RSIC•GENESIS•RUNE, also known as RUNECOIN or RSIC, is a pre-Rune fungible digital asset developed for the Web3 space. It is built upon the Runes Protocol, which is a standard for creating fungible tokens on the Bitcoin blockchain. The term RSIC is an acronym for Rune Specific Inscription Circuit. The project utilizes a peer-to-peer allocation system referred to as the RSIC metaprotocol. This system involves RSICs, which are Ordinal inscriptions. These inscriptions have the ability to "mine" pre-runes once they are activated. Activation typically requires transferring the RSIC to a different wallet or within the same wallet it was initially received in. Owners of activated RSICs could earn runes per Bitcoin block. The mining process also included gamified elements, such as boosters to increase rune earnings and rewards for achieving random hash alignment with Bitcoin blocks. In January 2024, the project conducted an airdrop, distributing 21,000 inscriptions to more than 9,000 wallets belonging to collectors active in the Ordinals ecosystem. This distribution included holders of well-known inscriptions such as Bitcoin Frogs, Nodemonkes, and Bitcoin Puppets. The tokens were etched onto Bitcoin block 840,000, which coincided with both the Bitcoin halving event and the launch of the Runes protocol. The overarching goal of the project is to ensure an equitable distribution of Runecoin. Regarding its token structure, RSIC•GENESIS•RUNE has a total supply of 21 billion tokens. This specific supply number is a nod to Bitcoin's own hard cap of 21 million units. Additionally, as the 8th Rune etched on the Runes protocol, and with an airdrop size of 888 Satoshis, the project incorporates symbolic references to the number eight. The RSIC Ordinals collection comprises 21,000 inscriptions, each featuring runic symbols arranged in grids. The symbol located in the bottom right corner of these grids indicates the rarity of an RSIC. This symbol was designed to change color to orange if its hash value aligned with that of the latest Bitcoin block. RSIC•GENESIS•RUNE functions as a unique digital asset on the Bitcoin blockchain, classified as an "Ordinal." This means it involves inscribing data directly onto individual units of Bitcoin called Satoshis. This project represents an early integration of the Runecoin concept within the broader Ordinals ecosystem, leveraging the Runes Protocol for creating fungible tokens on Bitcoin through a UTXO-based system. The project's underlying vision emphasizes community building, digital art, and exploring scarce supply mechanisms on Bitcoin using the new Runes standard. The anonymous project team has also indicated plans for a second phase of development.
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