Ordinals Creator Introduces Alternative to BRC-20 Standard

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Casey Rodarmor, the creator of Ordinals, has stated that a new standard for fungible Runes tokens would not result in as much unwanted clutter on the Bitcoin network as BRC-20 did.

This experimental standard was introduced in March 2023 by a developer using the pseudonym domo, and within a month, it had led to the creation of over $1 billion worth of assets.

The use of BRC-20 for issuing and sending fungible tokens through the Ordinals protocol has resulted in the undesired consequences of an increase in UTXO (unspent transaction outputs) proliferation, according to Rodarmor.

This issue can be avoided by using UTXO-based protocols, which seamlessly integrate with the Bitcoin blockchain while minimizing the generation of unnecessary transactions.

Although Rodarmor acknowledged that the majority of fungible tokens are memes and scams, he believes that implementing the right standard can add value to the network.

In the case of Runes, balances are held in UTXO, and each UTXO can hold any number of Runes.