Bitcoin in the Decentralized Finance (DeFi) space noted stellar growth earlier this year when the network witnessed the arrival of the BRC-20 standard
. Akin to Ethereum’s ERC-20 standard, BRC-20 allowed the creation of fungible tokens on the network through the Ordinals protocol. However, the creator of the protocol is now suggesting a new standard in place of BRC-20.Bitcoin Ordinals’ developer, Casey Rodarmor, published a post on September 25 highlighting the potential alternative to the BRC-20 token standard called “Runes”. The need for Runes, according to Rodarmor, arose from the need to eliminate the UTXO proliferation caused by BRC-20.
To deal with this, Runes balances would be designed to be held on UTXOs, allowing a single Unspent Transaction Output to hold any amount of any number of Runes. This way, the UTXO proliferation can be responsibly managed in return, creating a fungible token protocol that might bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.
Rodarmor claimed that such a protocol would very easily fit into Bitcoin’s native UTXO model. He added, “Such a scheme might draw users from other schemes with worse on-chain footprints, and bring developer and user mindshare to Bitcoin, encouraging them to adopt Bitcoin itself.”Bitcoin Ordinals peaked around May this year but started to lose ground sometime towards the beginning of June. The marketplaces began losing daily users, and at the time of writing, over 93% of the unique daily users had disappeared.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bitcoin Ordinals creator Casey Rodarmor pitches BRC-20 alternative ‘Runes’Ordinals creator Casey Rodarmor has proposed Runes, a new, UTXO-based fungible token alternative to the BRC-20 token standard.
Baca lebih lajut »
Bitcoin & Ethereum Prices Dip as Market Turns Bearish, While Bitcoin BSC Nears $5M MilestoneIt's been a difficult 24 hours for Bitcoin (BTC) and Ethereum (ETH) investors, with both cryptocurrencies experiencing corrections. Bitcoin's value has
Baca lebih lajut »
Bitcoin price drops as SEC delays decision on Bitcoin ETF, offering new trading opportunitiesAs the SEC delays the decision on Bitcoin ETFs, the BTC price takes a hit. However, automated trading tools can provide new trading opportunities in these uncertain times
Baca lebih lajut »
Bitcoin price fights for $26K as US dollar strength hits 10-month highBitcoin battles new 2023 highs for the U.S. dollar amid limp BTC price performance.
Baca lebih lajut »
Ethereum Price Stagnates As New Crypto ICOs Pull Significant InterestBitcoin Spark (BTCS), a new-generation ICO, invites cryptocurrency enthusiasts to join
Baca lebih lajut »
Bitcoin miners seen exploring ways to diversify revenue streamsBitcoin miners are exploring diversification strategies as they anticipate digital asset volatility, according to an analyst.
Baca lebih lajut »