GIZMO•THE•IMAGINARY•KITTEN
GIZMO•THE•IMAGINARY•KITTEN is a Runes token issued on the Bitcoin blockchain based on the Runes protocol. The Bitcoin Runes protocol is a token standard for issuing fungible tokens on Bitcoin that seeks to provide users with a more efficient way to create fungible tokens. Runes was launched in April 2024 at block 840,000, coinciding with the Bitcoin halving.
The Bitcoin developer, Casey Rodarmor, proposed the Runes protocol in September 2023 as an enhanced token standard for issuing fungible assets on Bitcoin. Rodarmor characterizes Runes as a simple protocol, with a minimal on-chain footprint and responsible management of UTXOs (Unspent Transaction Outputs). UTXOs are individual units of Bitcoin value linked to specific addresses on the blockchain, representing funds that have not yet been spent and that can serve as inputs for new transactions.
Runes differs from the BRC-20 token standard, which is complex and not UTXO-based. This latter characteristic causes the BRC-20 token standard to generate an excessive number of unwanted UTXOs, leading to congestion on the Bitcoin network. The goal of Runes is to replace the Ordinals-based BRC-20 token standard, which is less efficient. Moreover, the Runes protocol aims to surpass other existing fungible token protocols on Bitcoin, such as RGB and Taproot Assets, which rely on off-chain data.
GIZMO•IMAGINARY•KITTEN 😺☮️🌍
