Bitname, a prominent service provider within the Bitcoin ecosystem, recently unveiled a groundbreaking name service tailored specifically for the Bitcoin community. This marks a significant milestone as Bitname becomes the pioneer name service provider that caters to the entire Bitcoin ecosystem. The newly developed service enables the permanent storage of domain assets on the Bitcoin blockchain and facilitates the seamless interconversion and resolution of various Bitcoin address types. Additionally, it supports the linking of Bitcoin Layer2 and sidechain addresses through innovative functionalities. By prioritizing the consolidation of native Bitcoin domain assets across diverse protocols, Bitname is taking a crucial step towards the integration of the entire Bitcoin ecosystem.
The Innovative SRC101 Protocol
Recognizing the crucial necessity for a dedicated name service within the Bitcoin ecosystem, Bitname has meticulously crafted the new protocol standard known as SRC101. The SRC101 protocol boasts several key features:
High Expandability: This feature supports cross-chain domain binding and protocol upgrades, ensuring a decentralized on-chain data storage system with integrated transactions and identity unification.
Enhanced Security: By separating Name Assets from UTXOs, this feature effectively prevents asset loss and phishing attacks. Assets are securely tied to the sender address of the mint transaction, enhancing traceability and overall security.
Lower Transaction Fees: By permitting multiple operations in a single transaction, this feature reduces data storage requirements and miner fees. The design minimizes any adverse impact on the efficiency of the Bitcoin network and addresses concerns related to blockchain bloat.
Bitname’s Vision for the Future
With the introduction of the SRC101 protocol, Bitname aims to establish a Bitcoin name service characterized by immutability, security, and scalability. This service will lay the foundation for a robust infrastructure within the Bitcoin ecosystem, significantly enhancing user experience and network security.
Key Features of Bitname’s Service:
Universal Address Compatibility: The service supports all Bitcoin address types, including Legacy, Nested Segwit, Native Segwit, and Taproot.
Immutability and Security: Assets are stored directly on the Bitcoin blockchain’s UTXO, ensuring permanent on-chain storage and safeguarding against accidental asset spending and phishing attacks.
MatrixLink: This feature anchors accounts across various Bitcoin Layer 2 solutions and facilitates binding for EVM-compatible chains and Web2 projects, creating a comprehensive identity matrix centered around Bitname’s native domain assets.
Future Initiatives by Bitname
Bitname has recognized the untapped potential of NFTs in domain assets, a facet often overlooked in existing projects. The introduction of the Bitname Stampcard, an innovative NFT asset that leverages the SRC101 standard, aims to offer basic domain resolution services while enhancing the collectibility and playability of domain assets through specially designed visuals.
Introducing Bitname Stampcard
Acknowledging the prevalent variance in rarity, Bitname has meticulously designed the visuals of domain asset cards to not only provide basic domain resolution services but also enhance the collectibility and playability of domain assets.
Innovative Features of Bitname Stampcard:
Frame Tier System: Inspired by traditional card games (TCG), the Bitname Stampcard incorporates a visually distinctive frame tier system based on registration prices, visually differentiating the price and rarity of domains through unique card designs.
Unique Identifiers (ID): Each Bitname Stampcard is assigned a unique identifier based on the chronological order of domain asset minting, enhancing the user experience with engaging and detailed service.
Series-Based Artwork: Each Bitname Stampcard features randomly generated artwork, adding a level of uniqueness and collectibility beyond determined rarity, making each card a piece of carefully designed art.
Bitname Stampcard aims to elevate the collectibility and playability of traditional domain name NFTs, blending functionality with creativity to enrich the overall user experience.
About Bitname
Bitname is a dedicated Bitcoin name service aimed at creating a comprehensive name service for the entire Bitcoin ecosystem, covering native Bitcoin Layer1 and Layer2 projects. By establishing the SRC101 standard and introducing an innovative NFT collection design for domain assets, Bitname sets itself apart from traditional name services, offering a more collectible and entertaining experience. With unique card designs introduced in series, Bitname Stampcard brings a new level of collectability and interactivity to traditional domain name NFTs.
For further information, please visit Bitname’s official website at https://bitname.pro/.
