The fourth bitcoin halving is here, and with it comes the long-awaited introduction of the Runes protocol. analogous to how Ethereum uses ERC-20, Runes serves as the new standard for creating fungible tokens on the bitcoin platform. Consequently, a diverse array of assets, including meme currencies and governance tokens, can now be developed within the bitcoin network.
Runes – Bitcoin’s new Fungible Token Standard
— Franklin Templeton Digital Assets (@FTI_DA) April 15, 2024
Franklin Templeton, a large investment firm managing $1.5 trillion in assets, expressed enthusiasm over the new protocol: “We’re intrigued to discover if Runes will bring similar transformative effects to Bitcoin’s fungible tokens and Decentralized Finance sector as Ordinals did for the non-fungible token market.”
Casey Rodarmor, who created Bitcoin Ordinals, is similarly the mastermind behind the Runes protocol. The intriguing query arises: will Runes mirror the achievement of Bitcoin Ordinals and drive up BTC‘s worth even more?
In simpler terms, Bitcoin Ordinals, or “Runes,” have gained significant value and importance within the Bitcoin community, surpassing $2 billion. This development is noteworthy for Bitcoin, but not everyone is thrilled about it. One Bitcoin developer, Dashjr, expresses concern that Runes may be creating issues on the network instead.
An alternative perspective holds that Runes serve as an innovative enhancement to Bitcoin’s functionality, acting as a supplementary layer to boost decentralized finance (DeFi). Imran Khan is among those who believe that Bitcoin could experience its own DeFi boom similar to Ethereum’s in 2020. He attributes this potential growth to the introduction of Runes and other emerging technologies for Bitcoin.
The creator of Runes, Casey Rodarmor, isn’t sure how hardcore Bitcoin fans will feel about it. But he thinks they shouldn’t care. He says Bitcoin is for everyone, even people who don’t like it.
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2024-04-20 10:44