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Runes Protocol Criticism Sparks Debate
Bitcoin core developer Luke Dashjr recently criticized the Runes protocol, suggesting it exploits a fundamental design flaw within the Bitcoin blockchain network. Dashjr highlighted the contrasting nature of Ordinal Inscriptions and the Runes protocol in their interactions with the network. While Ordinals exploit vulnerabilities within Bitcoin Core, the Runes protocol operates within the existing framework of the network’s design flaws.
Runes Impact and Criticism
Runes, fungible tokens introduced on the day of Bitcoin’s fourth halving, caused major network congestion post-launch, leading to a surge in transaction fees. Dashjr has been vocal about his opposition to both Ordinals and Runes, arguing that they deviate from Bitcoin’s core principles and contribute to blockchain spam.
Response to Runes Protocol
In response to his opposition to Runes, Dashjr suggested methods for filtering out transactions related to the protocol. He recommended adjusting the “datacarriersize” setting in the bitcoin.conf file to zero, which would effectively block Runes’ spam. However, early indications suggest that miners are not following this advice.
Runes and Mining
Ocean Mining, a decentralized mining pool where Dashjr serves as the CTO, recently mined its first post-halving block, with over 75% of its transactions originating from the Runes protocol. Despite the criticism, Dashjr noted that the mined Runes met the policies recommended by Ocean Mining.
Bitcoin Transaction Fees Update
Bitcoin transaction fees experienced a substantial drop just one day after reaching an all-time high average of $128 on April 20, coinciding with the fourth Bitcoin halving. As of April 21, the average fees for medium-priority transactions on the Bitcoin network ranged from $8 to $10.
Record-breaking Transaction Fees
The Bitcoin halving block at block height 840,000 included a record-breaking 37.7 bitcoins (equivalent to $2.4 million) in transaction fees paid to Bitcoin miner ViaBTC. This block included 3,050 transactions, resulting in an average fee of nearly $800 per user.
Impact of Meme Coins and NFTs
The demand for block 840,000 was largely driven by enthusiasts of meme coins and NFTs competing to inscribe and etch rare satoshis using the Runes protocol.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
