⛏️▣ ⛏Runes Intro

What are Runes?

In September of 2023, Casey Rodarmor (the creator of ordinals) announced that he would be creating a new fungible token standard on the Bitcoin Network called Runestone. His stated goal and intention with Runes is "to gut liquidity from all other token standards and blockchains", by providing an efficient means of creating and transacting fungible tokens directly on Bitcoin's layer 1 protocol, embedded in the UTXO (unspent transaction output) set.

In January of 2024, a new Runes project called RSIC Metaprotocol, built in stealth, surprised everyone by airdropping "RSICs" to over 9k of the most active community members in the ordinal space. This project exploded, taking the space by storm, and seized the Runes narrative, with incredible execution and advanced game theory.

These "Rune Specific Inscription Circuits (RSIC) function like digital miners (think bitcoin ASIC miners), allowing holders to pre-mine an upcoming rune that is set to go live as soon as the new Runestone protocol is released. This will occur at the Bitcoin halving block 840000, when the block reward is reduced from 6.25 BTC per mined block, down to 3.125 BTC per mined block.

While RSICs function like mining rigs, the project is actually designed as a game, with very well thought out gamification directly tied to each bitcoin block being mined, and offers a lottery system to be awarded to some lucky holders just after the halvening event sometime in April of 2024.

Shortly after their debut, RSIC holders were invited to inscribe a "Boost File", able to speed up their mining capabilities by doubling the rewards available for each block.

Our founder Scr1be took this opportunity to contribute to new Runes natives, by making the BTC Slugs a free mint to any and all who boosted their RSIC within the first 48hrs (300 blocks) of availability. This community was whitelisted for the free mint, because of their proven levels of activity and involvement in the ordinal space. The BTC Slugs collection is offered without any reserves held or fees added, to be totally free for any of these boosters who need only pay a bitcoin transaction fee. In addition to early RSIC boosters, anyone who minted our BRC-20, PERQ, was also whitelisted for the free mint of Slugs, with the goal of seeing the collection minted out 100% free to these two groups.

As the Bitcoin halving draws near, and the Runestone protocol goes live, NiftySats will launch our own rune guaranteed to boost the fun in our ecosystem. We are simply enthralled by the creativity and technical advancement on Bitcoin's layer 1 being manifested in ordinals and runes, and desire to contribute to the space in ways that generate value for community members who share our same passions.

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