Founder of Ordinals: The market value of the Runes Ecosystem will reach US$1 billion in the first month after its launch

In December 2022, Bitcoin supporter Casey Rodarmor launched the Bitcoin Inscription Protocol Ordinals, and the related BRC-20 tokens, which caused two heated discussions in the community . After the first BRC-20 token ORDI was listed on Binance, it once rose nearly 2,000 times.

However, despite the success of the Ordinals protocol, it has also suffered a lot of criticism. Last September, Bitcoin Core client developer Luke Dashjr strongly opposed the protocol, trying to classify it as a Bitcoin vulnerability and determined to fix it. This action once became the biggest external challenge faced by Ordinals and other Bitcoin Inscription protocols at that time.

In September last year, Casey launched Ordinals’ upgraded version of the Runes protocol, aiming to solve the problem of creating a large number of junk UTXOs. The protocol is claimed to be a superior, more lightweight and concise asset issuance solution than the previous experimental BRC-20 protocol.

Casey: The market value of the Runes ecosystem will reach US$1 billion in the first month of its launch

Casey earlier announced that the Runes mainnet will be launched during the latest Bitcoin halving, which is planned to be in late April. . Yesterday, he further stated that once Runes is launched, the market value is expected to exceed US$1 billion in the first month. Otherwise, he declared a drastic self-commitment: If the market value of the Runes ecosystem does not reach $1 billion within a month of launch, he will make a drastic decision.

What are Rune Protocols?

Casey Rodarmor described the main features of the "Rune" protocol in concise language: a simple FT protocol based on UTXO, designed to provide Bitcoin users with a high-quality experience.

Casey believes that if the protocol is less active on the blockchain and helps establish a trusted UTXO management system, it may be compared to the existing Bitcoin FT protocol. Reduce potential risks. The current widespread use of the BRC-20 standard has led to the accumulation of a large amount of useless UTXO.

Advantages of Runes

The core idea behind Runes is to minimize its on-chain footprint while encouraging users and developers to adopt practices that optimize UTXO usage and are designed to be compatible with Bitcoin itself The basic architecture is more seamlessly integrated. The main advantage of Runes is its potential to promote responsible UTXO management and curb the generation of bad UTXOs that currently clog the Bitcoin network.

Currently, the largest unofficial market for rune trading is Rune Alpha, where users can view at a glance the current floor prices, price changes within 24 hours, transaction volume, total market value and total supply of various runes. , and choose whether to issue, engrave, or buy, sell, and pledge runes.

The above is the detailed content of Founder of Ordinals: The market value of the Runes Ecosystem will reach US$1 billion in the first month after its launch. For more information, please follow other related articles on the PHP Chinese website!