Btc Runes are a notion that stand for a decentralized layer of the blockchain that supports different DeFi activities.
Their goal is to provide more sophisticated financial services by utilizing Bitcoin’s strong security and decentralization.
who created Btc runes protocol
In September 2023, Casey Rodarmor, a developer of Bitcoin, presented the Btc Runes protocol as an enhanced token standard for the production of fungible assets on Bitcoin.
Since then, he has been working on the protocol in order to have it ready for launch in April 2024. A well-known developer in the cryptocurrency field is Rodarmor.
Despite not having launched on the Bitcoin mainnet yet, a few developers have already begun developing applications based on the Runes protocol. PipeBTC, RSIC, and Rune alpha are a some of these initiatives.
How does runes protocol works
Bitcoin, which also makes use of UTXOs, easily integrates with the Runes UTXO-based paradigm. By doing this, the production of useless UTXOs—which might choke the network—is reduced.
A specific amount of Bitcoin that you haven’t yet used is known as a UTXO, and it may be used to make another payment.
Conclusion
To reward users for practicing appropriate UTXO management, the Btc Runes protocol burns tokens in transactions with a cenotaph. This is not the same as the BRC-20 token standard, which allows users to retry after making errors.
