
Unchained
After the Bitcoin Halving, Will the Runes Protocol Live Up to the Hype? - Ep. 634
Apr 19, 2024
Charlie Spears, co-founder of Blockspace Media, shares his insights on the innovative Runes Protocol, a game-changer that allows for the creation of fungible tokens on Bitcoin. He explains how Runes addresses inefficiencies in the BRC-20 standard and could boost transaction demand post-Bitcoin halving. Charlie discusses the excitement around Runes, its potential interaction with layer two solutions, and how it might impact miners and Bitcoin's overall ecosystem. Could this be the next big thing for Bitcoin enthusiasts?
42:31
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Quick takeaways
- Runes Protocol offers a new token standard on Bitcoin, reducing UTXO proliferation and inefficiencies.
- Runes Protocol can potentially increase demand for Bitcoin's blockspace and introduce new transaction fee dynamics.
Deep dives
The Runes Protocol Introduction and Origin
The Runes Protocol, introduced by Casey Rotomor, offers a unique token standard on Bitcoin. Initially conceived as a blog post idea, the demand from enthusiasts led to its implementation. Runes serve as a messaging protocol for transactions on Bitcoin, setting it apart from other token standards like BRC-20. With a hard-coded start at Lock 840,000, Runes leverages Bitcoin's UTXO model for operations.
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