PRESS RELEASE
Bitname, the pioneering name service provider encompassing the entire Bitcoin ecosystem, is set to revolutionize the industry with the introduction of a groundbreaking protocol standard called SRC101 for Bitcoin Stamps. This innovative protocol allows for the permanent storage of domain assets on the Bitcoin network and facilitates the seamless interconversion and resolution of all Bitcoin address types. Additionally, it supports Bitcoin Layer2 and sidechain address linking through its unique features. By prioritizing the unification of native Bitcoin domain assets across various protocols, Bitname is taking a significant step towards integrating the entire Bitcoin ecosystem.
The Need for a Native Bitcoin Name Service with Full Ecosystem Coverage
The cryptocurrency landscape is undergoing a transformative phase, paving the way for a new era of multi-chain functionality that has the potential to reshape the industry. With the Bitcoin ecosystem experiencing unprecedented activity and garnering attention for its Ordinals and Bitcoin Stamps, recent advancements such as the approval of Bitcoin ETFs and the development of technologies like Bitcoin Stamps and Ordinals have opened up new possibilities for more sophisticated Bitcoin applications. Furthermore, the emergence of multiple Bitcoin Layer 2 solutions like BitVM, Merlin, Babylon, and B2Network has underscored the need and perfect timing for the introduction of a Bitcoin Name Service. The experience gained from different side chains and Layer 2 networks has revealed that independent name services lack market recognition and feasibility. Hence, a unified Bitcoin Name Service will serve as a foundational infrastructure, enhancing usability and connectivity across these burgeoning ecosystems.
Introducing the SRC101 Protocol
Recognizing the crucial need for a comprehensive Bitcoin name service, Bitname has collaborated with the official team behind Bitcoin Stamps to develop a name service specifically tailored for the Bitcoin ecosystem. The aim is to provide a robust, scalable, and secure name service that fully harnesses the capabilities of the Bitcoin network. In comparison to Bitcoin Ordinals, Bitcoin Stamps outperforms it in terms of immutability, data size and flexibility, and security.
To address this vital need, the Bitname team has partnered with core developers in SRC20 to refine the new protocol standard SRC101. SRC101 offers several key features:
1. High Expandability: It supports cross-chain domain binding and protocol upgrades, ensuring a decentralized and on-chain data storage system with integrated transactions and identity unification.
2. Enhanced Security: By decoupling Name Assets from UTXOs, it prevents asset loss and phishing attacks. Assets are tied to the sender address of the mint transaction, thereby enhancing traceability and security.
3. Lower Transaction Fees: It allows for multiple operations in a single transaction, reducing data storage requirements and miner fees. The design minimizes the impact on Bitcoin network efficiency and addresses concerns regarding blockchain bloat.
Bitname’s Vision
With the introduction of SRC101, Bitname aims to provide 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
1. Universal Address Compatibility: It supports all Bitcoin address types, including Legacy, Nested Segwit, Native Segwit, and Taproot.
2. Immutability and Security: It stores assets directly in the Bitcoin blockchain’s UTXO, ensuring permanent on-chain storage and preventing accidental asset spending and phishing.
3. MatrixLink: It anchors accounts across all Bitcoin Layer 2 solutions and supports binding for EVM-compatible chains and Web2 projects, thereby 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, which are often underutilized in existing projects. The Bitname Stampcard, an innovative NFT asset that leverages 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 with Bitcoin Layer 2 using the MatrixLink feature. To maintain the security and central role of native Bitcoin Layer 1 assets, there will be no cross-chain transfers or mapping operations when domain assets are used on different Layer 2 solutions. Instead, 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
Recognizing the prevalent differentiation in rarity, Bitname has specially 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.
Key Features of Bitname Stampcard Innovation:
1. 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, and 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.
2. 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.
3. Series-Based Artwork: In addition to 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 Layer 1 and Layer 2 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.
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