Overview of Bitcoin Asset Issuance New Protocol

Rune Alpha

The rise of Rune Alpha is mainly attributed to the recent hotly debated concept of "runes." Although its name is inspired by "runes," it is actually based on the new inscription protocol of the ordinals protocol version 0.11.1, which is different from the original "rune" concept proposed by Casey.

Nevertheless, Rune Alpha has successfully attracted market attention. The first token of the protocol, $cook, has a minting cost of about a dozen dollars, and the current over-the-counter price has risen to around 400 dollars, but it has not yet officially launched on the trading market.

CBRC-20

CBRC-20 is an optimized version of BRC-20, mainly implementing the following improvements:

1. Reduce recording costs: By simplifying the inscription content, the costs are reduced by about 10 times.
2. Simplified indexing process: All information can be directly obtained from the inscription envelope.
3. Improve MIME data flexibility: Support operations using any MIME data.
4. Compatible with higher versions of Ordinals: New features of Ordinals 0.10 and above can be utilized.

The CBRC-20 team has adopted various innovative methods to launch its tokens on trading markets, including direct listing on a certain SWAP platform and using a browser extension to force display on a certain trading platform.

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

BTNS

The Broadcast Token Naming System (BTNS) is an ecosystem built by early Bitcoin holders and development members. Its core idea is to achieve the issuance of native asset tokens and NFTs by trading additional broadcast signals on the Bitcoin chain, using blockchain records as data evidence.

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

The main advantages of BTNS compared to inscriptions and runes include:

1. Does not occupy or change Bitcoin itself, more in line with the ecological concept of Bitcoin.
2. Asset issuance based on broadcast format is more public and transparent.
3. No major disputes, completely open source and developed based on the original characteristics of Bitcoin.

The potential value of BTNS:

1. Make the issuance of Bitcoin main chain assets possible without occupying the total supply of Bitcoin.
2. It is expected to transform Bitcoin into a complete ecological chain, rather than just as a store of value.
3. Provide a fairer way to acquire assets, such as airdrops, fair indexing, etc., to alleviate network congestion issues.

Summary

Rune Alpha and CBRC-20 are both asset issuance methods based on Ordinals, belonging to "layer 2 protocols". CBRC-20 excels in innovation, achieving the simultaneous minting of multi-protocol inscriptions.

BTNS belongs to the category of meta-protocols and implements asset issuance through a "broadcast" method, avoiding direct occupancy of Bitcoin. This approach may bring a new direction for the Bitcoin ecosystem.