Bitcoin address: bc1pkmpk00tfrklufq68xta0ykh90cytee2wpdv6vy46zmlfge8st0rspd6sxw

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Runes as a simple protocol with minimal on-chain footprint and responsible UTXO management.

UTXOs (Unspent Transaction Outputs) are individual units of Bitcoin value associated with specific addresses on the blockchain, representing funds that have not yet been spent and can be used as inputs in new transactions.

Runes is different from the BRC-20 token standard, which is complex and not UTXO-based. The latter characteristic causes the BRC-20 token standard to produce excessive junk UTXOs, which congest the Bitcoin network.

The goal of Runes is to replace the less efficient Ordinals-based BRC-20 token standard.

Furthermore, the Runes protocol also strives to be better than other existing fungible token protocols on Bitcoin like RGB and Taproot Assets. These options rely on off-chain data.

For instance, Taproot Assets stores the metadata of its assets off-chain, making the asset information detached from Bitcoin’s main layer. On the other hand, options like Omni Layer and Counterparty need a native token to operate. In a nutshell, Rodarmor believes that these issues make these existing protocols cumbersome and less user-friendly.

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Casey Rodarmor, a software engineer, conceptualized the idea of Bitcoin Ordinals, which became a reality due to the implementation of Bitcoin’s ‘Segregated Witness’ and ‘Taproot’ upgrades in 2017 and 2021, respectively.

Segregated Witness upgrade that was enacted in 2017 reorganized transactions by moving the signature data (witness) to the end of the transaction. This change resulted in an effective block size increase. Following that, in 2021, Taproot upgrade brought many improvements to the network, including the ability to create more complicated scripts in the witness section of a transaction. Taproot also removed the size limit for witness data, among other changes. The combination of SegWit and Taproot upgrades made it possible to store significant arbitrary data and made it cheaper than standard transaction data. This set the stage for Inscriptions.

Launched on the mainnet in January 2023, Ordinals allow users to inscribe various types of data, such as JPEG images, on satoshis, creating an Ordinal.

Inscriptions are pieces of arbitrary data and associated metadata in the network. The metadata tells Bitcoin nodes how to display such data, whether it’s an image or text. Inscriptions are similar to Ethereum’s calldata, which is used to store read-only data. Bitcoin’s Taproot upgrade and the Segregated Witness upgrade in 2017 allow for inscriptions as large as 4mb, making them ideal for storing large amounts of data.

The inscriptions are included in the witness data of a Bitcoin transaction, which stores the transaction signatures. Full archival Bitcoin nodes that run the ORD software can decode the inscriptions and view the content.

Ordinals are individual units of satoshis, which are the smallest denomination of Bitcoin. They are labeled and tracked using the concept of Ordinals Theory, which allows users to see when sats were mined and in what order. This methodology provides an interesting way to look at the history of Bitcoin’s supply and to apply rarity traits to individual sats based on various criteria.

The concept of tokenization on the Bitcoin network predated the creation of NFTs on Ethereum. Bitcoin’s first foray into NFT culture began in 2012 with the Colored Coins open-source project. This project introduced a new approach to Bitcoin by attaching real-world assets or services to a set of unspent transaction outputs (UTXOs).

As recent as 2021, the Stacks blockchain launched its own layer 1 blockchain to add NFT and DeFi capabilities to Bitcoin. The Stacks blockchain operates in parallel with Bitcoin’s blockchain, similar to a Bitcoin sidechain. However, the buying and selling of NFTs on Stacks can only be done using the native Stacks token (STX). As a result, some consider referring to Stacks as “Bitcoin NFTs” controversial, as the assets do not exist on the native Bitcoin blockchain and are not transacted using BTC.

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Bitcoin: A Peer-to-Peer Electronic Cash System
Satoshi Nakamoto
www.bitcoin.org
Abstract. A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they'll generate the longest chain and outpace attackers. The
network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.