Overview of Bitcoin Asset Issuance New Protocol

1. Rune Alpha

The popularity of Rune Alpha mainly stems from the hype around 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 differs from the originally proposed "rune" concept.

Rune Alpha successfully leveraged the popularity of "runes" to attract attention. 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, but it has not yet launched a formal trading market.

2. CBRC-20

CBRC-20 is an efficient meta-protocol standard proposal for fungible tokens on Bitcoin, based on the Ordinals protocol. It 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: 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 operations using any MIME data.
4. Compatible with higher version Ordinals protocol.

The CBRC-20 team has launched its tokens on trading markets through various methods, including directly launching on a certain SWAP platform and using a browser extension to force display on a certain trading platform.

In addition, CBRC-20 has also launched the OSMOSIS experiment, deploying the first meta-meta protocol inscription $SYMM. This method allows for the simultaneous completion of multiple meta-protocol operations, achieving a certain degree of "backdoor listing".

Three, BTNS

The Broadcast Token Naming System (BTNS) is an ecosystem built by early participants in Bitcoin. It achieves the issuance of native assets token and NFTs by trading additional broadcast signals on the Bitcoin chain.

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

The main differences between BTNS and inscriptions and runes:

1. Does not occupy or alter Bitcoin itself.
2. Based on a broadcasting format, more open and transparent.
3. Lower risk, fully open source and developed based on Bitcoin's original features.

Potential Value of BTNS:

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

It is reported that the main developers of BTNS have currently suspended their development work, so the related 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 better in terms of innovation, achieving the simultaneous minting of multi-protocol inscriptions. BTNS, on the other hand, falls under the category of meta-protocols, using a "broadcast" method, which allows asset issuance without occupying Bitcoin itself. These new protocols each have their own characteristics, bringing new possibilities and challenges to the Bitcoin ecosystem.