Countdown to the launch of Runes! Full tutorial on participation methods, wallet registration and UTXO splitting

This site (120bTC.coM): Since Ordinals detonated the market last year, the Bitcoin ecosystem has quickly become one of the most popular tracks. The infrastructure built in it is mainly divided into Two categories:

• One is the expansion plan/cross-chain protocol, such as Bitcoin L2 Merlin, which attracted more than 3 billion US dollars in less than 2 months; the current largest L2 Stacks ($STX) and Nervos Network ($CKB) have risen 52% and 412% respectively this year.

• The other type is asset issuance protocols, such as BRC20 launched last year based on Ordinals, as well as RGB, Atomic, Stamps, etc., which also attract a large amount of capital. At present, the total market value of BRC20 tokens exceeds 2.3 billion US dollars. RGB’s first asset $Seal achieved an astonishing increase of 300 times on the second day of listing. A large number of new tokens have also been successfully issued recently.

Currently, the market is focusing on the Runes protocol (Runes), which will be launched at the same time as the Bitcoin halving. In view of the success of BRC-20, many people are betting on the success of Runes. Potential to become the next hundredfold opportunity.

Will the launch of Runes bring revolutionary changes?

Runes was proposed by Ordinals founder Casey Rodarmor in September last year to solve the problem of congestion and anomalies in the Bitcoin network caused by BRC20, affecting normal transactions. It is a lighter and more concise asset issuance based on UTXO protocol.

The main difference with BRC20 is that BRC20 stores data in the witness part of the transaction (after Bitcoin was upgraded to Segwit in 2017, a transaction consisted of the Transaction part and the Witness part), while Runes uses The OP_RETURN function directly stores data in Bitcoin's UTXO. This method ensures that the token data is different from the transaction data, making the management of the token simpler and more transparent.

Currently, the total market value of the Pre-Runes project has exceeded US$1.2 billion, and Runestone has become the second largest NFT by market value.

Delphi Digital’s comparison table for BRC20 and Runes (tweet)

But although the innovation of Runes has caused widespread discussion, whether it will It remains to be seen whether it will bring significant improvements, especially in user experience. After all, technological innovation and market enthusiasm often promote each other. As long as developers, project parties and players continue to join and build, it is expected to promote the gradual improvement of technology. At the same time, the heat is maintained.

Founder Casey Rodarmor makes a big wish

He is optimistic about the development of Runes. At the end of last month, founder Casey Rodarmor even said that the market value of Runes will exceed US$1 billion in the first month after it is launched, otherwise he will commit suicide. commit suicide.

In addition, compared with last year’s BRC20/Ordinals led by Ordi, which was promoted and led by the Chinese community, this year the overseas community led by $PUPS has driven the inscription ecology to flourish again. As more and more well-known overseas KOLs join in the promotion, it shows that the Western community's acceptance of inscriptions is increasing, and the potential market is huge.

Participation methods

The current main ways to participate in Runes are:

1. Direct casting

If you want to be the first to participate in the first wave of casting, you can’t miss it by Casey The team deployed rune No. 0 after Runes went online (originally it was rune No. 0-9, but on the 18th, Casey said that only rune No. 0 was deployed). This is a fair casting model, or to observe whether there are other potential good projects. (With unique community culture, initiated by the OrdinalsOG project party or other blue-chip NFT project parties, Ansem calling for orders, etc.).

This part also involves installing Bitcoin full nodes (Windows teaching, Mac teaching), and "splitting UTXO" in advance, etc. The latter will be taught below.

2. Early layout of Pre-Runes projects

There have been multiple Pre-Runes projects in the market, which can be viewed in Magic Eden’s Pre-Runes list. There are also some BRC20 tokens, such as It's $PUPS, $Ainn, etc. By purchasing these projects in advance, you can expect to reap the increase in Inscription itself, and you can also wait for the benefits from the airdrop after the Runes protocol is launched.

In addition, you can also mint or purchase Runes concept tokens through Rune Alpha, currently Rune’s largest unofficial market (these tokens are based on the early Runes standards, that is, the Runes standard of the Ord-0.11.1 version). These Tokens will also be migrated after Runes is launched.

3. Secondary Transactions

To conduct secondary market transactions, you need to find an exchange that opens rune trading as soon as possible. Currently, the exchanges that will be supported include: Magic Eden, OKX (also supports casting), RunePro, and Saturn, among others.

4. Participate in projects that support the Runes protocol

In addition, participating in other projects that support the Runes protocol is also one of the ways to obtain runes. For example, the UniCross platform of the Merlin ecosystem has launched RUFI Introducing the concept of "Rule Swap", allowing BRC-20 tokens to be exchanged for rune tokens at a 1:1 ratio. 25% of RUFI has been distributed to Merlin and Unicross users through airdrops, and the remaining 75% has been fairly minted. issuance method.

Register wallet, split UTXO tutorial

In short, the above four ways of participation are indispensable without a Bitcoin wallet. The mainstream wallets include Unisat, OKX (recommended using mobile phones) and Xverse (using computers) Recommended), the following will teach you how to register OKX wallet and split UTXO:

1. Register wallet

Enter the OKX Web3 wallet page, click "Create Wallet", and you must select "Mnemonic Phrase" in the creation method.

This is because if you choose "Wallet without Private Key", the Bitcoin network will not support the Taproot address. However, most participants in the Bitcoin ecosystem use this address, so when making Bitcoin transfers, you must also remember to use it. Taproot address.

Note: OKX itself has stated that its BTC chain supports 4 types of addresses, representing the original address and other addresses introduced by the upgrade, which can transfer funds to each other.

2. Split UTXO/split wallet

Splitting UTXO can be achieved through Luminex and WizzCash platforms. The latter also supports UTXO transfer to different wallets in one step. Here are the teaching steps. The picture below is the page of the Luminex platform. The teaching steps are as follows:

• Connect the wallet in the upper right corner

• According to your needs, fill in each UTXO For the allocated amount, the number of UTXOs, and the recommended allocation ratio, please refer to this tweet.

• Select the handling fee

• Click Confirm and then sign.

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