The Runestone Tribute to Satoshi Nakamoto

In an audacious gesture within the Bitcoin community, the creators of the Runestone project, a notable endeavour in the burgeoning field of Bitcoin Ordinals, orchestrated a symbolic act by sending their most prized asset, valued at 8 BTC (approximately $525,000), to a wallet believed to be owned by the enigmatic Bitcoin creator, Satoshi Nakamoto.

This act, carried out by the project contributor and NFT historian known as Leonidas, was initially presented as an accidental loss of the “parent” Ordinals inscription—the largest of its kind at about 4MB.

However, this apparent mishap was revealed to be a well-crafted jest, mirroring a real incident involving the developer of a Solana meme coin. Through a tweet that emulated a moment of panic, Leonidas engaged the community in a moment of levity, only to later clarify the true intent behind the action.

Sending the Runestone to Satoshi Nakamoto’s dormant wallet served a deeper purpose: to eternally lock away this foundational asset, thereby sealing the Runestone collection and cementing its legacy within the blockchain. This “burning” of the parent inscription ensures that the collection remains unalterable, with exactly 112,384 Runestones now existing in perpetuity.

This unique strategy of utilizing a parent/child inscription system underlines the intricate mechanisms at play within the Bitcoin Ordinals space, where assets are intricately linked through generations of transactions. By rendering the Runestone “burned,” no further inscriptions can be derived from it, preserving the integrity and finality of the collection.

The execution of this act was a collaborative effort involving OrdinalsBot and Marathon Digital Holdings, showcasing the technical prowess and community engagement driving the Ordinals movement. The operation’s success hinged on the Ordinals protocol’s ability to inscribe assets during transactions, a feature explained by OrdinalsBot co-founder Bruffstar as intrinsic to the process.

The recent Runestone airdrop highlighted the project’s commitment to its community, rewarding early adopters of the Ordinals protocol with unique inscriptions. With over 83,000 wallets now holding a piece of the collection, and a floor price standing at 0.0526 BTC, the Runestone project not only honours the legacy of Satoshi Nakamoto but also symbolizes the innovative spirit and communal ethos of the Bitcoin Ordinals domain.

The act of sending the Runestone to Satoshi Nakamoto’s wallet transcends mere tribute; it signifies a milestone in the evolution of Bitcoin Ordinals and a testament to the creative and collaborative spirit of the cryptocurrency community. As the Runestone collection solidifies its place in the annals of Bitcoin history, it reminds us of the endless possibilities that lie within the intersection of technology, art, and community.