Ordinals Developer will be launching Runes, a new standard for fungible tokens issued directly on Bitcoin right alongside the halving. The early hours of April 20 will see the launch of a token that was created by Ordinals founder Casey Rodarmor as a substitute for BRC-20, the first bitcoin fungible token system based on Ordinal inscriptions.

BRC-20s are only functional with the assistance of off-chain indexers that read the data engraved, which is a sophisticated way of saying that each satoshi is “written to,” much like trying to fit a square peg into a round hole. Bitcoin was not intended to support such tokens.

Some tips for minting Runes so that you don’t get wrecked:

1. Bitcoin has slow block times so a lot can happen between blocks. If a Rune is close to minted out you need to make sure to pay significantly higher fees than everyone else to ensure your transaction gets squeezed in…

— Leonidas (@LeonidasNFT) April 19, 2024

Runes Ecosystem Garners Immense Traction

Interest in the advances inside the Runes ecosystem had already grown previously, as excitement mounts for the halving of Bitcoin and the launch of the Runes Protocol. Positioned as an auxiliary system to Ordinals, the Protocol has the potential to simplify processes and lower entry barriers for tokenization.

Also, Rune-related projects, like rune_coin and PupsToken, have been popular in the community by utilizing airdrops and compatibility with platforms like Solana to build strong and active user communities.

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Runes Gives Advantage Over Bitcoin’s Sluggish Timing

Inevitably, Runes provides an inherent advantage over Bitcoin. Because of Bitcoin’s sluggish block timings, a lot can occur between blocks. However, that is not the case with Runes. To guarantee that the transaction is squeezed in when a rune is almost minted out, one must pay fees that are much higher than those of anyone else. If not, one might forfeit the fees and not receive the token.

Runes Ecosystem Set For Wider Adoption

Early signs point to a growing interest in the Protocol, as community-driven mining operations have been picking up steam. These efforts highlight the ecosystem’s potential for substantial expansion and adoption, as does the expectation of protocols merging with or switching to Runes. Additionally, the general attitude is still positive, despite worries about possible fragmentation, and many stakeholders are looking forward to the opportunities the Protocol will provide.

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The post Ordinals Developer Releases Guide As Runes Go Live With Bitcoin Halving appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am