Bitname develops a name service specifically designed for the Bitcoin ecosystem

Recently,
Bitname,
a
service
provider
in
the
Bitcoin
ecosystem,
announced
the
development
of
a
name
service
specifically
designed
for
the
Bitcoin
ecosystem.
Bitname
is
the
first
name
service
provider
encompassing
the
entire
Bitcoin
ecosystem.
It
allows
permanent
storage
of
domain
assets
on
Bitcoin
and
supports
the
interconversion
and
resolution
of
all
Bitcoin
address
types.
It
also
supports
Bitcoin
Layer2
and
sidechain
address
linking
through
unique
features.
It
prioritizes
the
unification
of
native
Bitcoin
domain
assets
across
different
protocols,
representing
a
step
towards
integrating
the
entire
Bitcoin
ecosystem.

The
SRC101
Protocol

In
recognition
of
this
vital
need,
Bitname
developed
a
name
service
specifically
designed
for
the
Bitcoin
ecosystem.
With
those
features,
the
Bitname
team
refined
the
new
protocol
standard
SRC101. 

SRC101
offers
several
key
features:

●

High
Expandability:
Supports
cross-chain
domain
binding
and
protocol
upgrades,
ensuring
a
decentralized
and
on-chain
data
storage
system
with
integrated
transactions
and
identity
unification.
●

Enhanced
Security:
Decouples
Name
Assets
from
UTXOs
to
prevent
asset
loss
and
phishing
attacks.
Assets
are
tied
to
the
sender
address
of
the
mint
transaction,
enhancing
traceability
and
security.
●

Lower
Transaction
Fees:
Allows
multiple
operations
in
one
transaction,
reducing
data
storage
requirements
and
miner
fees.
The
design
minimizes
the
impact
on
Bitcoin
network
efficiency
and
addresses
blockchain
bloat
concerns.

Bitname’s
Vision:

With
SRC101,
Bitname
aims
to
offer
a
Bitcoin
name
service
characterized
by
immutability,
security,
and
scalability.
This
service
will
create
a
comprehensive
infrastructure
within
the
Bitcoin
ecosystem,
significantly
enhancing
user
experience
and
network
security.

Main
Features:

●

Universal
Address
Compatibility:
Supports
all
Bitcoin
address
types,
including
Legacy,
Nested
Segwit,
Native
Segwit,
and
Taproot.
●

Immutability
and
Security:
Stores
assets
directly
in
the
Bitcoin
blockchain’s
UTXO,
ensuring
permanent
on-chain
storage
and
preventing
accidental
asset
spending
and
phishing.
●

MatrixLink:
Anchors
accounts
across
all
Bitcoin
Layer
2
solutions
and
supports
binding
for
EVM-compatible
chains
and
Web2
projects,
creating
a
comprehensive
identity
matrix
centered
around
Bitname
native
domain
assets.

What’s
Next
for
Bitname?

Bitname
has
identified
the
untapped
potential
of
NFTs
in
domain
assets,
often
underutilized
in
existing
projects.
The
Bitname
Stampcard,
an
innovative
NFT
asset
leveraging
the
SRC101
standard,
aims
to
provide
basic
domain
resolution
services
while
enhancing
the
collectibility
and
playability
of
domain
assets
with
specially
designed
visuals.

The
Bitname
name
service
will
integrate
Bitcoin
Layer2
using
the
MatrixLink
feature.
To
maintain
the
security
and
central
role
of
native
Bitcoin
Layer1
assets,
no
cross-chain
transfers
or
mapping
operations
will
be
conducted
when
domain
assets
are
used
on
different
Layer2.
This
means
that
cross-chain
account
connections
will
be
facilitated
through
the
issuance
of
markers
or
the
creation
of
non-tradable,
non-transferable
NFTs
while
the
assets
remain
on
Bitcoin.

Introduction
of
Bitname
Stampcard

Source:
Bitname
Gitbook

Recognizing
the
prevalent
differentiation
in
rarity,
Bitname
has
specially
designed
the
visuals
of
domain
asset
cards,
aiming
to
not
only
provide
basic
domain
resolution
services
but
also
enhance
the
collectibility
and
playability
of
domain
assets.

The
Bitname
Stampcard
Innovation

●

Frame
Tier
System


Inspired
by
traditional
card
games
(TCG),
Bitname
Stampcard
incorporates
a
visually
distinctive
frame
tier
system
based
on
registration
prices:

Five-character
domains
are
indicated
by
a
white
border.

Four-character
domains
have
a
blue
border.

Three-character
domains
are
marked
with
a
gold
border.

This
tier
system
visually
differentiates
the
price
and
rarity
of
domains
through
the
card
designs,
providing
a
diverse
and
layered
presentation
of
Bitname
Stampcards.

●

Unique
Identifiers
(ID)

Each
Bitname
Stampcard
is
assigned
a
unique
identifier
based
on
the
chronological
order
of
domain
asset
minting.
This
ID
is
prominently
displayed
on
each
card,
visualizing
the
data
inherent
in
the
asset’s
code
layer
and
enhancing
the
user
experience
with
more
engaging
and
detailed
service.

●

Series-Based
Artwork

Beyond
frame
tiers
and
unique
IDs,
each
Bitname
Stampcard
features
randomly
generated
artwork.
This
adds
a
level
of
uniqueness
and
collectibility
beyond
the
determined
rarity.
Each
card
is
a
carefully
designed
piece
of
art,
emphasizing
that
while
Bitname
is
a
product
and
service-centered
infrastructure
project,
it
also
aims
to
add
a
bit
of
fun
and
entertainment
for
its
users.

Bitname
Stampcard
brings
a
new
level
of
collectibility
and
playability
to
traditional
domain
name
NFTs,
blending
functionality
with
creativity
to
enhance
the
overall
user
experience.

About
Bitname

Bitname
is
a
Bitcoin
name
service
dedicated
to
creating
a
comprehensive
name
service
for
the
entire
Bitcoin
ecosystem,
encompassing
the
native
Bitcoin
Layer1
and
Layer2
projects.
Bitname
has
established
the
SRC101
standard
for
this
service,
along
with
an
innovative
design
of
NFT
collection
for
domain
assets
that
sets
it
apart
from
traditional
name
services,
making
it
more
collectible
and
entertaining.
With
unique
card
designs
introduced
in
series,
Bitname
Stampcard
offers
a
new
level
of
collectability
and
interactivity
to
traditional
domain
name
NFTs.

Twitter | Gitbook | Discord | Website

Media
Contact

Company
Name: Bitname

Contact:
Rebecca
Riley

Email: [email protected]

Website:
https://bitname.pro/

Disclaimer:
The
information
provided
in
this
press
release
is
not
a
solicitation
for
investment,
nor
is
it
intended
as
investment
advice,
financial
advice,
or
trading
advice.
It
is
strongly
recommended
you
practice
due
diligence,
including
consultation
with
a
professional
financial
advisor,
before
investing
in
or
trading
cryptocurrency
and
securities.