比特币代币化的演变：符文和 BRC-20 代币的出现

随着比特币序数和比特币符文的引入，比特币的代币化格局不断发展。 2023 年推出的比特币序号可以将数据直接记录到比特币区块链上，为代币化奠定了基础。 BRC-20 代币于 2023 年推出，促进了比特币网络上可替代代币的创建，但面临网络拥塞的挑战。 Bitcoin Runes 于 2024 年开发，旨在通过简化代币创建和减少 UTXO 膨胀来应对这些挑战。 Bitcoin Runes 利用比特币的 UTXO 模型和 OP_RETURN 操作码进行链上数据存储，为比特币区块链上的代币化提供了一种更高效、更可扩展的方法。

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

比特币区块链代币化的演变：比特币符文和 BRC-20 代币

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 年诞生以来，比特币主要被视为一种数字价值储存手段。然而，随着比特币序数的推出，以及随后在 2024 年 4 月发布的比特币符文，情况在 2023 年发生了变化。这些创新为比特币区块链代币化的新时代铺平了道路。

Bitcoin Ordinals: A Milestone in Tokenization

比特币序号：代币化的里程碑

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，比特币开发者 Casey Rodarmor 推出了比特币 Ordinals，这是比特币区块链代币化发展的一个重要里程碑。该协议使用户能够将各种数据类型直接写入比特币区块链，包括文本、图像、视频和智能合约。

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.

比特币序号，也称为比特币非同质代币（NFT），为比特币网络上的实用性和价值创造开辟了新途径。用户可以通过将数据写入比特币的最小单位“聪”上，在区块链上安全地创建、拥有和转移独特的数字资产。 Ordinals 为探索比特币区块链上进一步代币化的可能性奠定了基础。

The Rise of BRC-20 Tokens

BRC-20 代币的崛起

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 代币标准以比特币 Ordinals 奠定的基础为基础，由匿名开发商 Domo 于 2023 年 3 月推出。受到以太坊 ERC-20 标准的启发，BRC-20 代币能够通过 Ordinals 铭文直接在比特币网络上生成和转移可替代代币。

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.

三个月内，BRC-20 代币的市值达到 10 亿美元。然而，这种快速扩张也带来了挑战。 BRC-20代币的激增由于未花费的交易输出（UTXO）的过量产生而导致网络拥塞，堵塞了比特币网络并影响了交易效率。

Bitcoin Runes

比特币符文

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，随着比特币符文的引入，比特币区块链上的代币化格局发生了重大转变。 Bitcoin Runes 是为了解决 BRC-20 代币带来的挑战而开发的，旨在简化代币创建，同时缓解 UTXO 膨胀等问题。

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 协议的核心是利用比特币的 UTXO 模型和 OP_RETURN 操作码来简化比特币区块链上可替代代币的创建。与依赖链下数据或专用代币的协议不同，比特币符文利用比特币固有的链上数据存储功能，最大限度地减少可能堵塞网络的不良“垃圾”UTXO 的发生。

How Bitcoin Runes Work

比特币符文如何工作

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

创建和管理比特币符文的过程涉及以下内容：

• 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

蚀刻：用户通过蚀刻特定属性（例如名称、整除性和符号）来开始创建符文。这一步定义了符文的特征，并为其在比特币区块链上的存在奠定了基础。 铸造：一旦属性被蚀刻，用户可以根据预定义的属性铸造新的代币。铸造涉及生成符合指定特征的新代币，从而有效地将符文带入比特币生态系统。 转移：符文可以使用比特币交易在用户之间转移，OP_RETURN 输出指定转移详细信息。与链接到钱包地址的传统代币转移不同，符文余额在 UTXO 内进行跟踪，以提高安全性和效率。比特币符文与 BRC-20 代币

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 代币和比特币符文之间的差异源于它们创建和管理代币的方法。尽管这两个标准都有利于在比特币区块链上生成可替代代币，但它们采用不同的机制来实现这一目标。

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 代币依赖于专门的协议和序数铭文，这会导致网络拥塞和可扩展性挑战。相反，比特币符文利用比特币的UTXO模型和OP_RETURN操作码进行链上数据存储。

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，比特币符文还引入了多项创新功能来简化代币创建和管理。符文通过协议消息与 UTXO 关联，该协议消息包括特定详细信息，如符文 ID、输出索引和金额，所有这些都存储在 OP_RETURN 输出中。

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.

这种方法确保代币余额在 UTXO 内管理，而不是与钱包地址绑定，从而减轻网络拥塞的风险并提高交易效率。

Conclusion

结论

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.

比特币符文和其他代币化协议的发展可能会为比特币区块链的价值创造和实用性带来新的机会。然而，必须承认的是，比特币符文仍处于发展的早期阶段，未来将发生重大变化，为比特币区块链的价值创造和实用性释放新的机会。