🏗️▣ ⛏Runes Function
What will Runes do for NiftySats?
Last updated
What will Runes do for NiftySats?
Last updated
What is the purpose of Runes to begin with? If you haven't already, take the time to watch the introductory video by Casey Rodarmor, creator of Ordinals and the Runestone protocol.
At its core, "runes" is a generic term for a new fungible token standard coming to Bitcoin, just like the term "ERC-20" is the fungible token standard on Ethereum. Thousands of ERC-20 tokens exist for a myriad of purposes...or for no purpose at all.
For instance, LINK powers a cross-chain oracle, while UDST is a stable coin representing a digital US Dollar. MANA is integral to Decentraland's metaverse, while memes like SHIB and PEPE exist just for fun. All of these examples have tens of billions in capital invested, with millions of holders and active participants.
Anyone can create any supply of ERC-20's, just as anyone will soon be able to create any supply of runes. But creating a supply of tokens is the easy part. Creating demand for that supply is what sets a token apart.
Since we're building a biosphere of character collections and inscriptions on top of Bitcoin, it only makes sense that any fungible token incorporated into that ecosystem be built on Bitcoin as well. This is what led us to launch $PERQ in the first place; which happened months before runes were ever conceived or announced by Casey.
At the time, BRC-20 was the first and best attempt at having a fungible token protocol on Bitcoin, and it works. It just has a number of inefficiencies; namely, centralized indexers and unnecessary network bloating.
But while $PERQ exists to serve as an on-chain whitelist for collection mints, our runes play a different role, and will allow holders to spend or burn the runes in order to upgrade their ordinal mints on future collections. We are also planning to incorporate them in other ways with the actual comic series itself, but those details will remain undisclosed until we are closer to the launch of the series.
This BITCOIN•COMICS ecosystem of ours is referred to as "The Lagoon" which consists of all original hand drawn art and purpose built fungible tokens. Nothing we've done yet, dating back to our beginnings in 2019 has ever been attempted frivolously or without meticulous planning. So by incorporating runes into the Lagoon, we are taking a giant leap forward into efficient operations on the Bitcoin network, with purpose in mind. Come join us for a swim!
