An in-depth analysis of Runestone, can it become the next DOGE?
An in-depth analysis of Runestone, can it become the next DOGE?
Runestone is currently the largest Ordinals airdrop event, with the current floor price on the OKX NFT market being 0.0385 BTC. The market is wildly chasing Runestone, but we don’t know the relationship between it and the Runes protocol. Therefore, the author has sorted out the most easy-to-understand articles about Runesstone.
Before understanding the enthusiasm for Runestone, you need to first understand what the Runes protocol is. The Runes protocol, originated from Ordinals founder Casey Rodarmor, aims to introduce a new type of asset on the Bitcoin network - runes. As an improved version of BRC-20, this protocol is committed to solving the efficiency and operational complexity issues caused by its reliance on inscriptions, and proposes a more concise and efficient Bitcoin asset issuance and management framework. In Casey's words, Runes does not issue "junk" coins, it just provides a place to issue "junk" coins. The core of the protocol is based on #UTXO and has a very simple design.
The Runes protocol has excellent compatibility and scalability and can be seamlessly integrated with Bitcoin's UTXO model and second-layer protocols based on it such as Lightning Network and CKB. Compared with other homogeneous token protocols such as BRC-20, Runes significantly improves operation efficiency and user experience through simplified transaction processes and token balance management directly tied to UTXO.
The Runes protocol has many technical improvements and optimizations, but readers do not need to delve into the technical details. They only need to know that the Runes protocol is a new Bitcoin asset issuance protocol.
The Runes protocol will be released in conjunction with the Bitcoin halving, expected to be released at block height 840,000, which is approximately late April. Since the generation time of each Bitcoin block is not fixed, there will be some deviations in the specific time.
Runestone
The initiator of Runestone is Leonidas, an early Ordinals player. The Runestone project is an open source, transparent, spontaneous and decentralized initiative designed to reward players who participated in the first year of the Ordinals protocol.
The Runestone project is based on the Ordinals protocol and was designed as a pre-Runes project. This means that once Casey Rodarmor’s Runes protocol is released, those participating in the Runestone airdrop will be able to convert it into Runes tokens.
Although Runestone currently has no direct application scenarios, its wide distribution range and community culture have attracted widespread attention from the community. Addresses eligible for the Runestone airdrop campaign need to have their inscription in block 826,600. The specific rules are as follows:
Have at least 3 inscriptions
Excludes inscriptions whose file types begin with "text/plain" or "application/json" (such as the "text/plain;charset=utf-8" inscription)
Contains cursed inscriptions that can be retrieved by ordinal number
Runestones places great emphasis on the fairness of airdrops, so its airdrop distribution is very fair and reasonable. Fair delivery means equal distribution, and as long as there are more than three, one airdrop will be given. The Runestone Whale will not appear due to holding too many inscriptions.
Runestone Prospects Expectations
The Runes protocol is about to replace the Ordinals protocol and will be launched at the time of the Bitcoin halving. As Runestone is the first officially certified MEME token of the upcoming Runes protocol, the market and community have high expectations for its price. ORDI, the first officially certified MEME token in the era of Ordinals, currently has a market value of US$1.5 billion. Therefore, the Bitcoin Inscription community has high hopes for Runestone to surpass ORDI and reach the market value of DOGE.
Runestone is an early builder of Runes and is by far the largest user group. It will occupy the largest market share in this track. After Runestone is replaced with tokens, the goal is to be the first Runes meme and benchmark the market value of several existing memes. , Doge US$28 billion, Shib US$25 billion, and PEPE US$3.3 billion. The market value of Runestone is approximately US$300 million based on the current over-the-counter price, which means there is huge room for imagination.
Although Runes is still in its early stages of release, the widespread attention and discussion it has attracted in the cryptocurrency community has proven its innovativeness and application value. Through a simplified UTXO model and an efficient token transfer mechanism, the Runes protocol not only brings new vitality to the Bitcoin network, but also opens up new possibilities for the diversified development and technological innovation of the Bitcoin ecosystem.
