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Runes Protocol

Runes Protocol Set To Launch As Bitcoin Halving Nears – A Threat To BRC-20 Dominance?

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

As the anticipated Bitcoin Halving approaches, a new native digital commodity protocol is set to make its presence felt in the cryptocurrency landscape. The Runes Protocol, developed by the mind behind the Ordinal Theory, Casey Rodarmor, is generating buzz as it introduces a new fungible token standard for Bitcoin. 

A recent report by crypto analysis firm Delphi Digital sheds light on the potential of Runes to disrupt the tokenization landscape, challenging the dominance of BRC-20s. 

A Glimpse Into The Runes Protocol

Unlike its predecessors, Runes is not a token itself but rather a framework that enables the creation of altcoins on the Bitcoin Network. Tokens created using the Runes Protocol, aptly named “Runes,” are fungible, meaning each Rune is interchangeable. 

According to the research firm, this token standard offers several unique features that set it apart from existing token standards.

Related Reading: Ripple Vs. SEC Update: Expert Says Both Parties Have Reached A Settlement Agreement

The Runes Protocol leverages Bitcoin’s UTXOs (Unspent Transaction Outputs) to store balances of both Bitcoin and Runes. This approach allows users to create and trade Runes instantly within the Bitcoin ecosystem.

The Runes Protocol aims to increase transparency and security by moving trust from the indexer level back to the Bitcoin blockchain.

Notably, the Runes ecosystem incorporates a unique mechanism for fair launches. The first Rune, called UNCOMMON•GOODS (Rune 0), is open for minting from the upcoming Halving to the next of these events. 

Additionally, token names in the Runes ecosystem must initially have 13 or more characters, with the character count requirement gradually decreasing until all names become available for use.

Battle Of Token Standards

BRC-20s, with a market size exceeding $1.5 billion, have dominated the tokenization landscape. However, the emergence of Runes has sparked speculation about its potential to supersede BRC-20s. Delphi Digital’s report highlights key differences between the two token standards, with Runes offering potential advantages.

Runes streamline token creation by utilizing the OP_RETURN field, simplifying the process compared to BRC-20s, which require new inscriptions for every token transfer. 

According to Delphi Digital, Runes also provides greater flexibility in token creation, supporting features such as open mint, fair distribution, and single address minting.

Additionally, Runes is more compatible with simplified payment verification (SPV) wallets and Bitcoin Layer 2 (L2) solutions, enabling faster and cheaper transactions.

Runes protocol
Further differences between Bitcoin Runes and BRC-20s. Source: Delphi Digital

Potential BRC-20 Upgrades

While the Runes protocol offers significant benefits, it has limitations. The report points out that the current state of infrastructure development presents challenges in realizing the full potential of Runes compatibility. 

In addition, introducing the Cenotaph model to allow for protocol upgrades raises concerns about the potential loss of runes due to “malformed runestones.”

As the Runes Protocol gains traction, rumors have surfaced about potential updates to the BRC-20 standard, including the ability for BRC-20 indexers to compute Ethereum Virtual Machine (EVM) smart contract code. 

Delphi Digital notes that this development could address some of the design issues faced by the BRC-20, thereby increasing competition between the two token standards.

Related Reading: Cryptocurrency Confidence Reborn: Germany’s 2024 Report Signals Trust Revival

Overall, with the imminent launch of the Runes Protocol, the crypto community eagerly awaits the potential disruption it may bring to the tokenization landscape. 

Delphi Digital’s report underscores Runes’ unique attributes and advantages, positioning it as a formidable contender to challenge the dominance of BRC-20s. 

Runes protocol
The daily chart shows ORDI’s price trending downwards. Source: ORDIUSD on TradingView.com

Ordinals (ORDI), the leading BRC-20 token in the cryptocurrency market, is currently trading at $45.58. However, its value has significantly declined by over 32% over the past month. 

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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