Runes, the new standard on Bitcoin

Published on 27 April 2024

One of the innovations of 2024 in terms of cryptocurrencies has been the arrival of Runes.

This is a new protocol in Bitcoin that allows the creation of fungible tokens.

In this way, it is possible to expand the possibilities of the Bitcoin network with new variants. Everything from stablecoins to memecoins or other tokens can be created easily and quickly.

This new functionality does not alter the Bitcoin network, but rather adds possibilities.

This new standard was created by Casey Rodarmor, the same developer who some time ago created the theory of Ordinals, also under the Bitcoin network.

Runes and UTXO

The new Runes operate based on UTXO, which are the initials of Unspent Transaction Output.

Every time a payment is received in a Bitcoin wallet, an unspent transaction (UTXO) is created. By adding all the UTXOs, the total balance of the Bitcoin wallet is obtained.

 

Runes and Bitcoin halving

The Runes began operating from bitcoin block 840,000, that is, in coincidence with the halving of the Bitcoin network on April 19, 2024

Runes wallets

To operate with Runes it is necessary to have a wallet compatible with this new standard installed.
Among the wallets available for Runes are Unisat Wallet and Ordinals Wallet.

Published on 27 April 2024