Developed by twitter.com/rodarmor” target=”_blank” rel=”noopener”>Casey Rodarmora prominent figure known for his creation of bitcoin Ordinals Coming in September 2023, Runes emerges from a rich lineage of innovation within the bitcoin blockchain.
How the rune protocol works
Leveraging bitcoin's robust UTXO model, the Runes protocol improves transaction security and reduces the risks associated with blockchain reorganizations, thereby ensuring system stability.
Innovates the creation and management of tokens on the bitcoin network by using a UTXO-based framework to efficiently generate digital tokens.
Reusing the results of unspent bitcoin transactions and using the OP_RETURN field ensures the authenticity and uniqueness of each token without overloading the network.
Additionally, its support for the Lightning Network marks a significant step toward faster, more cost-effective transactions, avoiding the traditional delays and fees of the bitcoin blockchain.
Additional reasons to take note
In addition to being a technological advancement, Runes is a gateway to a broader audience. With its potential to facilitate greater token volume and thus attract more participants, Runes aligns with bitcoin's mission to foster economic freedom for all.
The nft project before Runes, rune stonehas already generated a stir for airdrop tokens for early adopters of the bitcoin blockchain, suggesting the broad reach and impact Runes is likely to have.
It should be noted that, according to CoinGecko DataRunestone boasts a 24-hour trading volume of around $513,000 (7.27 btc) and a hefty market capitalization of $707 million (10,026 btc), an impressive achievement, especially considering it launched last month.
Preparing for the runes
As the launch of the Runes Protocol approaches, enthusiasts and potential users can take several steps to ensure readiness:
- Opt for a Runes-compatible bitcoin wallet, with the Magic Eden ME Wallet being a recommended option
- Stay up to date with announcements and updates from Casey Rodarmor and the Runes community via social media.
- Purchase bitcoin, the essential currency to interact with Runes and cover transaction fees.
Essentially, the Runes Protocol marks a major milestone and is intended to boost the utility of bitcoin and open new opportunities for users and developers within the blockchain landscape.
They want more? Connect with nft Plazas
Subscribe to our newsletter
Join our discord
twitter.com/nftplazas” target=”_blank” rel=”noopener”>Follow us on twitter
facebook.com/nftplazas” target=”_blank” rel=”noopener”>Like us on facebook
instagram.com/nftplazas/” target=”_blank” rel=”noopener”>Follow us on instagram
*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=();t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)(0);s.parentNode.insertBefore(t,s)}(window,document,’script’,’https://connect.facebook.net/en_US/fbevents.js?v=next’);<script async src="//www.instagram.com/embed.js”>
