Bitname Launches Innovative Name Service for Bitcoin Ecosystem

Bitname, a notable service provider in the Bitcoin ecosystem, has announced the development of a name service tailored specifically for the Bitcoin landscape. This service, the first of its kind to encompass the entire Bitcoin ecosystem, allows for permanent storage of domain assets on Bitcoin, supports the interconversion and resolution of all Bitcoin address types, and includes unique features for Bitcoin Layer2 and sidechain address linking. This innovation aims to unify native Bitcoin domain assets across various protocols, marking a significant step towards integrating the entire Bitcoin network.

The cornerstone of this development is the SRC101 protocol, a new standard refined by the Bitname team. SRC101 introduces several key features, including high expandability, enhanced security, and lower transaction fees. The protocol supports cross-chain domain binding and protocol upgrades, ensuring a decentralized and on-chain data storage system with integrated transactions and identity unification. Furthermore, it decouples name assets from UTXOs to prevent asset loss and phishing attacks, with assets tied to the sender address of the mint transaction to enhance traceability and security. Additionally, SRC101 allows multiple operations in a single transaction, reducing data storage requirements and miner fees, thereby minimizing the impact on Bitcoin network efficiency and addressing blockchain bloat concerns.

Bitname's vision with SRC101 is to offer a Bitcoin name service characterized by immutability, security, and scalability. The service aims to create a comprehensive infrastructure within the Bitcoin ecosystem, significantly enhancing user experience and network security. It features universal address compatibility, supporting all Bitcoin address types, including Legacy, Nested Segwit, Native Segwit, and Taproot. It ensures immutability and security by storing assets directly in the Bitcoin blockchain's UTXO, which prevents accidental asset spending and phishing. Moreover, the MatrixLink feature 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.

Looking ahead, 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 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, maintaining the security and central role of native Bitcoin Layer1 assets without conducting cross-chain transfers or mapping operations when domain assets are used on different Layer2. 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.

The Bitname Stampcard further enhances collectibility and playability through a frame tier system inspired by traditional card games, unique identifiers for each card based on the chronological order of domain asset minting, and series-based artwork with randomly generated designs. This innovative approach aims to provide a diverse and layered presentation of Bitname Stampcards, blending functionality with creativity to enhance the overall user experience.

Bitname is dedicated to creating a comprehensive name service for the entire Bitcoin ecosystem, encompassing native Bitcoin Layer1 and Layer2 projects. With the establishment of the SRC101 standard and the innovative design of NFT collections for domain assets, Bitname sets itself apart from traditional name services by making domain assets more collectible and entertaining. The introduction of unique card designs in series offers a new level of collectability and interactivity to traditional domain name NFTs.