Crypto Market Now: Casey Rodarmor pitches BRC-20 alternative 'Runes' for Bitcoin Ordinals creator.
Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’

Crypto Market and BRC-20 Token Standard

The anonymous developer “Domo” launched the BRC-20 token standard in March, and within two months, the crypto market saw its market cap reach $1 billion, with PEPE and ORDI among the most notable BRC-20 tokens created on Bitcoin.

BRC-20 enables the minting and transfer of fungible tokens via the Ordinals protocol on Bitcoin. However, the inventor of Bitcoin Ordinals, Rodarmor, argued that BRC-20 tokens have the “undesirable consequence of UTXO proliferation.” To address this issue, he proposed Runes as a UTXO-based alternative.

The crypto market is now abuzz with the latest news of the potential alternative to BRC-20, and crypto users are being urged to be aware of crypto scams and other crypto alerts on Twitter. Meanwhile, those interested in creating a web 3.0 website can use the good crypto market live data to make informed decisions.

The Benefits of UTXO Model

“Protocols that are UTXO-based fit more naturally into Bitcoin and promote UTXO set minimization by avoiding the creation of “junk” UTXOs,” said Rodarmor. “If this protocol had a small on-chain footprint and encouraged responsible UTXO management, it might serve as harm reduction compared to existing protocols.”

UTXOs, or Unspent Transaction Outputs, represent the amount of cryptocurrency left in a wallet following a completed transaction, where the balance is used in subsequent transactions and is stored in the UTXO database.

The crypto market has recently been abuzz with news of crypto scams and other malicious activity, however, the UTXO model employed by Bitcoin works to prevent the double spending problem and create a transparent and auditable ledger.

Fungible Token Protocols on Bitcoin

Rodarmor recently pointed out that Really Good for Bitcoin, Counterparty, and Omni Layer have their own issues when it comes to fungible token protocols on Bitcoin. Despite the fact that 99.9% of these tokens are filled with scams and memes, Rodarmor believes the right protocol can add value to the Bitcoin network.

On Sept. 25, Rodarmor discussed his Runes idea on The Ordinals Show co-host Trevor Owens’ Twitter Spaces. Following the call, Owens proposed offering $100,000 from the Bitcoin Frontier Fund to developers who can create a Rune application running on Web 3.0.

Cointelegraph contacted Rodarmor for comment but did not receive an answer right away.

Categorized in:

Tagged in: