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

Episode • Apr 19, 2024 • 42m

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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

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

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