Bitcoin Ordinals Creator Unveils ‘Rune’ Documentation, Here’s What You Need to Know
Runes’ functionality is based on the concept of runestones, which are protocol messages saved in Bitcoin transaction outputs.
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Bitcoin is the pioneer of the cryptocurrency concept, as it’s the first decentralized digital currency introduced back in 2009. The creator of BTC and underlying blockchain technology is mysterious Satoshi Nakamoto, whose true identity hasn’t been discovered yet, despite quite a lot of people claimed they had created Bitcoin. BTC opened up the new industry of peer-to-peer crypto coins, which has been actively evolving since then.
Bitcoin is built on the distributed ledger technology or blockchain. In other words, each Bitcoin transaction that has ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Managing these transactions and the issuing of Bitcoins is carried out collectively by the network. This is possible due to peer-to-peer (P2P) technology that eliminates the need for a central authority or any intermediaries, like banks.
Bitcoins are elementally made through the process of mining, which is performed by high-powered computers that solve complex computational math problems. In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this number of bitcoins, the supply will be exhausted.
The list of BTC use cases is unlimited. It can be used for payment transactions, as a store of value, as collateral, and much more. Bitcoin has a huge lead over the hundreds of other digital currencies, it is revolutionizing and challenging the traditional finance systems.
Runes’ functionality is based on the concept of runestones, which are protocol messages saved in Bitcoin transaction outputs.
Hougan’s bullish prediction is based on Bitcoin’s impressive growth of nearly 300% over the past 15 months.
Major institutional investors, such as BlackRock and ARK 21Shares, have invested $323 million and $200 million, respectively, signaling their confidence in BTC Exchange-Traded Funds (ETFs)
Ethereum’s memory segments, known as “blobs”, are encountering storage issues due to excessive text or image storage, termed “Blobscriptions”. A staggering 40% of the blobs are currently occupied by inscriptions.
The report shows that the Singapore investors involved in cryptocurrency are becoming more clear and confident about their investment strategies.