RUNE PROTOCOL LAUNCH: ACTIVITIES AFTER BITCOIN HALVING

Previously, Bitcoin (BTC) was the sole known token on the Bitcoin network, with a simple programming language that did not allow for the issuance of other types of tokens. However, with the emergence of Ordinals, the door for the development of alternative token types was opened, leading to the birth of many new protocols in 2023, including BRC-20, ARC-20, ORC-20, ORC-CASH, SRC-20, along with older solutions such as RGB, Counterparty, Omni Layer, and Taproot Assets. BRC-20 operates based on the Ordinals protocol, where each transaction creates new UTXOs to record its balances. As the number of BRC-20 tokens and transactions increases, the number of UTXOs also increases, leading to spam on the Bitcoin network. Furthermore, BRC-20 token data is stored in the Witness Data instead of in UTXOs, causing expensive network costs when participating in rewards on the Bitcoin network. Recognizing these limitations, the founder of Ordinals sought to address them by developing an entirely new protocol for alternative tokens, aiming to optimize fragmentation within the system, leading to the birth of the Runes Protocol. Reference: AZCnews. Their write-up sparked my curiosity.