Cryptocurrencies largest blockchain Bitcoin (BTC) Runes protocol has attracted $135 million in transaction fees. The data showed the transactions of 2100 BTC on the chain within a week. This extreme variation is seen a week after Bitcoin halved when the users reached the new standard.
The person behind this extraordinary idea is none but Casey Rodarmor who has developed Bitcoin Runes to maintain BRC 20 standard. Runes tokens till now counted 45% of Bitcoin transactions on 25 April 2024. Experts are saying that Runes will attract more developers to Bitcoin.
The Bitcoin Runes was launched during the Bitcoin Halving and became a source of on-chain BTC activity. Bitcoin wallet Unisats has created 11000 Runes which caused a sudden increase in Bitcoin transaction fees after the Bitcoin Halving event. However, this fee reduces after the code is changed due to which the rewards are down by 50%.
Runes is a Fungible Token available on the new top Bitcoin blockchain. It is an effective, efficient, and secure token in existing Bitcoin tokens. Runes has built a Bitcoin Runes protocol that helps enable Non-Fungible Tokens on the BTC network.
The Runes protocol carries the concept to the next level by introducing ways to issue and manage fungible tokens independently on the blockchain rather than on special tokens.
Bitcoin Runes are simple and secure types of tokens that utilize UTXO (Unspent Transaction Output). UTXO is a fundamental component of Bitcoin Network Design which reduces the risk of susceptibility and insecurity.
Runes can manage a token efficiently by picking up unspent Bitcoin UTXO in each transaction to create new transactions by token management. This reduces the pile-up of Junk on the Bitcoin blockchain.
Runes help in creating various digital tokens directly on Bitcoin. This expands the Utility of Bitcoin. It also creates significant competition among the users.
The new introduction of Runes could change Bitcoin a lot. Runes lets people make different kinds of tokens, which could bring more developers and users to Bitcoin. This might mean more money for miners because of higher transaction fees.
Also, launching Runes at the time of the Bitcoin halving is a clever move by Bitcoin. The halving event makes it harder for miners to earn rewards, but it also usually leads to more transactions and fees. Runes could help with this by making it easier to use tokens. This could reduce the load on the main Bitcoin network.
In short, Runes could manage the tokens effectively and efficiently. This would help Bitcoin stand strongly during changes like the halving. It works closely with Bitcoin and fits well with things like the Lightning Network, which could make it even more important for Bitcoin's future. People are excited to see how Runes will affect the top cryptocurrency.
According to Coin Gabbar, Bitcoin Runes can benefit the Bitcoin Network in the long run. The adaption of Runes will positively impact the network as the block height reaches 840000. This upsurges the BTC transaction fee. The Artificial pressure on the BTC block is made through Minting (an additional load on the BTC network by token creation), maintains the standard of Bitcoin Runes and help in attracting developers to Bitcoin.
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