Runes protocol countdown to launch, how to participate in Mint's first rune Token?

Written by Rebbeca Ren

Original source: Metaverse Special Strike Team

Three days later, at around 4 a.m. Beijing time this Saturday, April 20, 2024, Bitcoin Halving for the fourth time in history.

This Bitcoin Halving attracted the most attention and participation from long people was the launch of Runes protocol Mainnet and the start of the first rune Token. As a Bitcoin builder, investor, enthusiast, or Fomo, do you deploy Full Node yourself or rely on the platform to do it on your behalf?

As the fourth Halving of Bitcoin approaches, the industry’s attention has begun to focus on the simultaneous launch of the protocol Runes Protocol, a fungible token protocol developed by Ordinals Protocol founder Casey Rodarmor to provide a more Bitcoin on-chain short-efficient and responsible way to token issuance than BRC-20.

On the recent Twitter timeline, you may have seen Xu long KOL posting a step-by-step technical strategy to teach everyone how to “lay out the Full Node” to welcome the arrival of the rune protocol.

So why lay out the Nodes? This goes back to the creation and issuance mechanism of rune tokens.

“Etch” is the first step in the creation of rune tokens, which involves setting the basic characteristics and management rules of rune tokens, such as play people for suckers and minting conditions.

In the process of etching, the project party can choose whether to carry out “premine”, that is, a part of the Token is pre-distributed to the founder or initiator of the project before the rune Token is publicly circulated. This is done primarily to provide start-up funds, reward developers, or reserve tokens for community events and other specific distributions.

After the etching is completed, it enters the “minting” stage, which is the process of generating new tokens. Depending on the conditions set at the etching stage, the minting can be open or closed:

• Open Minting: Anyone who meets the preset conditions can create new Tokens, which ensures that community members can actively participate in the development of the rune ecosystem.
• Closed minting Minting: A new Token minting can only be performed after certain preset conditions have been met (e.g. a certain number of times have been reached or a certain amount of time has elapsed). Once these conditions are no longer met, the minting process stops, limiting the total supply of Tokens.

In order to avoid the first rune being snatched up or pre-mined by VC or the project team, Casey decided to hardcode the first 10 runes (Rune 0 - Rune 9) into the rune protocol, and only support public minting so that everyone can participate in the commons.

OF THESE, RUNE 0 NAMED UNCOMMON•GOODS WILL AUTOMATICALLY START minting AT THIS Bitcoin Halving, WITH Block Height 840,000, ALLOWING ANYONE TO minting ANYTIME IN THE NEXT FOUR YEARS. Since this is the first Token under the rune protocol, the expectations are high, and everyone wants to participate in the public minting as soon as possible, but this will also cause the traffic of the “token minting” platform or the proxy tool to crash and crash on the day of launch, so building a Full Node is the safest way.

So how do you set up a full node?

Run your own Bitcoin Core and avoid relying on third-party services. Download the Bitcoin core software for your operating system from bitcoin.org and install it on your SSD hard drive.

Install the Ord and Runes clients.

Once you’ve set up the Bitcoin Core, Ord, and Runes clients, it’s time to start practicing etching and minting runes on the command line on the testnet.

For more long details, such as a detailed tutorial on how to install and run Full Node, you can refer to @ohxiyu and @web3 Annie’s Tweets, or you can search for it yourself.

If you’re worried about the difficulty of installing a full node, there’s an easier way to get involved – using a proxy platform. Here are some tips:

(1) Prepare long Wallet: Since different platforms may support different types of Wallet, it is recommended to prepare several commonly used Wallet, such as Unisat Wallet, OKX Wallet, Xverse Wallet, etc. This allows you to switch to a different platform at any time as needed.

(2) Reasonable management of UTXOs: Split the UTXOs in each Wallet and increase the number of UTXOs. If the number of UTXOs in the Wallet is too small, the number of transactions that can be initiated in parallel is very limited, even if the amount is large.

But the amount of a single UTXO can’t be too low. For example, when a single UTXO is about a dozen or dozens of dollars, the Wallet will piece together the UTXO for payment, which will increase your network fee cost. Especially considering that gas fees will spike after Bitcoin Halving, it is not recommended to use UTXOs that are too long fragmented to make up orders.

It is recommended to maintain at least 3 UTXOs per Address, and the amount of each UTXO should preferably not be less than $500 to optimize Transaction Cost and efficiency. (Source: @lilyanna_btc)

The following are the platforms that currently support rune fighting:

• OKX Web3
• Unisat Wallet
• Luminex
• GeniiData
• UniCross
• Rune Alpha