Bitcoin enthusiasts are gearing up for a groundbreaking development in the cryptocurrency space as the creator of Bitcoin’s Ordinals protocol, Casey Rodarmor, introduces a new fungible token standard called Runes. With the highly anticipated launch scheduled to coincide with the upcoming halving event on April 20, Runes is poised to revolutionize the landscape of Bitcoin-based tokens.
Runes represents a significant advancement in the field of fungible token standards, building upon the foundation laid by the BRC-20 standard developed by pseudonymous developer domo. While BRC-20 tokens have enabled the creation of fungible tokens on the Bitcoin network, Runes aims to streamline this process and enhance efficiency.
Casey Rodarmor, the mastermind behind Ordinals and now Runes, described his latest creation as a new lens through which to view Bitcoin, but this time with a focus on fungible tokens. Similar to how Ordinals allowed for the creation of NFT-like “inscriptions” on the Bitcoin blockchain, Runes will empower users to mint and trade fungible tokens seamlessly within the Bitcoin ecosystem.
In an interview with TechCrunch, Rodarmor explained that his Ordinals theory serves as a framework for uncovering trackable satoshis on the Bitcoin blockchain, likening them to hidden treasures waiting to be discovered. With Runes, this concept extends to fungible tokens, offering users a novel approach to interact with Bitcoin and digital assets.
The launch of Runes is highly anticipated within the cryptocurrency community, with enthusiasts eager to explore the possibilities it presents for tokenization on the Bitcoin network. As the halving event approaches, anticipation is building for the debut of Runes and the potential it holds for transforming the way Bitcoin-based tokens are created and traded.
