{"id":9419,"date":"2024-03-29T07:46:38","date_gmt":"2024-03-29T07:46:38","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/from-ordinals-to-runes-bitcoins-major-update-arrives-with-halving\/"},"modified":"2024-03-29T07:46:38","modified_gmt":"2024-03-29T07:46:38","slug":"from-ordinals-to-runes-bitcoins-major-update-arrives-with-halving","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/from-ordinals-to-runes-bitcoins-major-update-arrives-with-halving\/","title":{"rendered":"From Ordinals To Runes: Bitcoin\u2019s Major Update Arrives With Halving"},"content":{"rendered":"<p>On Thursday, Bitcoin Ordinals founder Casey Rodarmor unveiled the documentation for a new Bitcoin-native digital commodities protocol known as Runes. This groundbreaking update is set to coincide with Bitcoin&#8217;s upcoming halving, marking a significant evolution in the Bitcoin protocol&#8217;s capabilities for handling digital assets directly on its blockchain.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">RUNES HAVE DOCS<\/p>\n<p>A plain-english description of the protocol is here:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"\"><\/a><\/p>\n<p>And a lower level not-actually-a-specification is here:<a rel=\"nofollow noopener\" target=\"_blank\" href=\"\"><\/a><\/p>\n<p>Feedback and suggestions are welcome, here or on GitHub!<\/p>\n<p>&mdash; Casey (@rodarmor) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rodarmor\/status\/1773152223406547415?ref_src=twsrc%5Etfw\">March 28, 2024<\/a><\/p>\n<\/blockquote>\n<h2>What Are Bitcoin Runes?<\/h2>\n<p>Runes introduce a novel fungible token protocol on Bitcoin, utilizing an indexer-based model that builds upon the social consensus mechanisms first popularized by the Ordinals initiative. This new protocol facilitates the etching, minting, and transferring of Bitcoin-native digital commodities, potentially altering the landscape of how digital assets are created and exchanged on the Bitcoin network.<\/p>\n<p>According to analysis by ren (wassie arc) (@0xren_cf) from Electric Capital, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/0xren_cf\/status\/1773397548222337468\">shared<\/a> via X (formerly Twitter), &#8220;The biggest update since Ordinals is coming to BTC at the halvening&#8230; RUNES.&#8221; Ren&#8217;s analysis highlights several key features and improvements that Runes brings to the table:<\/p>\n<ul>\n<li><strong>Simplified Transactions:<\/strong> Unlike the BRC-20 token standard, which requires multiple transactions for deployment, minting, and claiming, Runes streamline these operations into a single transaction.<\/li>\n<li><strong>Extendability and Future Proofing:<\/strong> Runes feature an even-odd field tagging system within their protocol, allowing for future extensions and programmability through soft forks.<\/li>\n<li><strong>Larger Namespace for Tokens:<\/strong> Runes expand the available character space for token names up to 28 characters, compared to BRC-20&#8217;s four-character limit.<\/li>\n<li><strong>Security Enhancements:<\/strong> Runes addresses several security concerns, including the prevention of spoofing through the exclusion of Unicode symbols and mitigating the risk of token balance lockup by attackers.<\/li>\n<li><strong>Unique Token Naming:<\/strong> Runes enforces unique naming for tokens, preventing the creation of tokens with duplicate names. \u201cRune names shorter than 13 characters will be gradually released over a 4 year period after the runes launch to prevent immediate grabbing of the shortest names,\u201d Ren remarked.<\/li>\n<\/ul>\n<p>One of the most innovative aspects of the Runes protocol is its approach to token issuance and transfer. Utilizing a UTXO-based system, Runes tokens are directly issued into a UTXO during the transaction that sets their initial supply, ticker symbol, and decimal precision. This mechanism not only aligns closely with Bitcoin&#8217;s native design principles but also enables more efficient and flexible management of token balances and transfers.<\/p>\n<p>The introduction of Runestones, described as the &#8220;precompiles&#8221; for Runes, further enhances the protocol&#8217;s capabilities. These instructions, stored within the OP_RETURN of a transaction, facilitate the movement of Runes from inputs to outputs and ensure future compatibility through an even-odd tagging system.<\/p>\n<p>However, users are cautioned to be mindful of the specific tags used, as even-tagged Runestones can lead to the effective burning of the involved Runes, a process referred to as creating a &#8220;Cenotaph&#8221; by Rodarmor.<\/p>\n<p>Vision For The Future<\/p>\n<p>Looking forward, the Runes protocol aims to support a wide array of applications and interactions, from intricate inscriptions that could, for example, influence the abilities of digital collectibles based on the amount of a specific Rune held, to facilitating off-chain liquidity pools for Rune trading. This opens up new possibilities for decentralized finance (DeFi) on the Bitcoin network, a prospect that has garnered excitement within the community.<\/p>\n<p>Ordiswap Labs, through a statement on X, emphasized the potential of Runes to enhance the Bitcoin DeFi ecosystem, noting the protocol&#8217;s efficient on-chain footprint and compatibility with existing Bitcoin standards, including the Lightning Network. \u201cRunes aims to provide a simple, Bitcoin-native token system with a unique issuance model and efficient on-chain footprint [&#8230;] Runes are one that we are now specifically looking into, and we cannot be more excited about the potential of the BTC DeFi ecosystem in the coming months!\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"> Runes Standard on Bitcoin, Explained<\/p>\n<p>TL;DR: Runes aims to provide a simple, Bitcoin-native token system with a unique issuance model and efficient on-chain footprint \u2014 its UTXO (unspent transaction output) approach differing from standards like BRC-20.<\/p>\n<p>While BRC-20 is the\u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/MYKaLVjVhR\">pic.twitter.com\/MYKaLVjVhR<\/a><\/p>\n<p>&mdash; Ordiswap (@OrdiswapLabs) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/OrdiswapLabs\/status\/1773077211798503652?ref_src=twsrc%5Etfw\">March 27, 2024<\/a><\/p>\n<\/blockquote>\n<p>The activation of the Runes protocol is strategically timed to coincide with the Bitcoin halving, with expectations set for a block height of 840,000, around April 20.<\/p>\n<p>At press time, BTC traded at $70,366.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-290380\" src=\"https:\/\/www.bitrabo.com\/discover\/wp-content\/uploads\/2024\/03\/1711698397_84_From-Ordinals-To-Runes-Bitcoins-Major-Update-Arrives-With-Halving.png\" alt=\"Bitcoin price\" width=\"1024\" height=\"472\" data-recalc-dims=\"1\" \/><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday, Bitcoin Ordinals founder Casey Rodarmor unveiled the documentation for a new Bitcoin-native digital commodities protocol known as Runes. This groundbreaking update is set to coincide with Bitcoin&#8217;s upcoming halving, marking a significant evolution in the Bitcoin protocol&#8217;s capabilities for handling digital assets directly on its blockchain. RUNES HAVE DOCS A plain-english description of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9420,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"From Ordinals To Runes: Bitcoin\u2019s Major Update Arrives With Halving - Bitrabo","description":"On Thursday, Bitcoin Ordinals founder Casey Rodarmor unveiled the documentation for a new Bitcoin-native digital commodities protocol known as Runes. This groun"},"footnotes":""},"categories":[316],"tags":[2928,1400,1086,626,624,2927,2175],"class_list":["post-9419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-arrives","tag-bitcoins","tag-halving","tag-major","tag-ordinals","tag-runes","tag-update"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=9419"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/9419\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/9420"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=9419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=9419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=9419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}