📄️ Technical Design
Outlining the core components of BitRunes gives an understanding on the project and also more core functionalities of the Runes standard:
📄️ Rune Bridge
The Rune bridge serves as a core component in the Runes ecosystem for the conversion of Ethereum to tokens on the Bitcoin blockchain. The bridge implements a lock (on ethereum) and validate (on Bitcoin) synergy to allocate the specified Rune requested by end users. When a user makes a call to the bridge, our smart contract on the Ethereum chain performs a safe transfer from the recipient’s ethereum address. The function called by the end user has the following:
📄️ Bitcoin Scripting
Bitcoin scripts act like the instructions and tools needed to open a box and access the funds inside. These scripts are essentially programs written in a special language built into the Bitcoin protocol.
📄️ Unlocking Scripts
Validation on every node on the Bitcoin network acts as a vigilant guard, verifying transactions before they are added to the blockchain. This validation process heavily involves scrutinizing both the locking and unlocking scripts. Each input within a transaction references a previous unspent transaction output (UTXO) and carries its own unlocking script. Retrieving the locking script involves validating software that retrieves the UTXO referenced by the input and extracts the corresponding locking script from that UTXO. The validator then performs a critical step. Think of it as solving a two-part puzzle. The transaction is considered valid only if the unlocking script successfully fulfills the requirements set forth by the locking script. This ensures that the spender possesses the necessary authorization to access the bitcoins. Each input within a transaction undergoes this validation process independently. All inputs must be valid for the entire transaction to be accepted.
📄️ Rune Crafter
The Rune Crafter gives users the ability to become Rune architects within the Runes ecosystem. It defines, creates, and manages all custom Rune tokens. While "minting" is a common term in the cryptocurrency world, minting of Runes is referred to as "etching”. Each Rune you create represents a unique concept, value, or utility, permanently etched for global recognition.
📄️ Rune Analytics
Rune Analytics equips you with the knowledge and insights you need to navigate the dynamic landscape of any ecosystem. Rune Analytics tirelessly crawls the Bitcoin blockchain, gathering data and ensuring that you have access to the most up-to-date and comprehensive information on Rune transactions. The processed data is then transformed into clear and actionable insights presented through interactive dashboards. These intuitive visualizations empower you to effortlessly identify trending Rune tokens, understand the flow of Rune tokens within the ecosystem, and uncover emerging patterns in Rune activity. We identify Rune tokens that are experiencing a surge in activity, allowing you to discover promising new projects with high growth potential.
📄️ RunePad
The RunePad serves as the cornerstone for launching and nurturing groundbreaking Rune based projects within the Rune ecosystem built on the Bitcoin blockchain. This platform allows aspiring entrepreneurs and established businesses alike to unveil their custom Rune creations through secure, transparent, and user-friendly fairlaunches and presales. Rune Launchpad seamlessly integrates with the Rune Wallet, enabling a smooth and familiar experience for both project creators and participants. This native integration eliminates the need for users to switch between different platforms, streamlining the fundraising process.
📄️ Rune Market
Trade Runes confidently and seamlessly with the Rune Market’s secure infrastructure. Our native marketplace operates entirely on the Bitcoin blockchain, fostering peer-to-peer exchange of Rune tokens without the need for intermediaries. Transactions are conducted transparently, with each deal adhering to predefined edicts for maximum trust and efficiency. The Rune market relies on an offchain script on a server which defines the terms of the swap transaction before publication to the Bitcoin network because doing this onchain with Bitcoin scripts will fail due to its immutable nature. The bitcoin address must hold the Runes needed by the user so everything needs to be predefined. With this in mind, the Rune Market builds a multi-signature public key and multiple private keys to allow participants who have the requested Rune tokens to supply their UTXOs and get rewarded at the end of the transaction instantaneously. Moving assets defined in the script rely only under 2 conditions:
📄️ Rune Wallet
The Rune Wallet empowers you to seamlessly manage your Bitcoin (BTC) and Rune token holdings in one user-friendly and secure platform. Designed for both seasoned cryptocurrency users and newcomers alike, the Rune Wallet provides a comprehensive suite of features to streamline your experience within the Rune ecosystem built on the Bitcoin blockchain.