In this episode, I'll break down the basics of Ordinals, Runes, BRC-20, Inscriptions, and RuneStone
Let’s meet the people behind the new Bitcoin ecosystem.
Casey Rodarmor, Creator, Artist, Developer, and founder of Ordinals and Runes protocol. Domo, the developer who developed the BRC-20 token standard. Leonidas, builder, host, influencer. Leo Caillard, artist, sculptor, and creator of Runestone.
Comparisons with Ordinals and Runes
Ordinals launched on Bitcoin mainnet by developer Casey Rodarmor on January 20, 2023
Ordinals protocol allows for data written directly to each Satoshi, according to the definition on Chainlink, Ordinals are means of creating Bitcoin NFTs by attaching data such as images, videos, and more to an individual Satoshi on the base Bitcoin blockchain.
Runes Protocol launched on April 2024. Both the Ordinals protocol and Runes protocol are developed by Casey Rodarmor. Runes were built for degens and memecoins, but the protocol is simple, efficient, and secure. It is a legitimate competitor to Taproot Assets and RGB. The protocol is self-contained and has no dependencies on ordinals or inscriptions, making it extremely simple. ( Casey Rodarmor )
Runes is a new protocol for fungible tokens on Bitcoin after Ordinals. Think of Runes like US dollars. They're based on UTXO (Unspent transaction outputs), which are akin to pouches in which you can store one or more tokens, much like a kangaroo's pouch or a wallet. Runes protocol is lighting compatible, which means it accelerates the transaction.
Inscriptions, on the other hand, are NFTs ( Non-Fungible Tokens like digital art, trading cards, and collectibles ). Casey Rodarmor describes “Inscriptions” are like diamonds, each diamond with unique characteristics such as color, size, clarity, and cut.
While BRC-20 tokens use the foundational technology behind Bitcoin Ordinals, they're not quite the same thing. Technically speaking, BRC-20 tokens are Ordinals because they're created by inscribing data to individual Satoshi, ( the smallest amount of Bitcoin )
BRC 20 tokens standard was launched by anonymous developer Domo on March 9, 2023. BRC-20 tokens embed JSON data into ordinal inscriptions to enable users to deploy, mint, and transfer tokens.
The first BRC-20 tokens created contained the following JSON data defining the token’s name, a limit of 1,000 tokens per mint, and a maximum number of 21 million tokens:
Leonidas is the builder, marketer, and influencer of Runestone NFTs. On February 20, Leonidas airdropped Runestone NFTs to reward the year one Ordinals community. 112,383 addresses that held 3 non-text inscriptions in their wallet will receive a Runestone, plus a Rune meme token to the Runestone holders, however, the Rune meme tokens have no partnership or add-on value yet, according to the X announcement from The Ordinal.
Leonidas collaborated with the artist, and sculptor, Leo Caillard.
Leo Caillard is the top 20 contemporary artists worldwide according to ArtPrice. His exhibitions at prestigious art shows like Art Basel and Frieze.
Leo Caillard gifted the Runestone creative license to the Ordinals community and released it under the CC0 license, enabling other creators to utilize it freely as a public domain asset to foster and enrich the Ordinals community.
Read more:
Explain: Runes, Runestone, Casey Rodarmor, Leonidas and Leo Caillard
https://medium.com/@dubwoman/explain-runes-runestone-casey-rodarmor-leonidas-and-leo-caillard-5b48b2bef241
References:
What Are Ordinals? Bitcoin NFTs Explained
https://chain.link/education-hub/ordinals-bitcoin-nfts
What Is a BRC-20 Token
https://chain.link/education-hub/brc-20-token
CASEY RODARMOR ANNOUNCES RUNE 0 (AND MORE?!)
https://youtu.be/ysoxbnqiCgQ?feature=shared
Understanding ORDI: Exploring Bitcoin's First BRC-20 Token - CoinMarketCap
https://youtu.be/hqyoaAWlRAM?feature=shared
A New Era In Bitcoin | Runes Protocol