Learn how Bitcoin's UTXO model and fresh innovations like Ordinals and Runes are setting the crypto world abuzz, revealing new ways to use and secure Bitcoin.
Bitcoin’s recent innovations such as inscriptions and Runes are gradually becoming the focus of the crypto industry's attention. This is because they have been showcasing the different application potential of
has rarely been deeply explored. This is an interesting experiment based on Bitcoin potentials. Bitcoin might not have the smart contract capabilities of Ethereum but the s are strictly distinguished from each other. With each satoshi being stamped every time it transfers, the model is an unavoidable step. Naturally, asset protocols for fungible tokens will also become a new direction. At 8:09 on April 20, 2024, BTC completed its fourth halving at block height 840000, reducing the mining reward for each block from 6.25 BTC to 3.125 BTC. At the same time, Bitcoin Runes were officially launched at block height 840000.
model, and the unique development potential of the Bitcoin L2 ecosystem, Bitcoin not using the familiar account model to represent the flow of Bitcoin transactions remains a challenge. A scenario in point is when a user receives 100 BTC from another user to form a 100 BTC model for state storage that maintains
transfers are implemented by "spending." This involves using the updated data to create a new Cell, and then adding it to the chain—similar to the formation of a new Bitcoin . That is, if Bitcoin's Uniqueness to Foster a Unique Bitcoin Ecosystem? There was a time when Bitcoin's , which seem more interesting and have become a new expectation in the industry.
s through the Ordinals protocol, Nervos CKB, and others. They follow a Bitcoin , which has been embraced by the community and users. Source: domo-2.gitbook.io domo-2.gitbook.io domo-2.gitbook.io model being able to distinguish every satoshi of Bitcoin promises an ecosystem different from Ethereum's. It also differs in the sense that outputs created by Bitcoin transactions are not simply public key addresses but scripts. That is, the BTC in a
mechanism completely records the transfer history of all parts of BTC. The expectation has been further enhanced by the Taproot upgrade which, as the most significant upgrade since the activation of Segregated Witness , aims to improve the Bitcoin network's privacy and efficiency. Taproot’s most notable change is allowing multiple complex signatures to be aggregated and verified collectively rather than separately.
, akin to an etching technique as expressed by the Chinese term "Runes." The Runes protocol deploys token assets’ directly recorded information onto the Bitcoin chain: written into the OP-RETURN field of Bitcoin . It’s like putting and locking the 100 BTC in a box with a key that only the user's private key can unlock. In reality, these 100 BTC may be composed of other locked
’s simplicity and consistency. With CKB, all states are stored in cells while computations are done off-chain, and nodes perform transaction verification to and publish on-chain. Inspired by the Bitcoin . Likewise, each Cell can only be spent once. Unlike Bitcoin's is a box holding a paper ledger, then a Cell is like replacing the paper ledger with an Excel spreadsheet. It's important to note that the Cell model separates the computation and verification of smart contract execution. Computation occurs off-chain, generating new data, which is then verified on-chain by network nodes. In the Cell model, the execution of smart contracts is parallel, i.e.
and Ethereum's ERC20 seemed to have a classical vs. modern difference. That is changing with Ordinals and Runes making asset deployment based on
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