TL; DR
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Thanks to the ‘Rune’ protocol, you can now create tokens on top of Bitcoin, without burdening the network.
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Won’t this flood the Bitcoin network with meme coins? Yes! And with that it will come significant revenue from transaction fees, developer attention and new users of Bitcoin.
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It has attracted the same functionality millions of users/developers to Ethereum over the past seven years.
Full story
Do you know how to create your own crypto token using the Ethereum network?
(Seriously, it is quite scary how easy is it).
Yes, now someone (Casey Rodarmor) has brought the same functionality to Bitcoin.
(If that name sounds familiar, Casey is also the creator of Bitcoin Ordinals, also known as Bitcoin NFTs).
So why is he doing this? Won’t this flood the Bitcoin network with scammers?
Well, that’s probably the case. Actually, that’s half of the whole story…
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 come in significant revenue from transaction fees, developer attention and new users of Bitcoin.
(It’s the same functionality that’s been put on millions of users/developers to Ethereum over the past seven 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 lot of network congestion over the past nine months.
But Casey’s version (what he calls the ‘Rune’ protocol) does it all without clogging the Bitcoin network.
It’s like he’s saying, “Hey, if we’re going to do this, let’s do it right.”
And while meme coins don’t excite us, we like that approach.