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RUNES•X•BITCOIN (X): A New Meme Coin Revolution on Runes

RUNES•X•BITCOIN (X): A New Meme Coin Revolution on Runes

Beginner
2024-05-28 | 5m

What is RUNES•X•BITCOIN (X)?

RUNES•X•BITCOIN (X) is a meme coin on Bitcoin’s Runes Protocol that is inspired by Elon Musk and his symbolic use of the letter “X,” which represents limitless possibilities and connections.

Unlike many other cryptocurrencies, X is entirely community-driven. This means there was no presale, no team tokens set aside for developers, and no paid promotions. Instead, X was 100% airdropped to the community. This approach embodies the true spirit of decentralization and community empowerment.

How RUNES•X•BITCOIN (X) Works

To understand how it works, we need to dive into the Runes protocol. This protocol was developed by Casey Rodarmor and was released at the same time as the fourth Bitcoin halving. The Runes protocol changes the way meme coins are created and traded on the Bitcoin blockchain.

How Runes Works

Before Runes, there was the Ordinals protocol, also created by Casey Rodarmor. Ordinals allowed users to inscribe special data, like images, videos, and text, onto individual satoshis - the smallest units of Bitcoin. This process made these satoshis unique and tradable on various platforms.

Runes builds on this foundation by introducing fungible meme coins that exist entirely on the Bitcoin blockchain. While Ordinals made individual satoshis unique, Runes allows for the creation of replaceable (fungible) tokens. This integration opens up new possibilities for the Bitcoin ecosystem, making it easier to create and manage these tokens.

Runes uses the Unspent Transaction Output (UTXO) model, which is fundamental to how Bitcoin itself works. Let's break down how this model functions.

The UTXO Model

Every Bitcoin transaction consists of inputs and outputs. Imagine you have $20, and you want to buy something for $5. When you pay, you give the store your $20 bill and get back $15 in change. Bitcoin transactions work similarly. The UTXO model tracks all the "change" or unspent chunks of Bitcoin left over from previous transactions.

Runes transactions use this same model. When you make a transaction with Runes, it consumes the total asset in your wallet and then calculates the new balance after transferring the intended amount of tokens to the recipient. It’s like paying with a $20 bill and getting back the exact change.

OP_RETURN

Runes transactions include a special part called OP_RETURN, which acts like an instruction manual. This part of the transaction stores important details like the Rune's name, symbol, quantity, and actions to perform, such as transferring or splitting tokens.

One of the safety features of Runes transactions is that if there are any errors or invalid instructions, the associated Runes are permanently removed from circulation. This process is known as "burning."

Etching: Creating a Rune

The process of creating a Rune and setting its properties is called etching. During etching, the creator sets the name, symbol, and how divisible the Rune will be. After etching, there are two main ways Runes can be distributed:

● Pre-Mining: This method rewards early supporters by airdropping tokens to those who held a specific Bitcoin Ordinal before the Bitcoin halving.

● Minting: The creator sets a total supply limit, and individuals can mint tokens up to that limit. Once the limit is reached, no new tokens can be created.

Decentralization and Community-Driven Nature of X

One of the most defining features of X is its complete decentralization. There was no initial coin offering (ICO) or presale, meaning no early investors who could buy large amounts of the coin before it was available to the public. This approach ensures fair market participation and prevents price manipulation by early stakeholders.

X is 100% airdropped, meaning the entire supply of the coin was distributed to the community. This distribution method emphasizes the coin's commitment to decentralization and community empowerment.

X Goes Live on Bitget

X represents a new wave in the world of meme coins. Built on the innovative Runes protocol and the strong foundation of the Bitcoin blockchain, X is entirely community-driven. This fair approach embodies the true spirit of decentralization and community empowerment.

How to Trade X on Bitget

Listing time: May 30, 2024

Step 1: Go to XUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell

For detailed instructions on how to spot trade in Bitget, please read The Uncensored Guide To Bitget Spot Trading.

Trade X on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.