The BRC-20s certainly introduced a new dynamic to the Bitcoin protocol, but they also opened the way to a multitude of impurities (NFTs, memecoins of no real utility) which currently clutter the network. However, there is a glimmer of hope with Casey Rodarmor, the architect of the Ordinals, proposing “Ruin” as a solution to these challenges.
Runes: The expected evolution of the Bitcoin protocol
The BRC-20s were a dazzling success. Tokens such as PEPE and ORDI have crossed the $1 billion mark in market value in just two months.
This innovation represented a considerable breakthrough, facilitating the creation and transfer of NFT tokens on the Bitcoin network using the Ordinals protocol. However, despite this progress, notable imperfections remain.
Casey Rodarmor has underlines a major problem inherent to this protocol: the excessive proliferation of UTXOs (Unspent Transaction Outputs) within the Bitcoin network.
These UTXOs, representing residual balances in wallets after transactions, prove crucial for recording future transactions in the UTXO database. Unfortunately, the proliferation of BRC-20 tokens generates unnecessary congestion and an expansion in network size.
In response to this problem, Mr. Rodarmor proposed Runes, a UTXO-based alternative, aimed at reducing clutter while integrating seamlessly into the Bitcoin ecosystem.
On his bloghe also explained in depth how protocols using UTXOs are in line with the fundamental principles of Bitcoin, thus promoting responsible management of the network, limiting the creation of unnecessary UTXOs and, therefore, improving the sustainability of the blockchain.
UTXO – The backbone of the Bitcoin network
UTXOs are a cornerstone of the Bitcoin blockchain, ensuring the reliability of transactions by preventing double spending. Each operation on the network relies on previous UTXOs as sources and generates new UTXOs as destinations.
This architecture provides multiple benefits, including facilitating transaction validation, enabling parallel processing for optimal scalability, and increasing transparency regarding coin ownership.
However, the UTXO model also presents challenges, including exponential growth in network size and increased storage and bandwidth requirements.
Rodarmor emphasizes the need to limit the generation of superfluous UTXO to overcome these challenges. A conviction that he is not the only one to defend in the sector, but that he aims to address thanks to the Runes protocol.
Rodarmor’s vision on NFTs
Rodarmor sees beyond the apparent challenges. Although he seems disinclined to like NFTs and memecoins, he recognizes the potential value of a thoughtfully crafted token protocol, such as Runes, which could strengthen Bitcoin.
“ Developing a good interchangeable token protocol for Bitcoin could generate significant revenue in terms of transaction fees, as well as attract the attention of developers and users. »
This view is shared by others in the industry. Trevor Owens, co-host of Ordinals Show, sees enormous potential in Runes. He even put forward a $100,000 reward for anyone who could develop a working application based on Runes.
Casey Rodarmor’s RUNES initiative charts an innovative path for the future of the Bitcoin blockchain, currently overwhelmed by overloads. By putting forward a reliable solution, it corrects the disproportionate proliferation of NFTs and memecoins that it had, in some way, encouraged with the creation of Ordinals. The actual implementation of Runes is eagerly awaited to see if expectations will be met.
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