Overview of Bitcoin New Asset Issuance Protocol

Rune Alpha

Rune Alpha has recently attracted attention due to the concept of "runes". The term "runes" was originally proposed by Casey and later sparked discussion again due to BTC Core developer Luke's opposition to "inscriptions". The main difference between "runes" and "inscriptions" lies in their storage locations: "runes" are stored in UTXO, while "inscriptions" like BRC-20 based on Ordinals are stored in the segregated witness data of Bitcoin scripts.

However, although Rune Alpha claims to be "runes", it is actually a new inscription protocol based on the ordinals protocol version 0.11.1, which is different from the "runes" concept proposed by Casey. Nevertheless, Rune Alpha has successfully attracted a lot of attention. The minting cost of its first token $cook is about a dozen dollars, and the current over-the-counter price has risen to around 400 dollars, but a formal trading market has not yet been launched.

CBRC-20

CBRC-20 is an upgraded version of BRC-20, designed to provide a more efficient meta-protocol standard for fungible tokens on Bitcoin. It utilizes the new features introduced in ord 0.10+, while maintaining the functional logic of BRC-20, reducing the cost of each inscription and simplifying the indexing process.

The main optimizations of CBRC-20 include:

1. Reduce recording costs: Deploying, minting, or transferring CBRC-20 tokens only requires engraving the number "0", reducing costs by about 10 times.
2. Simplified Index: All information can be directly obtained from the inscription envelope.
3. MIME Data Flexibility: Allows the use of any MIME data to operate CBRC-20 tokens.
4. Compatible with higher versions of the Ordinals protocol: new features of Ordinals 0.10 and above can be utilized.

The CBRC-20 team has adopted various innovative methods to launch its token on trading markets, including direct listing of inscriptions on a certain DEX and developing a browser plugin to enable its token to be displayed and traded on a certain trading platform.

Recently, the founder of CBRC-20 launched the OSMOSIS experiment and deployed the first meta-meta protocol inscription $SYMM. This approach allows for the simultaneous execution of multiple meta-protocol operations, achieving a certain degree of "backdoor listing".

BTNS

Broadcast Token Naming System (BTNS) is an ecosystem built by early BTC participant @jdogresorg. It utilizes the blockchain record as data basis by attaching broadcast signals in transactions on the BTC chain, achieving the issuance of BTC native asset tokens and NFTs through ledger indexing.

BTNS-420 is a token protocol standard built on BTNS, integrating various ecological features such as asset issuance and transfer.

The main differences between BTNS and inscriptions, runes:

1. BTNS does not occupy or change BTC, aligning more with the ecological development direction of BTC.
2. Asset issuance based on broadcast forms is more open and transparent.
3. BTNS is fully open-source, developed based on the characteristics of Bitcoin itself, with fewer controversies.

The potential value of BTNS:

1. Make it possible for BTC main chain asset issuance without occupying the total BTC supply.
2. There is potential to transform BTC into a fully playable, environmentally friendly mainstream ecosystem.
3. Provide a fairer way to acquire assets, such as airdrops, fair indexing, etc.

Currently, the development work of BTNS is temporarily at a standstill, and the trading market has not yet been launched.

Summary

Rune Alpha and CBRC-20 are both asset issuance methods based on Ordinals and belong to the "second layer protocol". CBRC-20 excels in innovation by enabling the simultaneous minting of multi-protocol inscriptions. BTNS falls under the category of meta-protocols and utilizes a "broadcast" form, allowing asset issuance on Bitcoin without occupying Bitcoin itself, bringing new possibilities to the BTC ecosystem.