PRESS RELEASE. It truly is time to rejoice now that .btc domains have come to Bitcoin. BTCDomain is a user-friendly domain system built on Bitcoin that allows users to begin registering, trading, and searching .btc domain names. By combining Ordinals and Zero-Knowledge (ZK) technologies, they can securely store all of their metadata on the Bitcoin network while consistently maintaining the integrity of their domain registrar and resolver.

Why Are Blockchain Domains Important?

A domain serves as a symbol of an individual’s personal identity. The simplicity of using a.btc domain for transactions not only prevents transfer errors caused by complicated wallet addresses, but it also protects users from clipboard replacement attacks, which change wallet addresses during the copy-paste process and is one of the most common and recurring fraudulent acts.

A memorable domain name is also essential for effective marketing and brand awareness for businesses and brands. A distinctive domain name can therefore provide a significant competitive advantage for brands looking to stand out in an age of information overload. Put simply, a great domain name could potentially make all the difference in an age where online competition is at an all time high.

Storing Data On The Bitcoin Network

First and foremost, it is important to remember that the Bitcoin network does not support smart contracts. Bitcoin’s embedded programming language is Bitcoin Script, which allows for programmable payment functionality. However, it is not a Turing-complete programming language; its definition and functions are primarily intended for completing various payment scenarios and are incapable of handling more complicated business logic.

So, how does BTCDomain actually store data on the BTC network? The solution is to use ordinals technology. Ordinals distinguish these Satoshis by assigning sequential numbers to 1 BTC, which is equivalent to 100 million Satoshis. Satoshis can be assigned a stable identifier by using their sequence numbers. Ordinals refer to this “attachment” action as “inscribing,” which is similar to the process of minting Ethereum NFTs.

Moreover, because all inscription data is stored on the blockchain rather than on external storage such as IPFS or AWS S3, it is truly decentralized and preserved in the blockchain alongside all other Bitcoin transactions. To achieve this, .btc domains are inscribed as formatted JSON text onto the Bitcoin mainnet, with each domain being a unique inscription that is akin to a BTC NFT.

Do Not Trust, Just Verify

Here is an example of how to decode satoshi.btc data from the Bitcoin Network. Click the genesis transaction history of satoshi.btc or use any Bitcoin explorer to examine transaction “4d8cf99819690c37fcd62b63f3b7f357da71fd7f5c0de058f60180545f44fc63”.Turn it into JSON view. After this step, simply copy the second part in “witness” part and then paste it into any “hex to string converter” tool.

If done correctly, it becomes possible to see the metadata of this satoshi.btc. Users’ domain metadata will be securely stored within the Bitcoin network for as long as it exists. Furthermore, each Bitcoin full node maintains a copy of a user’s valuable domain name, ensuring its longevity and accessibility.

Also, you could search more domain’s metadata via btcdomains.io. Using “Inscription id” without the “i0” at the end as transaction hash, you could examine any registered domain’s metadata on the bitcoin chain.

Unlocking .btc Domain Trading with Bitcoin Transactions & PSBT

If the question revolves around how to trade .btc domains, the answer is found in Bitcoin transactions. Users’ domains are linked to Satoshis via their sequence numbers, as previously stated. When users send Satoshis to someone else, the associated inscription is also transferred. This procedure makes domain trading easier.

Also, ‘Partially Signed Bitcoin Transactions’ (PSBT) are a useful feature of Bitcoin. This feature allows users to trade selected Satoshis with anyone who has a specific amount of BTC. They can participate in user-friendly trading on Ordinals trading platforms such as MagicEden by leveraging PSBT. Overall, the trading experience is indeed comparable to Ethereum, with the main point of difference being that this is for Bitcoin instead.

Bolstering Security & Trust With Zero-Knowledge Tech

In order to address the concerns about malicious data servers and the need for high trust in domains, it is critical to consider the potential consequences of a server misusing its power and redirecting BTC to unintended recipients. To address this issue, BTCDomain uses ZK technology.

Using advanced mathematical methods, ZK technology ensures a trustworthy computing environment. It enables programs to run on a single computer and generate both output and a ZK proof. Anyone can confidently confirm that the program was executed without tampering by verifying the ZK proof. This additional layer of protection can keep data servers from performing unauthorized actions.

Put simply, ZK technology creates a trusted environment which protects against malicious behavior and ensures transaction integrity. When combined with Ordinal’s ability to make Bitcoin a data-available chain, it allows for the creation of a system that functions similarly to smart contracts while relying solely on Bitcoin. Users can hence have greater confidence in the system’s security and reliability with ZK technology in place.

BTCDomain: Pioneering A New Era Of Decentralized Domains & Enhanced Security On Bitcoin

To sum it up, by introducing the innovative concept of .btc domains, BTCDomain is revolutionizing the Bitcoin ecosystem. In this way, BTCDomain creates a decentralized, safe, and user-friendly environment for registering, trading, and searching.btc domain names by leveraging Ordinals and Zero-Knowledge technologies. This breakthrough has the potential to reshape individuals’ and businesses’ online identities, making transactions more simple and secure.

Besides that, the frictionless trading experience of inscriptions via Bitcoin transactions and PSBT, combined with the robust security provided by ZK technology, pave the way for a new era in the blockchain domain landscape. BTCDomain thus ushers in a bright future for the Bitcoin network by combining the benefits of Ordinals and ZK technology, one that bears a strong resemblance to smart contract functionality while remaining true to Bitcoin’s decentralized nature.

In conclusion, embracing BTCDomain is a significant step toward greater adoption and usability because it bridges the gap between blockchain and the traditional Internet infrastructure.

For additional information and regular updates, visit the official website along with the Twitter, Discord, Medium, and GitHub channels.

 

 

 

This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Source: Bitcoin.com

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Filed under: News - @ April 8, 2023 11:00 pm