Bitcoin Ordinals Creator Introduces New ‘Runes’ Fungible Token Protocol
On September 25, 2023, Casey Rodarmor, the creator of Bitcoin Ordinal inscriptions, unveiled a novel fungible token protocol called Runes in a blog post.
Expressing some reservations about the idea, Rodarmor nonetheless believes that a robust fungible token protocol could potentially boost transaction fee revenue, attract developers, and bring more users to the Bitcoin ecosystem. Runes presents a simple protocol for creating fungible tokens on Bitcoin, representing balances with unspent transaction outputs (UTXOs).
Rodarmor emphasizes the importance of keeping the protocol simple, avoiding reliance on off-chain data, and utilizing Bitcoin’s UTXO model. While acknowledging the challenges in the world of fungible tokens, Rodarmor’s proposal aims to enhance Bitcoin’s appeal and on-chain efficiency, with its ultimate success awaiting determination.
Clever Robot News Desk 28th September 2023
