Ordinals creator proposes an alternative to the BRC-20 standard

The new standard of interchangeable tokens Runes would not leave so much ‘garbage’ in the Bitcoin network as happened with BRC-20. About this заявил creator of Ordinals Casey Rodarmor.

In March 2023, a developer going by the pseudonym domo introduced BRC-20 — an experimental standard of interchangeable tokens for the Bitcoin blockchain. A month later capitalization of assets created on its basis surpassed $1 billion.

BRC-20 allows issuing and sending interchangeable tokens under the Ordinals protocol, provoking “unwanted consequences of the spread of UTXO“, said Rodarmor.

«UTXO-based protocols fit organically into the Bitcoin blockchain, helping minimise the growth of unspent transactions and avoiding the creation of their ‘garbage’ analogues», — explained the expert.

Rodarmor admitted that 99.9% of interchangeable tokens are memes and scams. “The right standard” could increase the network’s value, the developer noted.

According to the blog, Runes balances reside in the UTXO. The UTXO can contain any amount of Runes.

«There will be substantial revenue from transaction fees, exchange of ideas among developers, and an influx of new users», — predicted the expert.

In an interview with The Ordinals Show, Rodarmor doubted the desire to develop this concept. In response, the podcast host offered $100,000 from Bitcoin Frontier to potential developers who could implement the ideas underlying Rune.

Open $100k investment offer in upcoming @BTCFrontierFund accelerator for first team who can get a working (not terrible) Rune indexer, issuance and/or transfer app, up live and running

Don’t make the tickers required to be unique, will be a shit show

DM me. Serious offer. pic.twitter.com/6W0IwlhB9x

— trevor.btc (@TO) September 26, 2023

By the end of August the share of Bitcoin-NFT related transactions in the network reached 85%. In September Ordinals and BRC-20 filled blocks of the digital gold blockchain up to 100%.

Since the protocol launch, 34.7 million inscriptions have been created, totaling 12.9 GB. Miners have earned 1307 BTC in fees.

In May, Bitcoin Core developer Luke Dash Jr proposed implementing a ‘spam filter’ for BRC-20 and Ordinals tokens due to their negative impact on the network.

Ethereum co-founder Vitalik Buterin, on the contrary, supported the protocol for launching Bitcoin-NFT, calling its appearance a return to the ‘culture of creators’ in the blockchain of the first cryptocurrency.

Recently, ForkLog reported that the mempool of the Bitcoin network began counting around 393 000 unconfirmed transactions. The reason — Ordinals.