This podcast episode explores the concept of runes and their implementation in the Bitcoin protocol. The hosts discuss the cultural bias towards Greco-Roman mythology and dive into the rich poetic tradition and mythology of the Vikings. They highlight the use of runes as fungible tokens on the Bitcoin protocol and explain the difference between inscriptions and runes. The conversation also delves into the concept of non-fungible assets, meme coins, and the popularity of BRC20 tokens. The hosts discuss the success of BRC20 and runes in redirecting attention, liquidity, and technology to Bitcoin. They explain the concept of unspent transaction outputs (UTXOs) and how runes extend UTXOs to store Bitcoin and custom runes. The section concludes with a discussion on runestones, the allocation and unlocking process of runes, efficient allocation, and the compatibility of Runes with Bitcoin script and SPV wallets. The hosts also explore the concern of VC pre-mine runes and propose solutions for a fair distribution of the first rune. They brainstorm different types of runes and express gratitude for Patreon support.
