Ordinals creator Casey Rodarmor has proposed Runes, a new, UTXO-based fungible token alternative to the BRC-20 token standard.
“If this protocol had a small on-chain footprint and encouraged responsible UTXO management, it might serve as harm reduction compared to existing protocols,” Rodarmor added.
UTXOs represent the amount of cryptocurrency left in a wallet following a completed transaction, where the balance is used in subsequent transactions and is stored in the UTXO database.plays a role in making Bitcoin an auditable and transparent ledger by preventing the double spending problem. Rodarmor said other fungible token protocols on Bitcoin, such as Really Good for Bitcoin, Counterparty and Omni LayerRodarmor’s problems with existing fungible token protocols on Bitcoin: Source: Casey Rodarmor.
While Rodarmor admitted 99.9% of fungible tokens are filled with scams and memes, he believes the right fungible token protocol can add value to the Bitcoin network: “Creating a good fungible token protocol for Bitcoin might bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.”
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