Overview of Bitcoin Asset Issuance New Protocol

Rune Alpha: Borrowing Heat Instead of True "Rune"

Rune Alpha has recently gained attention due to the discussion around the concept of "runes". Although its name borrows from "runes", it is actually a new inscription protocol based on the Ordinals protocol version 0.11.1, which differs from the original "runes" concept proposed by Casey.

Rune Alpha successfully leveraged the popularity of "runes"; the minting cost of its first token $cook was about a dozen dollars, and the current off-market price has risen to around 400 dollars, but a formal trading market has not yet been launched.

CBRC-20: An Efficient Upgrade of BRC-20

CBRC-20 is a high-efficiency meta-protocol standard proposal for fungible tokens on Bitcoin, based on the Ordinals protocol. Compared to BRC-20, CBRC-20 has achieved the following optimizations:

1. Reduce recording costs: The inscription cost has decreased by about 10 times.
2. Simplify the indexing process
3. Support for flexible MIME data usage
4. Compatible with higher versions of the Ordinals protocol

CBRC-20 has launched the trading market through innovative methods, including the use of the inscription exchange feature of a certain DEX, as well as forcibly displaying it on a certain trading platform through a browser plugin.

Recently, CBRC-20 launched the OSMOSIS experiment, deploying the first meta-meta protocol inscription $SYMM, achieving simultaneous inscriptions across multiple protocols, showcasing a strategy similar to "Trojan Horse".

BTNS: Broadcast-based Asset Issuance System

The Broadcast Token Naming System ( BTNS ) was built by early Bitcoin participant @jdogresorg, aiming to achieve the issuance of Bitcoin native assets (tokens and NFTs) through broadcast signals recorded on the blockchain.

The BTNS-420 standard further improves the BTNS ecosystem, integrating functions such as asset issuance and transfer.

Compared to inscriptions and runes, BTNS has the following characteristics:

• Does not occupy or change Bitcoin itself
• Based on publicly transparent broadcast data
• No major controversies, fully open source

The potential value of BTNS:

• Enable the issuance of Bitcoin main chain assets.
• Provide a fairer way to acquire assets
• May solve the network congestion problem caused by inscriptions.

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

Summary

Rune Alpha and CBRC-20 both belong to the asset issuance methods based on Ordinals, while BTNS is a broader meta-protocol. CBRC-20 stands out in innovation, achieving multi-protocol inscriptions simultaneously. BTNS adopts a "broadcast" format, providing a new method for asset issuance on Bitcoin that does not occupy Bitcoin itself.

The emergence of these new protocols demonstrates the continuous innovation and development of the Bitcoin ecosystem in asset issuance.