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Runes on BTC - What's the catch ?

I wanted to make this my spotlight of the week, but Bitcoin Runes lacks a website. ๐Ÿค”

The under-the-radar Bitcoin Runes on BTC remains a highly speculative conversation, with few people paying attention, similar to the BTC ordinals from earlier this year. ๐Ÿ“Š

Long story short, Bitcoin Runes was created by known developer Casey Rodarmor in September 2023. ๐Ÿ“† And a very important thing is that he also developed the Ordinals, the groundbreaking feature on the Bitcoin blockchain that enables the creation of the BTC NFTs hype we're having.. inscribing data directly onto individual Satoshis. ๐Ÿ’ป

And the technology is valuable or are they simply creating a new Stacks alternative?

It's a new proposition, why? Diving into the technology behind Bitcoin Runes, it's clear that it differs significantly from the traditional BRC-20 standard.

BRC-20s have been the norm for Bitcoin tokens, they have a major drawback: they create surplus "junk" UTXOs ๐Ÿšฎ. These unnecessary UTXOs can clog up the network, leading to a less-than-seamless experience for users ๐Ÿ˜ฌ.

In contrast, Bitcoin Runes employs a UTXO-based protocol, where each transaction begins by gathering unspent pieces of Bitcoin (like digital change) and uses them to create new transactions ๐Ÿ’ธ. By tracing each Bitcoin back to its creation, Runes ensures that every coin is unique and hasn't been falsely duplicated, giving you confidence that the Bitcoin you own or accept in a transaction is genuine and truly yours ๐Ÿ’ฏ.

Unlike other protocols that rely on off-chain data, such as Stacks or special tokens, Runes leverages Bitcoin's native features for on-chain data storage ๐Ÿ“ˆ. This approach reduces the "junk" UTXOs that can slow down the network, making transactions slower, more expensive, and less reliable โฑ๏ธ.

Diving deeper

Bitcoin Runes stores on-chain data in the OP_RETURN part of a transaction ๐Ÿ“. Think of it like jotting down a secret note on your Bitcoin transaction ๐Ÿ“. OP_RETURN is the magic pen that lets you leave your mark without moving any actual Bitcoin, keeping Bitcoin transactions neat and tidy ๐Ÿ“ˆ. This approach doesn't add extra work for the network, ensuring a smoother user experience ๐Ÿ˜Š.

Does it have a native token?

No! In fact, the Runes protocol relies solely on BTC and leverages the security and stability of the Bitcoin network. ๐Ÿ”’

But you said.. token? There are already 68759 different shitcoins on Runes , that includes the most traded $DOG and the Caseys' shitcoin UNCOMMONโ€ขGOODS.

A funny fact is that they programmed for the Tickers to be Long, making it hard to fake a coin. Later, with time the tickers will be enabled to become shorter.

Another Interesting Fact - Lightning !

Runes is lightning compatible and can make cheaper and fast transactions with the already settled LN

Conclusion

With its potential to attract a broader audience, Runes boasts a larger user base and enhanced security features. ๐Ÿš€ By utilizing the UTXO for on-chain data storage, it inherits the robust security model of Bitcoin, ensuring stronger safety features and minimizing the risk of security vulnerabilities. It has LN compatibility and a initial highly technical and Degen in the ecosystem. ๐Ÿ”’ Show Less

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