This creature is a new twist on one of the staple cards in Legacy - Mother of Runes. Now this kind of effect is available in Modern with a slight difference: Giver of Runes can't protect itself.
However, it can protect other creatures from colorless effects, and that makes a huge difference against Tron players that are currently holding the top-tier shelf in the format. Eldrazi and artifact-based decks will also have a problem dealing with this kind of protection.
It will most likely find its way into the Death and Taxes lists that have been dreaming about this card for a very long time.