Casey Rodarmor, the creator of the Bitcoin Ordinals protocol, urged a UTXO-primarily primarily based fungible Bitcoin token protocol that might perhaps perchance be a “more straightforward” different to advanced modern requirements love BRC-20.

In a weblog post on Monday, Rodarmor proposed the contemporary protocol, dubbed “Runes,” as a system to doubtlessly bring well-known transaction price earnings, developer mindshare, and customers to Bitcoin.

“I’m no longer definite rising a brand contemporary fungible token protocol for Bitcoin is a vivid idea. Fungible tokens are ninety nine.9% scams and memes. Nonetheless, they don’t appear to be going away any time soon, resembling the contrivance in which by which casinos don’t appear to be going away any time soon,” acknowledged Rodarmor.

A more straightforward mannequin that leaves a smaller on-chain footprint might perhaps perchance very neatly be a system to gash the hurt from modern protocols, he acknowledged.

Rune balances will seemingly be held by UTXOs that can have any amount of any sequence of runes. Runes to input transactions with an invalid protocol message will seemingly be burned, taking into consideration future upgrades that can change how they are assigned or created by historical purchasers that erroneously set apart rune balances.

UTXOs, or “unspent transaction output”, is the technical term that refers again to the amount of crypto left in a wallet after a performed transaction, where the stability is frail in subsequent transactions and is saved in the UTXO database. Truly, the UTXO mannequin is frail to notice ownership of all portions of that particular cryptocurrency.

“Must the kind of facet exist? I don’t know. It’s about as straightforward as likely, does no longer depend on off-chain recordsdata, does no longer have a native token, and fits neatly into Bitcoin’s native UTXO mannequin,” explained Rodarmor.

“Such a design might perhaps perchance procedure customers from varied schemes with worse on-chain footprints, and bring developer and user mindshare to Bitcoin, encouraging them to undertake Bitcoin itself.”