In the recent Bitcoin halving event of 2024, the Runes protocol notably stole the spotlight. Buyers offered extraordinarily high gas fees to aggressively purchase BTC inscribed under the Runes protocol, enabling miners to achieve historically impressive earnings despite the coin price stagnating and blockchain rewards halving. Many people began to delve deeper into the Bitcoin ecosystem from this point.In our last issue, BITMARS introduced BRC20, Domo, UTXO, Atomicals, and the Lightning Network. Let’s continue in this issue.
- Nostr
Nostr is a simple decentralized social networking protocol that uses key pairs to allow users to create and manage their own identities, and communicate through events such as posts, contact information, and other social interactions. Founded by Fiatjaf, although this protocol has no direct connection to Bitcoin, it has garnered widespread attention from Bitcoin supporters because it represents a decentralized and censorship-resistant method of communication. In April 2023, a Lightning Network “custodial solution” called the Nostr Assets Protocol also adopted the name Nostr.
- BIPs
Short for Bitcoin Improvement Proposals, BIPs refer to community-driven design documents that suggest new features, information, or improvements to the environment for review by the Bitcoin community. BIPs are an essential part of the Bitcoin development process, providing a formal way to propose improvements to the Bitcoin network.
- Mempool
Mempool, short for Memory Pool, refers to the collection of all unconfirmed transactions stored on a Bitcoin network node. When a transaction is sent to the Bitcoin network but has not yet been included (confirmed) by any block, it resides in the Mempool. Miners select transactions from the Mempool to create new blocks, typically prioritizing those with higher transaction fees.
- Bitcoin Full Node
A Bitcoin full node is a complete client that runs the Bitcoin protocol and maintains a full copy of the blockchain data. Full nodes validate all transactions and blocks, ensuring that they comply with Bitcoin’s rules. Bitcoin full nodes are crucial to the network’s health and decentralization. They help distribute power across the network, ensuring that no single entity can control or alter Bitcoin’s transaction history. Full nodes also enhance the network’s security because the more nodes that validate transactions, the more difficult it is to manipulate the system.
The BTC ecosystem is becoming increasingly diverse and profound. The emergence of new technologies, protocols, and innovations can potentially create new opportunities. Join us next time as we continue to explore “Beyond Runes: How Much Do You Know About These BTC Ecosystem Terms? (Ⅳ)”.
This concludes the BTC ecosystem terminology section organized by BITMARS for our miner friends. Stay tuned to learn more. BITMARS is a globally renowned crypto miner trading company. We provide comprehensive, professional, timely, and cost-effective mining machine purchasing and hosting services to maximize your profits!
