TL;DR
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You can now create tokens on top of Bitcoin, without congesting the network, thanks to the ‘Rune’ protocol.
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Won’t this flood the Bitcoin network with meme coins?? Yep! And along with it will come significant transaction fee revenue, developer attention, and new users to Bitcoin.
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Its the same functionality has attracted millions of users/developers to Ethereum over the past 7 or so years.
Full Story
You know how you can create your own crypto token using the Ethereum network?
(Seriously, it’s kinda scary how easy it is).
Yeah, well, now someone (Casey Rodarmor) has brought that same functionality to Bitcoin.
(If that name sounds familiar, Casey is also the creator of Bitcoin Ordinals, aka Bitcoin NFTs).
So why is he doing this? Won’t this flood the Bitcoin network with scammy meme coins??
Well, yeah – it probably will. In fact, that’s half the point of it all…
See, Casey thinks “fungible tokens are 99.9% scams and memes.” (Translation: “Most cryptocurrencies outside of Bitcoin are scams”).
…but Casey also understands that this new functionality has the power to bring in significant transaction fee revenue, developer attention, and new users to Bitcoin.
(Its the same functionality has attracted millions of users/developers to Ethereum over the past 7 or so years).
So after careful consideration, he essentially decided to fight fire with fire…
Or in this case, Ethereum-based meme coins with Bitcoin-based meme coins.
Now, here’s the twist:
The ability to create Bitcon-based tokens already exists, thanks to the ‘BRC-20 protocol,’ which has caused a bunch of network congestion over the past nine or so months.
But Casey’s version (what he’s calling the ‘Rune’ protocol) does it all without clogging the Bitcoin network.
It’s like he’s saying, “Hey, if we’re gonna do this, let’s do it right.”
And while meme coins don’t excite us, we like that approach.
