English
Tiếng Việt
1. What is Runestone?
Runestone is a significant advancement in the NFT sector, utilizing the Ordinals protocol on the Bitcoin blockchain. Developed by @LeodinasNFT, an expert in NFTs, and supported by Casey Rodarmor, the creator of Bitcoin Ordinals, Runestone has emerged as a notable project within the NFT community.
One of the project's major accomplishments is the inscription of an original NFT on block 832,947 of the Bitcoin blockchain, the largest block to date with a size of approximately 3.991 MB. This achievement marks a significant milestone in Bitcoin's history. Additionally, the Runestone project includes a total of 112,384 NFTs, comprising:
- The original NFT
- 112,383 NFTs created through a delegation process
With a size of approximately 3.967 MB, Runestone is also one of the largest inscription projects on the Bitcoin blockchain, establishing a reliable platform for the creation and management of NFTs.
2. Development Mechanism of Runestone NFTs on the Bitcoin Blockchain
The Runestone NFT project uses a unique development mechanism based on the delegation feature of the Ordinals protocol on the Bitcoin blockchain. Instead of generating numerous copies of the original NFT, this delegation technology facilitates the distribution of access or interaction rights with the main NFT through a large number of smaller inscriptions. These inscriptions are not simple replicas; they are delegated entities, each containing a small portion of data or a reference to the original NFT.
Runestone has listed approximately 1,400 NFTs for sale on Magic Eden, creating 112,383 smaller inscriptions, each linked to a fragment of the original NFT. This approach ensures that the original NFT remains unique while enabling broader access and interaction through the delegated inscriptions.
The project achieved significant success by auctioning a Runestone NFT on Scarce.city for 8 BTC. As a community-driven initiative, all proceeds from this auction are allocated to cover the costs of the Rune token airdrop, planned to occur after the Bitcoin halving. This strategy underscores Runestone's commitment to community development and support.
3. Highlights of Runestone
Launch Based on Runes Protocol
The Runestone NFT project operates under the Runes Protocol, developed by Casey Rodarmor to address issues related to the BRC-20 token standard. The BRC-20 standard facilitates the creation of NFT collections on the Bitcoin blockchain but encounters significant challenges due to the excess of unspent transaction outputs (UTXOs).
On the Bitcoin blockchain, each transaction can generate one or more UTXOs, with each UTXO representing an amount of Bitcoin that has not yet been spent. In the BRC-20 standard, each NFT or inscription requires its own UTXO, leading to a substantial increase in the number of UTXOs on the network.
To address this issue, Casey Rodarmor developed the Rune Protocol. The Rune Protocol allows each token or NFT to be linked to a single UTXO, enabling one UTXO to contain multiple tokens without causing redundancy. This innovation makes token management on Bitcoin more efficient, reducing complexity and saving storage space.
Distribution of NFTs via Airdrop
The Runestone NFTs were distributed via an airdrop to 112,383 different addresses, provided these addresses held at least three inscriptions. This method not only recognizes active community participation but also encourages collaborative growth.
According to @LeonidasNFT, rewarding the earliest wallets active on Ordinals is a fitting way to honor their early support and commitment to the project.
Opportunity to Receive Runes Token Airdrop
A key factor attracting user interest to the project is the opportunity to participate in appealing airdrop programs, not only from Runestone but also from other promising new projects within the ecosystem. The airdrop strategy reflects the spirit of fairness and decentralization, principles that Bitcoin has always championed.
4. The Relationship Between Runestone and Rune Protocol
Runestone and Rune Protocol, despite their similar names, embody distinct entities within the Bitcoin blockchain ecosystem, offering unique potentials and opportunities.
Runestone: A Novel NFT Initiative
Runestone stands as an NFT venture employing the Ordinals protocol on the Bitcoin blockchain, aimed at crafting more transparent and accessible NFT collections. Spearheaded by @LeodinasNFT, Runestone not only amalgamates art and technology but also symbolizes progression in the Bitcoin NFT domain. Each Runestone NFT constitutes a singular piece of digital artwork, engraved on Bitcoin's largest block, setting a precedent and sparking enthusiasm within the blockchain community.
Rune Protocol: Enhancing Bitcoin's Scope
Rune Protocol serves as a nascent protocol within the Bitcoin network, conceptualized by Casey Rodarmor, the originator of Ordinals. Unveiled around the time of the Bitcoin Halving event, Rune Protocol signifies a notable stride in broadening Bitcoin's functionalities and cultivating a more diversified token ecosystem. Through Rune Protocol, Runestone holders are entitled to memecoin airdrops under this innovative standard, ushering in fresh opportunities and fostering community involvement.
Symbiosis Between Runestone and Rune Protocol
The fusion of Runestone and Rune Protocol presents a distinctive prospect for users to engage with both facets of the Bitcoin blockchain ecosystem. Bolstered by the ingenuity and commitment of developers and the community alike, this endeavor is gradually asserting its stance within the blockchain and NFT sectors.
5. Founder of Runestone
LeonidasNFT is the initiator of Runestone and ORDI, and also leads The Ordinal Show podcast, where significant events and issues in the Ordinals market are discussed.
With a close connection to Casey Rodarmor - the creator of the Bitcoin Ordinals protocol, LeonidasNFT holds a pivotal role in the Ordinals community. Many experts speculate that the Rune Protocol standard introduced by Rodarmor could emerge as a noteworthy trend in the blockchain market, presenting fresh opportunities for the Bitcoin ecosystem.
LeonidasNFT promptly recognized the potential of Rune by deciding to distribute it to those who possess at least three memecoins under the Rune standard. This action substantially boosted the value of Runestone, with prices reaching up to 0.08 BTC (approximately 5,000 USD per Runestone), while also elevating Runestone's prominence among highly sought-after keywords in the community.
6. Tokenomics
Users can engage in Runestone trading on OKX and Magic Eden, two prominent exchanges in the blockchain community. This collection consistently maintains its position as the top seller on both platforms.
On Magic Eden, the minimum price of Runestone ranges from 0.018 BTC to a peak of 0.095 BTC. The aggregate trading volume of Runestone hits 3,014 BTC, equivalent to around 200 million USD. Currently, there are over 75.6 thousand Runestone holders.
Data sourced from Coingecko reveals that the market capitalization of Runestone presently stands at 2,040 BTC. According to PANews, the market capitalization of Runestone has previously surged to 415 million USD, surpassing Pudgy Penguins' 315 million USD and ranking fourth in the NFT market capitalization list.
The project has also achieved success by auctioning off NFT #63140674 from the Runestone collection for 8 BTC, marking it as one of the highest-priced NFTs on the market.
7. Conclusion
The Runestone NFT collection is more than just a digital art project; it represents innovation and pioneering efforts in the blockchain field. Led by founder @LeodinasNFT and supported by the community, Runestone has cultivated a passionate and enthusiastic following. Its success goes beyond mere numbers, reflecting its influence and broader perspective on how blockchain and NFTs can transform our engagement with art and digital assets. With its progressive outlook, Runestone is poised to remain a source of inspiration and a prominent figure in the blockchain and NFT communities in the coming times.
Readmore:
