By GlobeNewswire – Press Releases

Road Town, Tortola, British Virgin Islands, June 10, 2024 (GLOBE NEWSWIRE) — 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.

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Media Contact

Company Name: Bitname

Contact: Rebecca Riley

Email: bitnameservice@bitname.pro

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.

Source: GlobeNewswire – Press Releases