Xverse Wallet provides a comprehensive tutorial on managing Bitcoins tokens effectively on the Bitcoin network following the halving event. (Or) Xverse Wallet shares an in-depth explanation on utilizing Bitcoins runes for streamlined token handling within the Bitcoin chain post-halving.
Based on information from a Xverse Wallet handbook, Runes represent fungible tokens developed on the Bitcoin (BTC) network through the Runes protocol. Introduced by Casey Rodarmor last year, Runes serve as a simplified option compared to the BRC-20 standard.
The protocol works to prevent network overload by eliminating unnecessary UTXOs (Unspent Transaction Outputs). The initial Rune token, named RUNE, was promptly released following the announcement, with additional advancements such as a substantial grant and a fresh issuance mechanism gaining strong community approval.
As the halving approaches, the anticipation surrounding the Runes ecosystem intensifies.
Bitcoin developers are actively preparing for the upcoming launch of Runes tokens by constructing the necessary foundation, demonstrating increasing enthusiasm and progress in this field according to the guide.
Marketplaces and launchpads for Runes, including Magic Eden and BitX, enable users to buy, sell, and introduce new Rune-linked tokens. Additionally, platforms such as Fluid Tokens are working on creating decentralized apps for lending Runes, demonstrating the growing versatility and practicality of this ecosystem.
Your ULTIMATE guide on how to setup a Bitcoin node & mint Runes🫡
Many in the Xverse community are trailblazing power users!
Regardless of skill level, Xverse values Bitcoin’s principle of decentralization & encourages everyone to run your own Bitcoin node.#KnowledgeIsPower
— Xverse – Bitcoin Wallet for Web3 (@XverseApp) April 15, 2024
The guide pointed out that Runes have a small impact on the blockchain and enhance overall performance. In contrast, tokens based on Ordinal Theory (BRC-20) that aren’t part of Bitcoin itself contribute to network clogging due to an excessive number of Unspent Transaction Outputs (UTXOs).
Using Bitcoin’s UTXO (Unspent Transaction Output) system as its foundation, the Runes protocol functions at the core Bitcoin level. It improves interactions with the base blockchain without creating excessive UTXOs. Unlike BRC-20, Runes imposes penalties for mistakes by destroying tokens, thereby promoting careful handling of UTXOs.
In many Ordinal and BRC-20 initiatives, investors and token owners can amass Runes through a “runic miner,” granting them the opportunity to invest in this emerging technology prior to its debut. For instance, the BRC-20 project called Runestone distributed 100,000 tokens among the Ordinals community, which currently values at approximately 0.078 BTC or $5,100, and enables its token holders to accumulate Runes.
This new development was recently shared on LinkedIn. I am pleased with our choice to apply equal treatment to whales and minnows in the Runestone airdrop formula, fostering a sense of fairness and equality. #FairAndFreeMovement
— Leonidas (@LeonidasNFT) April 14, 2024
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-04-15 20:00