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Bitcoin halving has come and gone, and along with the milestone the new Runes token protocol has been launched on the Bitcoin network. According to Ordinals and Runes launchpad Luminex, the Runes protocol has seen more than 8,000 “etches” (the preferred term for the distribution of Runes tokens) created on the Bitcoin blockchain since its launch on April 20.
One trend that quickly emerged among these new digital assets was long, unusually formatted names. A quick browse through the initial categories on exchanges like Magic Eden reveals tokens with labels like “SYMPATHETIC·PARAMUTUALISM” and “WANKO·MANKO·RUNES.”
Why are the names long?
The rune’s name, which is usually written in all capital letters, may seem odd, but its creators say there’s a good reason for it. To prevent so-called name splitting, a minimum name length is built into the Runes protocol. Name occupancy, domain occupancy, or cyber occupancy generally involves registering a name that others recognize as a brand or trademark with the intention of profiting from its recognized value.
“(The name requirement) started out long and then got shortened,” said Brian Laughlan, co-founder of OrdinalsBot. decryption. “It’s very strange, but it also means that no one will be able to catch ‘PEPSI’ on the first day.”
However, these restrictions did not stop someone from carving the runes THE·NEW·YORK·TIMES. Without any obvious connection to the Gray Woman.
Protocol rules reduce the minimum number of characters by one character every 17,500 blocks, creating an increasingly dynamic naming environment.
According to Casey Rodarmor’s Ordinal Theory Handbook, rune names should be between 1 and 28 characters long, using the letters A through Z. That is, a name meaning ‘UNCOMMON·GOODS’ must be unique regardless of spaces. and ‘UNCOMMONGOODS’ are considered equivalent. Additionally, runes cannot be engraved in the same letter order as existing runes, even if the spacing is different.
“The runes come into existence through etching,” the document explains. “Etching creates a rune and sets its properties. Once set, these properties cannot be changed, even in Etcher.”
Bitcoin Ordinals developer Casey Rodarmor announced the Runes protocol last September, declaring that it would be the path to a fungible token on the No. 1 blockchain by market capitalization. Loon is intended to address many of the issues associated with last year’s BRC-20 token standard, including wasted block space, he said.
Casual onlookers may see Loon and BRC-20 tokens as the same, but Ken Liao, CEO of Bitcoin Wallet, Xverse, He said the differences will become clearer over time.
“One of the things people have said is that Loon has the same problems as BRC-20 when it comes to transactions,” Liao said. decryption. “But that’s because we’re basically day one (and) most of the rune marketplaces have copied and pasted from the BRC-20 integration. I think we will start to see improvements in the coming weeks.”
Edited by Ryan Ozawa.
