 ecosystem has been greatly improved.For end users, Runes status proof is easier to verify, and may even be verified on their own lightweight devices.
4. Runes may be compatible with L2S/Bitcoin expansion
Because Runes is based on the UTXO model, this actually makes it very good to many Bitcoin L2S (such as Lightning Network) or a state chain like MercuryLayer.Theoretically, expansion solutions using the Bitcoin UTXO model will be natively compatible with Runes.
We know that the cost of Bitcoin will become higher and higher.In this case, fast transactions directly on the Bitcoin L1 may become very expensive.Imagine that casting or transferring small BRC-20 on L1 no longer has reasonable economy, so the transaction volume of this alternative token will be transferred to other places.The native expansion solution to the Bitcoin UTXO model will have a significant design advantage than the existing BRC-20 extension model (such as the black/white module system proposed by UNISAT).
5. Runes pays your Bitcoin trading fee
Rijndael puts forward a crazy idea in the recent Gwart Show, that is: theoretically, you can let others pay your Bitcoin trading fee in exchange for your Runes.Rijndael’s theory is that if one of your transactions has two outputs, one of which is Bitcoin payment and the other contains one Rune, but the rune is “anyone can consume”, then someone will be for it”Get” the Rune and pay the entire transaction.In this case, you can trade with lower costs, or even payable, and others pay RUNE for your transaction payment.This actually allows Runes to pay for your Bitcoin transaction.
This idea may be classified as “MEV”, which is a hot topic in the Bitcoin field, which may have some very interesting impact on Bitcoin’s incentive mechanism.
6. Crazy idea: Contract+Runes
Various contract proposals are getting more and more support, such as OP_CAT or OP_CHECKTEMPLATEMPERIFY (“CTV”).These proposals allow users to “share” UTXOS.Runes compatible with UTXO can use some of them.Let’s imagine that even in these concepts that can be combined with the Runes standard.
Runes “gum machine”:
This is just a rough idea.For a contract like CTV, users can provide funds for Runes transactions in advance, so anyone can “buy” Runes from the contract.There are two inputs, the first input is a contract, and the second input is the user payment. We delete the signature requirements of the transaction so that anyone can use it.In this way, the two outputs are as follows: the first output is Runes transfer OP_RETURN, sends some Runes to “payer” (second input), and the remaining Runes sends it to the second output.The second output is the recursive contract of the original trading contract (my term may not be accurate).In this way, users can spit out Runes like a gum machine.
If you think the idea of Runes gum machine is cool, then you should generally understand each contract.I especially recommend OP_CHECKTEMPLATEVERIFY, but maybe you can also access the “BIP LAND” page in Taproot Wizards Quantum Cats!
