2024-04-27 19:06:54
A developer claims that the Runes protocol might only be created because of a flaw in Bitcoin that arose at design time.
The Rune protocol was created thanks to a flaw in Bitcoin
One of the main developers of Bitcoin, Reviewed by Luke Dashjr the Runes protocol in a post on Friday X. He suggested that the project exploits a fundamental design flaw of the Bitcoin blockchain network.
In his message Dear highlighted the contrasting nature of the inscriptions of the Ordinals and the protocol of the Runes in interactions with the network. He explained that even though Ordinals exploits vulnerabilities in the Bitcoin blockchain, the Runes protocol operates within the existing network design flaws.
Bitcoin NFTs draw widespread criticism following causing congestion
Ordinals allow you to write data in satoshis (the smallest units of Bitcoin). This for non-fungible tokens (NFT) creates a similar concept on the Bitcoin network. Bitcoin NFTs were created when they were introduced last year, which sparked considerable interest in the crypto community.
On the other hand, the Runes project fungible tokens introduced, which were released on the day the fourth halving took place on the Bitcoin blockchain. However, upon their launch, these tokens caused significant network congestion, leading to higher transaction fees.
They propose a solution to the Bitcoin bug
Dashjr has long criticized both types of tools, arguing that they deviate from the principles of Bitcoin and contribute to spamming the blockchain. In fact, he has already called Ordinals a bug and has launched initiatives to try to fix it via bug fixes. In response to the release of Runes, Dashjr proposed new ways to filter protocol-related transactions.
He suggested setting “datacarriersize” to zero in the bitcoin.conf file, which can effectively block Runes spam. However, early signs indicate that miners are not following this advice.
Ocean Mining, a decentralized mining pool of which Dashjr is the CTO, recently mined the first block following the halving, where it was revealed that over 75% of transactions came from the Runes protocol.
Bitcoin transaction fees drop following being cut in half
Bitcoin transaction fees returned to the normal range a day following reaching a record average of $128 on April 20. This peak coincided with the fourth Bitcoin halving. As of April 21, the average fee for medium priority transactions on the Bitcoin network ranged between $8 and $10.
The day before, fees increased across the entire cryptocurrency market, with Bitcoin posting $78.3 million in fees, outpacing Ethereum by more than 24 times its value.
Notably, the 840,000-block-high Bitcoin half contained a record 37.7 bitcoins (equivalent to $2.4 million) in transaction fees paid to Bitcoin miner ViaBTC. This block contained a total of 3,050 transactions, representing an average fee of almost $800 per user.
Demand for the 840,000 block was largely driven by meme coin and NFT fans who they competed for itto grab and burn rare satoshis in the half block using the Runes protocol.
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