Exploring the Technical Mechanisms Behind Runes and Ordinals on Bitcoin

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Exploring the technical intricacies of ordinals and runes on Bitcoin, detailing their role in enabling tokens and NFTs through specialized specifications and simplified protocol steps. The chapter also discusses the self-sufficiency achieved by storing all data within Bitcoin blocks, ensuring independence from third-party dependencies.

Today’s episode is about exploring the frontier of tokens on Bitcoin with guest Casey Rodarmor. Casey is the creator of the Ordinals Protocol, a harmless protocol that simply allowed for arbitrary data to be inscribed into individual Bitcoin UTXOs, creating what are called Bitcoin NFTs. He is now also the creators of Runes, a second protocol, working to bring fungible tokens to Bitcoin.

Bitcoin is changing and Casey appears to be one of main reasons for the change. Soon he’ll be unveiling a new protocol standard for Bitcoin - called Runes, which wants to be a bitcoin-native version of fungible tokens, on the Bitcoin L1 - which is going to be the topic of the show today.

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------ TIMESTAMPS

0:00 Intro 5:00 The Guy Who Changed Bitcoin 10:21 Why Casey’s Building 16:45 Ordinals Cultural Shift 22:43 Runes 31:40 The Ord Standard 45:27 Bitcoin Blocks & Blockspace Limit 57:47 Bitcoin Innovation Implications 1:02:41 Rune Parameters 1:11:20 The First Runes (Uncommon Goods) 1:14:34 Timeline on Runes & Trading Ecosystem 1:17:12 The Future of Runes/Ordinals 1:19:48 The Bitcoin Renaissance 1:21:34 Winning Over Bitcoin Maximalists 1:23:45 Casey’s Podcast 1:24:58 Runes Team 1:26:37 Closing & Disclaimers ------ RESOURCES

Casey’s 1st Bankless Episode https://youtu.be/ktL77zEWcEc

Casey’s Twitter https://twitter.com/rodarmor

Casey’s Hellmoney Podcast https://www.youtube.com/channel/UCflejnUswWof6yEMk9dRzOA

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