比特幣代幣化的演進：符文與 BRC-20 代幣的出現

隨著比特幣序數和比特幣符文的引入，比特幣的代幣化模式不斷發展。 2023 年推出的比特幣序號可以將資料直接記錄到比特幣區塊鏈上，為代幣化奠定了基礎。 BRC-20 代幣於 2023 年推出，促進了比特幣網路上可替代代幣的創建，但面臨網路擁塞的挑戰。 Bitcoin Runes 於 2024 年開發，旨在透過簡化代幣創建和減少 UTXO 膨脹來應對這些挑戰。 Bitcoin Runes 利用比特幣的 UTXO 模型和 OP_RETURN 操作碼進行鏈上資料存儲，為比特幣區塊鏈上的代幣化提供了一種更有效率、更可擴展的方法。

The Evolution of Tokenization on the Bitcoin Blockchain: Bitcoin Runes and BRC-20 Tokens

比特幣區塊鏈代幣化的演進：比特幣符文和 BRC-20 代幣

Since its inception in 2009, Bitcoin has predominantly been viewed as a digital store of value. However, the landscape shifted in 2023 with the introduction of Bitcoin Ordinals, followed by the release of Bitcoin Runes in April 2024. These innovations have paved the way for a new era of tokenization on the Bitcoin blockchain.

自 2009 年誕生以來，比特幣主要被視為一種數位價值儲存手段。然而，隨著比特幣序數的推出，以及隨後在2024 年4 月發布的比特幣符文，情況在2023 年發生了變化。 。

Bitcoin Ordinals: A Milestone in Tokenization

比特幣序號：代幣化的里程碑

In January 2023, Bitcoin developer Casey Rodarmor introduced Bitcoin Ordinals, a significant milestone in the evolution of tokenization on the Bitcoin blockchain. This protocol enabled users to inscribe various data types directly onto the Bitcoin blockchain, including text, images, videos, and smart contracts.

2023 年 1 月，比特幣開發者 Casey Rodarmor 推出了比特幣 Ordinals，這是比特幣區塊鏈代幣化發展的一個重要里程碑。該協議使用戶能夠將各種數據類型直接寫入比特幣區塊鏈，包括文字、圖像、影片和智慧合約。

Bitcoin Ordinals, also known as Bitcoin nonfungible tokens (NFTs), opened new avenues for utility and value creation on the Bitcoin network. Users could securely create, own, and transfer unique digital assets on the blockchain by inscribing data onto satoshis, the smallest units of Bitcoin. Ordinals laid the groundwork for exploring further tokenization possibilities on the Bitcoin blockchain.

比特幣序號，也稱為比特幣非同質代幣（NFT），為比特幣網路上的實用性和價值創造開闢了新途徑。用戶可以透過將資料寫入比特幣的最小單位「聰」上，在區塊鏈上安全地創建、擁有和轉移獨特的數位資產。 Ordinals 為探索比特幣區塊鏈上進一步代幣化的可能性奠定了基礎。

The Rise of BRC-20 Tokens

BRC-20 代幣的崛起

Building upon the foundation laid by Bitcoin Ordinals, the BRC-20 token standard was launched in March 2023 by pseudonymous developer Domo. Drawing inspiration from Ethereum's ERC-20 standard, BRC-20 tokens enabled the generation and transfer of fungible tokens directly on the Bitcoin network through Ordinals inscriptions.

BRC-20 代幣標準以比特幣 Ordinals 奠定的基礎為基礎，由匿名開發人員 Domo 於 2023 年 3 月推出。受到以太坊 ERC-20 標準的啟發，BRC-20 代幣能夠透過 Ordinals 銘文直接在比特幣網路上產生和轉移可替代代幣。

Within three months, BRC-20 tokens reached a market capitalization of $1 billion. However, this rapid expansion came with its challenges. The proliferation of BRC-20 tokens led to network congestion due to the excessive production of unspent transaction outputs (UTXOs), clogging the Bitcoin network and impacting transaction efficiency.

三個月內，BRC-20 代幣的市值達到 10 億美元。然而，這種快速擴張也帶來了挑戰。 BRC-20代幣的激增由於未花費的交易輸出（UTXO）的過度產生而導致網路擁塞，堵塞了比特幣網路並影響了交易效率。

Bitcoin Runes

比特幣符文

In April 2024, the tokenization landscape on the Bitcoin blockchain underwent a significant transformation with the introduction of Bitcoin Runes. Developed as a solution to the challenges posed by BRC-20 tokens, Bitcoin Runes aimed to simplify token creation while mitigating issues such as UTXO bloat.

2024 年 4 月，隨著比特幣符文的引入，比特幣區塊鏈上的代幣化格局發生了重大轉變。 Bitcoin Runes 是為了解決 BRC-20 代幣帶來的挑戰而開發的，旨在簡化代幣創建，同時緩解 UTXO 膨脹等問題。

At its core, the Runes protocol leverages Bitcoin's UTXO model and the OP_RETURN opcode to streamline the creation of fungible tokens on the Bitcoin blockchain. Unlike protocols reliant on off-chain data or specialized tokens, Bitcoin Runes utilize Bitcoin's inherent capabilities for on-chain data storage, minimizing the occurrence of undesirable "junk" UTXOs that can congest the network.

Runes 協議的核心是利用比特幣的 UTXO 模型和 OP_RETURN 操作碼來簡化比特幣區塊鏈上可替代代幣的創建。與依賴鏈下資料或專用代幣的協定不同，比特幣符文利用比特幣固有的鏈上資料儲存功能，最大限度地減少可能堵塞網路的不良「垃圾」UTXO 的發生。

How Bitcoin Runes Work

比特幣符文如何運作

The process of creating and managing Bitcoin Runes involves the following:

創建和管理比特幣符文的過程涉及以下內容：

• Etching: Users initiate the creation of a Rune by etching specific properties such as name, divisibility, and symbol. This step defines the characteristics of the Rune and sets the foundation for its existence on the Bitcoin blockchain.
• Minting: Users can mint new tokens based on the predefined properties once the properties are etched. Minting involves generating new tokens that adhere to the specified characteristics, effectively bringing the Rune into the Bitcoin ecosystem.
• Transfer: Runes can be transferred between users using Bitcoin transactions with OP_RETURN outputs specifying the transfer details. Unlike traditional token transfers linked to wallet addresses, Rune balances are tracked within UTXOs for better security and efficiency.

Bitcoin Runes vs. BRC-20 Tokens

蝕刻：使用者透過蝕刻特定屬性（例如名稱、整除性和符號）來開始建立符文。這一步定義了符文的特徵，並為其在比特幣區塊鏈上的存在奠定了基礎。鑄造涉及產生符合指定特徵的新代幣，從而有效地將符文帶入比特幣生態系統。與連結到錢包地址的傳統代幣轉移不同，符文餘額在 UTXO 內進行跟踪，以提高安全性和效率。

The differences between BRC-20 tokens and Bitcoin Runes stem from their approaches to creating and administrating tokens. Although both standards facilitate the generation of fungible tokens on the Bitcoin blockchain, they adopt distinct mechanisms to achieve this objective.

BRC-20 代幣和比特幣符文之間的差異源於它們創建和管理代幣的方法。儘管這兩個標準都有利於在比特幣區塊鏈上產生可替代代幣，但它們採用不同的機制來實現這一目標。

BRC-20 tokens depend on specialized protocols and Ordinal inscriptions, which result in network congestion and scalability challenges. Conversely, Bitcoin Runes utilizes Bitcoin's UTXO model and OP_RETURN opcode for on-chain data storage.

BRC-20 代幣依賴專門的協議和序數銘文，這會導致網路擁塞和可擴展性挑戰。相反，比特幣符文利用比特幣的UTXO模型和OP_RETURN操作碼進行鏈上資料儲存。

Additionally, Bitcoin Runes has introduced several innovative functionalities to simplify token creation and management. Runes are associated with UTXOs through a protocol message that includes specific details like the Rune ID, output index, and the amount, all stored in an OP_RETURN output.

此外，比特幣符文還引入了多項創新功能來簡化代幣創建和管理。符文透過協定訊息與 UTXO 關聯，該協定訊息包括特定詳細信息，如符文 ID、輸出索引和金額，所有這些都儲存在 OP_RETURN 輸出中。

This method ensures that token balances are managed within UTXOs rather than being tied to wallet addresses, thereby mitigating the risk of network congestion and enhancing transaction efficiency.

這種方法確保代幣餘額在 UTXO 內管理，而不是與錢包位址綁定，從而減輕網路擁塞的風險並提高交易效率。

Conclusion

結論

The development of Bitcoin Runes and other tokenization protocols will likely unlock new opportunities for value creation and utility on the Bitcoin blockchain. However, it's essential to acknowledge that Bitcoin Runes are still in the early stages of development and will undergo significant changes in the future, unlocking new opportunities for value creation and utility on the Bitcoin blockchain.

比特幣符文和其他代幣化協議的發展可能會為比特幣區塊鏈的價值創造和實用性帶來新的機會。然而，必須承認的是，比特幣符文仍處於發展的早期階段，未來將發生重大變化，為比特幣區塊鏈的價值創造和實用性釋放新的機會。