Are you among those individuals who prefer using Bitcoin over traditional fiat currency? If that’s the case, you’ve likely encountered people who struggle to remember their Bitcoin addresses, leading to difficulties when conducting new transactions. Perhaps you’ve experienced this issue firsthand.
Now, just envision how much simpler your life would be if instead of dealing with a complex address like “3FZbgi29cpjq2GjdwV8eyHuJJnkLtktZc5,” you could utilize a user-friendly name like “money.btc.” But is such a possibility attainable?
In today’s article, we will explore a cutting-edge Web3 company that transforms this dream into reality! BTC Domain offers the remarkable ability to assign a human-readable name to your Bitcoin address, significantly streamlining the process of completing cryptocurrency transactions.
Main Takeaways
- Metadata Fully Stored on the Bitcoin Blockchain
- User-Friendly Register
- Combination of Ordinals and ZK Tech
- Entirely Build on Bitcoin Mainnet
- Open-Source Resolver Service Written in Rust
What is BTC Domain?
BTC Domain aims to provide the Bitcoin community with a hassle-free and intuitive name service platform. With a similar approach to Ethereum Name Service (ENS), BTC Domain offers an extensive array of services related to names, encompassing name registration, name resolution, and various other relevant offerings. Their services eliminate the need to either memorize or store lengthy Bitcoin addresses to get payment receipts and or to make transactions. Instead, every Bitcoin user can easily register a personalized name and link it to their Bitcoin address.
This way, Bitcoin transactions become more accessible en-masse, bringing a bigger chance of mass adoption from non-crypto people. With this approach, Bitcoin transactions become even easier to make than some wire transfers made by traditional banks!
This makes it a convenient solution for businesses, charities, and individuals who want to create a permanent and recognizable identity for their Bitcoin transactions.
What Makes BTC Domain Unique?
- As Long As Bitcoin Exists, Your Domain Will Also Exist
- ZK-Empowered Trustless Domain Resolving
- Affordable Service Fees for Bitcoin Domains
- Light Character and Length Restrictions
- Easy-to-Understand Process of Registering a Domain
Technology
BTC Domain uses two main technologies to ensure maximum security, reliability, and comfort for all its customers. Here are the two most important technologies used:
Ordinals
Ordinals represent a unique category of digital assets on the Bitcoin blockchain, functioning as non-fungible tokens that carry a timestamp and are identified by a distinct number.
These numbers, known as Ordinals, play a crucial role in storing data on the blockchain, facilitating the tracking and verification of ownership for any digital item.
The process involves assigning a unique number to an asset and linking it to the Bitcoin blockchain through a Bitcoin transaction input. As a result, each Ordinal is securely stored on the blockchain, offering an immutable and transparent proof of ownership.
The combination of Bitcoin’s capability to serve as a data-rich chain, through Ordinals, with Zero Knowledge technology, has allowed BTC Domain to develop a system that emulates smart contracts exclusively utilizing the Bitcoin blockchain.
Zero Knowledge
While the Bitcoin blockchain provides a decentralized and secure platform for transactions, it lacks the native capability to handle smart contracts. This limitation presents a challenge for users who seek to replicate the functionalities available on platforms like Ethereum.
To address this issue, the BTC Domain team has devised an alternative approach to enable similar functionality on Bitcoin Layer 1. Their solution involves leveraging Zero-Knowledge (ZK) technology to achieve the desired outcome.
ZK technology utilizes mathematical techniques to establish a trusted computing environment.
Through the implementation of ZK proofs, the team can ensure the precise execution of resolver and registrar processes, safeguard privacy, and achieve enhanced scalability.
Key Features
Every project has some key features that differentiate it from its competitors. Here are BTC Domain’s components you should know all about.
Requirements and Restrictions
Unfortunately, you can’t freely choose ANY Bitcoin domain name you desire. There are certain requirements and restrictions imposed by BTC Domain and the blockchain technology itself.
To achieve a balance between usability and future growth, domain names must meet specific length criteria. They should have a minimum length of 4 characters and a maximum length of 32 characters. These requirements have been carefully selected to address concerns associated with domain name length. Setting a minimum domain name length of 4 characters ensures that ample space is reserved for future domain registrations. Similarly, limiting domain names to a maximum of 32 characters prevents them from becoming excessively long, which could lead to complications in various systems. Extremely lengthy domain names pose challenges in terms of remembering, typing, and displaying them, particularly on devices with limited screen space.
Regarding restrictions, BTC Domain currently only supports English letters (both uppercase and lowercase) and numbers (0-9) as valid characters for domain names. This restriction is in place to ensure compatibility with diverse systems and devices, as well as to minimize potential issues related to character encoding or interpretation.
Roadmap and Updates
Just like any other Web3 project, BTC Domain has a very comprehensive roadmap. Here’s what it looks like:
Wrapping Up
To sum everything up, BTC Domain is a great way to ease access to Bitcoin transactions, enhance mass adoption of Bitcoin en-masse and just make your Bitcoin address more customized and interesting to look at.
It makes the life of a Bitcoin rookie a lot easier, transforming an endless list of numbers and symbols into an easy-to-remember name, making it even better than a traditional wire transfer.
Disclaimer
NOT FINANCIAL ADVICE: The information provided on this website is for informational purposes only and should not be considered financial or investment advice. It is not a recommendation to buy, sell, or hold any security or investment.
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