Runes: A New Protocol in the Cryptocurrency Market

Runes – a New Protocol in the Cryptocurrency Market

Runes is an innovative protocol created by Casey Rodarmor, known for developing Ordinals. It is a solution designed to enable the creation of tokens that represent non-fungible tokens (NFTs) on the Bitcoin network, paving the way for trading these tokens directly for bitcoins on the Bitcoin blockchain.

A Unique Bitcoin-Based Design

The Runes protocol is built on the Unspent Transaction Output (UTXO) model, characteristic of Bitcoin. The creator, Casey Rodarmor, considers this model to be more efficient and secure compared to the account model used, for example, in Ethereum.

Protocol Launch During Bitcoin’s Third Halving Period

The launch of the Runes protocol is scheduled to coincide with Bitcoin’s third halving, which occurs approximately every four years to control the cryptocurrency’s inflation rate. Block 840,000 of Bitcoin will mark the introduction of the protocol and the first tokens based on Runes, with the exact date potentially varying, but expected around April 20th.

Projects Utilizing the Runes Protocol

Currently, numerous projects are evolving within the Ordinals sphere, leveraging the Runes protocol. Among them, noteworthy initiatives include RSIC, Runestone, Node Apes, RuneX, and the popular Bitcoin wallet Xverse.

Creator’s Goal and Strategy

Casey Rodarmor, the mastermind behind Runes, aims to enhance interest and liquidity in other cryptocurrencies in favor of Bitcoin by introducing speculative assets while concurrently minimizing the risk of fraud. His approach to the Runes protocol focuses on simplicity and entertainment aspects, unlocking new opportunities in the cryptocurrency market.