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Author: Garlam, encrypted KOL; Translation: 0xjs@作 作 作 作 作
Foreword
Bitcoin, as a pioneer of security decentralized value exchange, has been the reliable fortress in the blockchain ecosystem that has been expanding for a long time. However, compared with more common networks such as EthereumThe development of asset categories.The Bitcoin Rune Rune Agreement was launched in April 2024. It is expected to open up a new field of homogeneous tokens in the Bitcoin field.
Origin of Bitcoin Rune
Rune is the creativity of Casey Rodarmor behind the innovative Bitcoin Ordinals protocol. Its vision is to improve the efficiency and accessibility of the Capital Creation of Bitcoin online.The success of Rodarmor’s previous aspects of Bitcoin Ordinals (a non -homogeneous token agreement) laid the foundation for the development of Bitcoin runes.Rune aims to simplify the token economy and minimize the complexity of the operation.
Learn about Bitcoin rune
Bitcoin rune representatives build homogeneous assets on Bitcoin blockchain through the rune agreement.Unlike its predecessor, Bitcoin runes use Bitcoin -based UTXO models to allow multiple tokens to stay in a single UTXO.This simple design enhances the user experience and eliminates the demand for data storage or proprietary token under the chain, making Rune a native and efficient asset category in the Bitcoin ecosystem.
Main functions and use cases
Bitcoin rune inherits a wide range of potential applications, reflecting the versatility of ERC-20 token on Ethereum.From Meme to DEFI, Runes provides a flexible platform for tokens -based projects.It is worth noting that their compatibility with Bitcoin’s main network and lightning network open up new ways to micro -diplomatic and scalable financial services, indicating that Bitcoin -based DEFI solutions are changed.
Bitcoin Rune VS BRC-20 token
Although Bitcoin runes and BRC-20s are homogeneous assets on the Bitcoin network, there are some differences between them.Runes has data processing of lightning network compatibility and simplified data, reducing network pressure and enhancing scalability.In addition, Runes eliminates the need for wallets that support Taproot, provides seamless integration with existing Bitcoin infrastructure, and enhances the accessibility of users.
Protection and management of bitcoin runes
In view of the experimental nature of Bitcoin runes, carefully managing Bitcoin runes is essential for participants.
Safety storage solutions, such as XVerse and Leather, can provide strong protection for online threats, while promoting seamless interaction with the Runes protocol.
In addition, the use of Magic Eden and OKX’s trustworthy platforms can ensure the security and efficiency of rune transactions in emerging markets.
Pre-Runes project: prelude to the Rune era
Prior to the official launch of Bitcoin Runes, multiple Pre-Rune projects paved the way for the emergence of the Rune ecosystem.
These items, including RUNESTONE Inscript Consortium, Rune Pups, and Prometheans, have provided early insights for the potential of homogeneous tokens on the Bitcoin network.
By holding the NFT or BRC-20 in the projects before these Runes, the participants position themselves at the forefront of the Rune Revolution and are expected to transition to a new era of Bitcoin token.
Main rune collection
Satoshi • nakamoto: The first main meme on the rune •
RSIC: A well -known pre -rune project, RSIC distributed 21,000 inscriptions to the OG Ordinals community, showing a strong community foundation and strategic partnership.
PUPS (PUPS World PEACE): As a mascot in the rune industry, PUPS reflects the vibrant and unruly spirit of the community.
RuneStone: RuneStone is an open source, transparent, volunteer and decentralized plan, aiming to reward people who participate in the first year of the Ordinals agreement.Prometheans: The Pre-Rune series of Cyberkongz symbolizes the improvement of innovation and experiments.There are more more
Bitcoin L2
The second floor of Bitcoin is a special agreement built on the Bitcoin blockchain, which aims to enhance its scalability and functionality and solve many frictions encountered by users when trading Bitcoin -related tokens.These solutions, including popular frameworks such as Lightning Network, Rootstock, Stacks, and LIquid Network, solve the inherent limitations of slower Bitcoin transactions and low throughput through chain transactions.This not only speeds up the transaction speed and reduces costs, but also introduces advanced functions such as smart contract functions and improved privacy.Bitcoin L2 uses the security of the underlying Bitcoin network, and at the same time, it significantly expand its practicality and efficiency, making Bitcoin more competitive than other high -performance blockchains.
Rune Bridges and Tools
bridge:
• Multibit ($ MUBI): Promote seamless and secure exchange of BRC20 and ERC20 tokens, simplify the transfer process, improve liquidity, reduce transaction costs, and it is easier for users and developers to interact with DAPP across two blockchains.
XLINK (from Alex Labs): It is another tool that allows smooth transmission between L2 and Runes ecosystems to expand the liquidity of digital assets across different blockchain platforms.
• Runesbridge: By connecting the BRC-20 standard token holders in the Bitcoin ecosystem to various EVM compatible networks (such as Ethereum, Polygon, and BNB Chain) to support the Runes protocol.
• Tools such as BTCTOOLPRO and Rune Mine: further support the ecosystem by providing the basic services of token management and analysis.
In general, all these tools and innovations will reduce the friction required for trading runes and even BRC-20
tool:
Wallet: xverse, OKX BTC wallet, Unisat
Market value query:https://runesmarketcap.com/
Market: Unisat Rune Market https://unisat.io/runes/market; OOKX Rune Market: https://www.okx.com/web3/marketplace/runes; Magic Eden rune market https:// Magiceden.IO/Runes
Mint & amp; etch:https://luminex.io/runes/mint
https://unisat.io/runes/inscribe
https://www.okx.com/web3/marketplace/runes
The top 10 runes
0. Uncommon • Goods
1. Z • Z • Z • Z • Z • Fehu • Z • Z • Z • Z
2. Decentralized
3. DOG • Go • TO • Moon
4. The • Runix • Token
5. Dog • Dog • Dog • Dog • DOG
6. Satoshi • Nakamoto
7. Meme • Economics
8. RSIC • Genesis • Rune
9. LOBO • The Wolf • PUP
Bitcoin DEFI
A series of innovation agreements are in the era of change in financial innovation, which may lead to Bitcoin DEFI Summer.With the expansion of Bitcoin decentralized finance, Runes has promoted the creation and management tokens directly on the Bitcoin blockchain, thereby enhancing the practicality and multifunctionality of the network.
Bad thing
Bitcoin is not really built for DEFI, so there are many restrictions.Trying to find arbitrage opportunities and study Bitcoin DEFI is like seeing all these very expensive watches.The structure is exquisite, but there are many crazy inefficiency, which really highlights the inefficiency of the early blockchain era.
1. UTXO complexity
In Bitcoin, the transaction record method is different from traditional bank accounts.Bitcoin’s ledger is not a balance in a single account, but UTXO.Each UTXO represents Bitcoin that can be spent.When someone sends you Bitcoin, you will receive it in the form of UTXO.Each UTXO is the only recognizable, and the number of bitcoin output an export of the previous transaction is displayed.It takes Bitcoin, your wallet software will choose UTXO associated with your wallet address as the input of new transactions.The sum of these inputs covers the amount you want to send.Then, the transaction creates a new UTXO as the output. These outputs are allocated to the address of the receiver, and they return to the sender as a zero to find zero when necessary.
Limitation of UTXO model
Scalability: Each transaction may involve multiple UTXO as input and output.This may make the transaction complex and large scale, especially when the wallet contains many small UTXO (usually called “dust”).Large transactions require more block space, and as the network increases, it will lead to scalability problems.
Increase transaction costs: The transaction cost of Bitcoin is calculated according to each byte of data in the transaction.Many UTXO transactions are larger, so it is more expensive.This may become important when the network is severely congested.
Management complexity: Effectively managing UTXO requires complex wallet software. The software can choose which UTXO is spent in a way to minimize costs and protect privacy.This complexity may be an obstacle for wallet developers and users.
Limited smart contract function: Compared with account -based models such as Ethereum, the UTXO model essentially supports less complicated smart contracts.This limits the types of decentralized applications that can be built directly on the Bitcoin blockchain without the need for additional layers or side chains.
2. Trading speed: This is a nightmare for any trading store that tries to get any opportunities.
3. The threshold is high: Everything in the BTC ecology is very complicated, from bridges, wallets, markets, etc.
