Memecoins are quite common on the blockchain. Inspired by icons from pop culture or the crypto world, they form true engaged communities. Among them, Runes X Bitcoin, which works on the Bitcoin system, attracts attention.
Inspired by Elon Musk, who registers several companies with the letter X, such as Space X and X/Twitter, the currency was fully available through airdrop. This means that it is in the full power of the holders. To understand more about it, it is necessary to know some concepts.
Ordinals Protocol
The meme cryptocurrency is quite common on Ethereum and Solana, which have a more flexible structure, supporting varied coin creation protocols. However, in Bitcoin, this process is not so simple.
Runes X Bitcoin arises from the creation of Ordinals, a protocol that allows you to record images, videos and texts in satoshis, the smallest units of Bitcoin.
The project develops the idea of fungible tokens on the Bitcoin network. With this, it is possible to create coins or tokens exchanged for each other, including memecoins, and make them popular on the pioneering digital currency blockchain.
Difference between Ordinals and Runes
NFTs non-fungible tokens have information that makes them unique and prevents them from being exchanged on the Bitcoin network, as the currency is fungible, that is, it can be exchanged for another unit of Bitcoin.
The Ordinals protocol develops a system to create non-fungible tokens on the Bitcoin network, recording individual satoshis of texts, photos and videos. Runes allows you to create fungible tokens on the chain.
"Change" on the Bitcoin blockchain
The decentralized Bitcoin blockchain considers the inputs and outputs of values as a ledger. The Unspent Transaction Output (UTXO) system, output of unspent transactions, records what came in, what went out and whether there was any leftovers or change.
It tracks the trades left at the end for coins developed on the BRC-20 protocol. For every transaction in which some value is left over, a UTXO is created.
When many trades are made, there are many UTXOs left over, which can overload the network. The Runes X Bitcoin system wants to solve this, processing several tokens at once and avoiding the creation of many "changes", which decongest the network.
Popularity of memecoins
The X token is inspired by tycoon Elon Musk, a cryptocurrency enthusiast. He frequently comments on DOGE, for example, a memecoin that served as inspiration for several others.
This type of currency can be freely traded on blockchain or CEX (centralized exchange), which has a portfolio with several options. In this case, it is a form of investment, like any other cryptocurrency.
For those engaged in memecoin culture, Runes X Bitcoin brings an additional and innovative incentive. Because it runs on the Bitcoin chain, it is more relaxed and creates a layer of flexibility to the network.
Learn more about cryptocurrencies
Runes X Bitcoin, inspired by Elon Musk, brings the relaxation of memecoins to the Bitcoin blockchain, with potential for appreciation. To stay up to date with the world of blockchains and cryptocurrencies, continue following the NovaDAX website and expand your investment portfolio.
