Overview of Bitcoin Ecosystem Emerging Asset Issuance Protocol

1. Rune Alpha

Rune Alpha has recently attracted widespread attention, mainly due to the popularity of the "rune" concept. Although the protocol claims to be a "rune", it is actually a new inscription protocol based on the ordinals protocol version 0.11.1, which is different from the originally proposed "rune" concept.

Rune Alpha successfully gained market attention by leveraging the concept of "runes". The issuance cost of the protocol's first token $cook is about a dozen dollars, and the current off-market price has risen to around 400 dollars, with a formal trading market yet to be launched.

2. CBRC-20

CBRC-20 is an efficient meta-protocol standard proposal for fungible tokens on Bitcoin, utilizing the new features introduced in Ordinals version 0.10+, which reduces inscription costs and simplifies the indexing process while maintaining the functional logic of BRC-20.

The main optimizations of CBRC-20 include:

1. Reduce recording costs: Inscription costs have decreased by about 10 times.
2. Simplified Index: All information can be directly obtained from the inscription envelope.
3. Flexibility of MIME Data: Allows operations using any MIME data.
4. Compatible with higher versions of the Ordinals protocol: can utilize the new features of Ordinals version 0.10+.

The CBRC-20 team has innovatively launched its tokens on trading markets, including directly listing the inscriptions on a certain DEX and using a browser plugin to display CBRC-20 token information on a certain trading platform.

Recently, CBRC-20 launched an OSMOSIS experiment, deploying the first meta-meta protocol inscription $SYMM, achieving innovation by simultaneously completing multiple meta-protocol operations.

Three, BTNS

The Broadcast Token Naming System (BTNS) is an ecosystem built by early participants of Bitcoin. Its core idea is to attach broadcast signals to Bitcoin on-chain transactions, using blockchain records as data basis, and achieving the issuance of Bitcoin native assets 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 and runes:

1. Does not occupy Bitcoin resources and is more in line with the development direction of the Bitcoin ecosystem.
2. Asset issuance based on broadcasting is more open and transparent.
3. Completely open source, developed based on the original characteristics of Bitcoin, with less controversy.

The potential value of BTNS:

1. Enable the issuance of Bitcoin main chain assets without occupying the total supply of Bitcoin.
2. It is expected to transform Bitcoin into a comprehensive ecological chain.
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 related trading market has not yet been launched.

Summary

Rune Alpha and CBRC-20 are both based on the Ordinals protocol and belong to the category of layer two protocols. CBRC-20 stands out in terms of innovation, achieving the simultaneous minting of multi-protocol inscriptions. BTNS, on the other hand, is a more macro meta-protocol that implements asset issuance in a broadcasting manner, avoiding direct occupation of Bitcoin. These emerging protocols bring diverse asset issuance methods to the Bitcoin ecosystem, showcasing the potential and scalability of the Bitcoin network.