April 19, 2024

After the Bitcoin Halving, Will the Runes Protocol Live Up to the Hype? - Ep. 634

42 minutes

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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

Thank you to our sponsors!

iTrustCapital

Polkadot

Guest

Charlie Spears, cofounder of Blockspace MediaLinks

Recent coverage on Unchained of the Bitcoin halving: Arthur Hayes and Will Clemente on How This Bitcoin Halving Is Different

Runes

Unchained: What Are Runes? A Guide to the New Fungible Token Protocol on Bitcoin

Bitcoin Runes Explainer by Charlie Spears

BRC-20s and Ordinals:

Unchained:

What Are BRC-20 Tokens? A Brief Introduction

Bitcoin’s BRC-20 Mania: Is It Sustainable?

How to Create a Bitcoin Ordinal

Bitcoin Ordinal NFTs Are Hot and Getting Hotter. What's the Hype About?

Halving

Unchained:

Bitcoin Halving: What Is It & How Is It Determined?

Here’s Why No One Agrees Exactly When The Bitcoin Halving Will Happen

Bitcoin Miners Diversify Their Revenue Streams as Halving Nears

Bitcoin L2s

Unchained:

Stacks’ Muneeb Ali On Why Bitcoin Is Exciting Once Again

Citrea: An Ethereum-Like Experience Built on Bitcoin?

How Botanix Aims to Enable Smart Contracts on Bitcoin

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By Laura Shin

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