Overview of Bitcoin Asset Issuance New Protocol

Rune Alpha

The rise of Rune Alpha is mainly attributed to the current hot topic of the "rune" concept. Although the protocol refers to itself as "rune", it is actually a new inscription protocol based on version 0.11.1 of the ordinals protocol, which differs from the original "rune" concept proposed by Casey.

Rune Alpha successfully attracted attention by leveraging the popularity of "runes". The minting cost of its first token $cook is about a dozen dollars, and the current off-market price has risen to around 400 dollars, although it has not yet launched a formal trading market.

CBRC-20

CBRC-20 is an efficient meta-protocol standard proposal for fungible tokens on Bitcoin developed through Ordinals. It reduces the cost of each inscription and simplifies the indexing process while maintaining the functional logic of BRC-20.

The main optimizations of CBRC-20 include:

1. Reduce recording costs: The inscription cost is reduced 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 Ordinals: New features from Ordinals version 0.10 and above can be utilized.

The CBRC-20 team has launched its tokens on the trading market through innovative methods, including the direct listing of the inscription SWAP via RuneX and displaying CBRC-20 token information on a certain trading platform using a browser plugin.

Recently, the founder of CBRC-20 launched the OSMOSIS experiment and deployed the first meta-meta protocol inscription $SYMM. This method allows for the simultaneous execution of multiple meta-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. It achieves the issuance of native asset tokens and NFTs by attaching broadcast signals to transactions on the Bitcoin chain.

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

Compared to inscriptions and runes, the main advantages of BTNS 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 open and transparent.
3. No potential risks, completely open source and developed based on the original characteristics of Bitcoin.

Value of BTNS:

1. Make the issuance of Bitcoin main chain assets possible without occupying the total amount of Bitcoin.
2. It may solve the network congestion issues caused by inscriptions and runes.
3. Provide a fairer way to acquire assets, such as airdrops, fair indexing, etc.

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

Summary

Rune Alpha and CBRC-20 are both based on the Ordinals protocol and belong to the "layer 2 protocol". CBRC-20 performs well in terms of innovation, achieving simultaneous minting of multi-protocol inscriptions.

BTNS falls under the category of meta-protocols and implements asset issuance in a "broadcast" manner, avoiding the consumption of Bitcoin itself. These three new protocols each have their own characteristics, bringing different innovations and possibilities to the Bitcoin ecosystem.