Would you like to exchange Bitcoin for runes via command line interface? For some people, setting up a Bitcoin node to verify transactions and keep records of network activity causes confusion and fear.
For others, technical efforts may be just the thing. Bitcoin-based fungible token (e.g. meme coins) opens the floodgates to new assets on the network.
“A lot of people are very afraid of running a Bitcoin node,” said Trevor Owens, general partner at Bitcoin Frontier Fund and CEO of Ninjalerts. decryption. “In reality, running a Bitcoin node is about as difficult as downloading her season of ‘How I Met Your Mother’ using BitTorrent.”
After launching the NFT-like Ordinals protocol last year, Bitcoin developer Casey Rodarmor proposed Runes as a framework for creating fungible tokens on Bitcoin. last september.
However, the launch of Runes is expected to coincide with Bitcoin’s halving later this week. 4/20—Because the rate at which new Bitcoins are created is halved over that period. Pre-programmed events.
Some NFT marketplaces, such as multi-chain Magic Eden, already support Bitcoin-based tokens, including: BRC-20 And then Rune support ready. However, Owens said that due to fears of bugs or delays in various marketplaces, Ninjalerts has guided dozens of community members to set up their own Bitcoin nodes. Essentially, this is a precaution against potentially embarrassing situations.
“They’re going to go to hundreds of thousands of people who are frantically refreshing their websites,” Owens said of the NFT marketplace. “And there’s no promise that everything will go perfectly.”
Currently, five paid teachers and one volunteer sit on Ninjalerts’ Discord server, guiding people through node setup on a daily basis, Owens said. The sessions, conducted in English and Chinese, have so far attracted about 75 members of the Ninjalerts Discord server, he added.
The move to set up private Bitcoin nodes in preparation for the launch of Runes signals an alignment of values between the cryptocurrency’s so-called degens and the need to preserve Bitcoin’s security, said Tomas Skandera, a developer and self-proclaimed liberal maximalist. . decryption. In theory, the more nodes a Bitcoin network has, the more resilient it becomes.
Go ahead and set up a Bitcoin node
— Frank (@frankdegods) April 7, 2024
“More nodes means victory,” Skandera said. “Freedom rises.”
Security implications aside, Franklin Templeton Digital Assets said in a report published Monday that the launch of Runes could be beneficial for Bitcoin.close the gap” This is the case between Solana and other networks such as Ethereum, which makes it a hotbed for meme coins.
‘Let’s become a developer’
Data from Bitcoin shows that over the past 90 days, the number of nodes monitoring the Bitcoin network has increased by 15% to approximately 18,600. bitnode. Nonetheless, Bitcoin’s helping hand is not limited to the Ninjalerts or Ordinals communities.
For those intrepid Ordinals fans who don’t want to wade through the technical documentation themselves, there are also a few guides on YouTube. one explainerFor example, we dive deeper into how unspent transaction outputs (or UTXOs) affect your rune generation ability, while other articles walk viewers through the process of generating runes on a computer. terminal window.
As YouTuber pazNGMI explains, Runes is unique compared to other types of Bitcoin-based meme coins, such as BRC-20, because the Runes protocol utilizes UTXOs to create new transactions. UTXOs are effectively digital pockets where excess Bitcoin from transactions are stored, and cryptocurrency users looking to acquire runes can submit one mint per UTXO in their wallet.
“How much should I spend per transaction? The answer is ‘I don’t know.’” pazNGMI estimated that Runes transactions could cost users between $90 and $130 worth of Bitcoin.
Owens said that in addition to helping people set up nodes, Ninjalerts next plans to teach community members about Maximum Extractable Value, or MEV bots.
There are similar tools In the past, BRC-20 was suppressed., they can also “sniper” trades to the trader’s advantage. By paying higher fees, bots are more likely to have your transactions processed faster. For example, this allows you to move up the list and create new rune tokens before they are all taken away.
“We wanted to teach them how to write these simple types of scripts,” Owens said. “Not everyone in the world can be a developer, but I think the majority of people can be developers.”
Editor: Andrew Hayward