Bitcoin’s fourth halving event has come and gone, and the expectation is that a bull market will follow. Therefore, the stage is now set for one of the most awaited innovations of 2024 – the Runes protocol. It has been described as the second season of Bitcoin (BTC) and is set to bring even more traffic and liquidity to the world’s largest blockchain.
The Runes Protocol – Fungible Tokens On The Bitcoin Blockchain
The Runes token standard was introduced in September 2023 by Casey Rodarmor, who also designed the Bitcoin (BTC) ordinals protocol. It was created to improve the inefficiencies of the ordinals protocol by eliminating excess unspent transaction outputs (UTXOs) and reducing congestion on the Bitcoin blockchain.
While the ordinals protocol allowed people to place files on Bitcoin (BTC) as non-fungible tokens (NFTs), the Runes standard, which is programmed to go live immediately after the Bitcoin (BTC)…
