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BTCDomain Makes ․btc Happen on BTC Layer 1 – Press Release Bitcoin News
press release
PRESS RELEASE. It really is time to rejoice now that .btc domains have come to Bitcoin. BTCDomain is an easy-to-use domain system built on Bitcoin that allows users to start registering, shopping and searching for .btc domain names. By combining Ordinals and Zero-Knowledge (ZK) technologies, they can safely store all their metadata on the Bitcoin network while consistently maintaining the integrity of the domain registrar and resolver.
Why are blockchain domains important?
A domain serves as a symbol of a person’s personal identity. The simplicity of using the a.btc domain for transactions not only prevents transfer errors caused by complicated wallet addresses, but also protects users from clipboard replacement attackwhich changes wallet addresses during the copy-paste process, and is one of the most common and recurring scams.
A memorable domain name is also essential for effective marketing and brand awareness for companies and brands. A distinctive domain name can therefore provide a significant competitive advantage for brands that want to stand out in an age of information overload. Simply put, a good domain name can potentially make all the difference in an age where online competition is at its peak.
Store data on the Bitcoin network
First of all, it is important to remember that the Bitcoin network does not support smart contracts. Bitcoin’s built-in programming language is Bitcoin Script, which enables programmable payment functionality. However, it is not a Turing-complete programming language; its definition and functions are primarily intended to complete various payment scenarios and are not capable of handling more complicated business logic.
So how does BTCDomain actually store data on the BTC network? The solution is to use ordinal technology. Ordinals separate these Satoshis by assigning sequential numbers to 1 BTC, which equals 100 million Satoshis. Satoshis can be assigned a stable identifier using their sequence numbers. Ordinals refer to this “attachment action” as “inscribing”, which is similar to the process of minting Ethereum NFTs.
Also, because all inscription data is stored on the blockchain rather than on external storage like IPFS or AWS S3, it is truly decentralized and preserved in the blockchain along with all other Bitcoin transactions. To achieve this, .btc domains are entered as formatted JSON text on the Bitcoin mainnet, where each domain is a unique inscription that is akin to a BTC NFT.
Don’t trust, just verify
Here is an example of how to decode satoshi.btc data from the Bitcoin network. click on genesis transaction history for satoshi.btc or use any Bitcoin explorer to examine the transaction “4d8cf99819690c37fcd62b63f3b7f357da71fd7f5c0de058f60180545f44fc63”. Convert it to JSON view. After this step, just copy the second section in the “witness” section and then paste it into a “hex to string converter“tool.
If done correctly, it will be possible to see the metadata of this satoshi.btc. Users’ domain metadata will be securely stored in 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 longevity and availability.
You can also search in several domains’ metadata via btcdomains.io. Using “Inscription ID” without “i0” at the end as transaction hash, you can examine all registered domains’ metadata on the bitcoin chain.
Unlocking .btc domain trading with Bitcoin transactions and PSBT
If the question is how to trade .btc domains, the answer lies in Bitcoin transactions. Users’ domains are linked to Satoshi’s via their sequence numbers, as previously mentioned. When users send Satoshis to someone else, the associated inscription is also transferred. This procedure makes domain trading easier.
Also, ‘Partial Signed Bitcoin Transactions’ (PSBT) is a useful feature of Bitcoin. This feature allows users to trade selected Satoshis with anyone who has a certain amount of BTC. They can participate in user-friendly trading on Ordinal’s trading platforms such as MagicEden by utilizing PSBT. Overall, the trading experience is actually comparable to Ethereum, with the main difference being that this is for Bitcoin instead.
Strengthen security and trust with Zero-Knowledge Tech
To address the concerns surrounding malicious data servers and the need for high trust domains, it is critical to consider the potential consequences of a server abusing its power and redirecting BTC to unintended recipients. To solve this problem, BTCDomain uses ZK technology.
By using advanced mathematical methods, ZK technology ensures a reliable computing environment. It enables programs to run on a single computer and generate both output and a ZK certificate. Anyone can confidently verify that the program was executed without tampering by verifying the ZK proof. This additional layer of protection can prevent data servers from performing unauthorized actions.
Simply put, ZK technology creates a trusted environment that protects against malicious behavior and ensures transaction integrity. When combined with Ordinal’s ability to make Bitcoin a data-accessible chain, it allows the creation of a system that works similarly to smart contracts while relying solely on Bitcoin. Users can thus have greater confidence in the system’s security and reliability with ZK technology in place.
BTCDomain: Pioneering a new era of decentralized domains and improved security on Bitcoin
To summarize, 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 the online identities of individuals and businesses, making transactions easier and more secure.
In addition to that, the frictionless trading experience of inscriptions via Bitcoin transactions and PSBT, combined with the robust security offered by ZK technology, paves 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 towards greater adoption and ease of use because it bridges the gap between blockchain and the traditional Internet infrastructure.
For further information and regular updates, visit official website together with Twitter, Disagreement, Mediumand GitHub channels.
This is a press release. Readers should do their own due diligence before taking any action 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.
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