At the time of the Bitcoin halving, Runes will go live. What’s the hype about, how does it work, and how might it impact the miners?
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Not only will April 20 (or 19, depending on which part of the world you are) mark the fourth Bitcoin halving, but also the launch of a new primitive on Bitcoin called Runes Protocol.
Charlie Spears, co-founder of Blockspace Media, joined Unchained to talk about all things Runes, which is a messaging protocol that allows for the creation of fungible tokens on Bitcoin. It is designed to fix some of the issues with the BRC-20 token standard, such as inefficiency and proliferation of unspent transaction outputs. Charlie believes that the launch of Runes will increase demand for Bitcoin's blockspace and potentially lead to higher transaction fees. He also discusses the potential for Runes to interact with Bitcoin covenants and layer two solutions.
Show highlights:
🔹 What Runes is and why Charlie believes that it is the hottest thing since Ordinals
🔹 The differences between Runes and BRC-20 fungible tokens
🔹 Runes’ unique features, with Charlie pointing out that this is “what the degens really want”
🔹 Whether the Runes Protocol will create a “burst of demand” and have a positive impact on miners
🔹 Whether the launch of Runes will be successful in the long-term and how Bitcoin’s blockspace could become more attractive
🔹 Whether Bitcoin L2s will help clear Bitcoin’s mempool, and why Charlie believes that they won’t reduce fee pressure on the base layer
🔹 The coolest things that Runes Protocol will enable, according to Charlie
🔹 How Taproot Assets and RGB differ from Runes and why they have not taken off
🔹 Why Casey, the founder of Runes, will claim the first inscription with Uncommon Goods
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Guest
⭐️Charlie Spears, cofounder of Blockspace Media
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Time Stamps:
00:00 Introduction
01:34 Why Charlie sees Runes as groundbreaking
05:58 Differences between Runes and BRC-20s
10:04 Unique features of Runes that appeal to enthusiasts
13:04 Potential demand surge and impact on miners from Runes Protocol
16:42 Long-term success prospects of Runes and its effect on Bitcoin’s blockspace
19:58 The role of Bitcoin L2s in clearing the mempool and fee pressures
22:00 Exciting possibilities enabled by Runes Protocol, highlighted by Charlie
25:25 Comparisons between Taproot Assets, RGB, and Runes; reasons for their varied successes
27:29 Why Casey, Runes' founder, seeks the first inscription
30:09 Weekly recap
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#bitcoin #ethereum #crypto #cryptocurrencies
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