{"id":19625,"date":"2023-04-08T23:06:49","date_gmt":"2023-04-08T23:06:49","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/btcdomain-makes-%e2%80%a4btc-happen-on-btc-layer-1-press-release-bitcoin-news\/"},"modified":"2023-04-08T23:06:49","modified_gmt":"2023-04-08T23:06:49","slug":"btcdomain-makes-%e2%80%a4btc-happen-on-btc-layer-1-press-release-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/btcdomain-makes-%e2%80%a4btc-happen-on-btc-layer-1-press-release-bitcoin-news\/","title":{"rendered":"BTCDomain Makes \u2024btc Happen on BTC Layer 1 \u2013 Press release Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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press release<\/p>\n<\/div>\n

PRESS RELEASE.<\/strong> It truly is time to rejoice now that .btc domains have come to Bitcoin. <\/span>BTCDomain<\/span><\/a> is a user-friendly domain system built on Bitcoin that allows users to begin registering, trading, and searching .btc domain names. By combining Ordinals and Zero-Knowledge (ZK) technologies, they can securely store all of their metadata on the Bitcoin network while consistently maintaining the integrity of their domain registrar and resolver.<\/span><\/p>\n

Why Are Blockchain Domains Important?<\/strong><\/p>\n

A domain serves as a symbol of an individual\u2019s personal identity. The simplicity of using a.btc domain for transactions not only prevents transfer errors caused by complicated wallet addresses, but it also protects users from <\/span>clipboard replacement attacks<\/span><\/a>, which change wallet addresses during the copy-paste process and is one of the most common and recurring fraudulent acts.<\/span><\/p>\n

A memorable domain name is also essential for effective marketing and brand awareness for businesses and brands. A distinctive domain name can therefore provide a significant competitive advantage for brands looking to stand out in an age of information overload. Put simply, a great domain name could potentially make all the difference in an age where online competition is at an all time high.<\/span><\/p>\n

Storing Data On The Bitcoin Network<\/strong><\/p>\n

First and foremost, it is important to remember that the Bitcoin network does not support smart contracts. Bitcoin\u2019s embedded programming language is Bitcoin Script, which allows for programmable payment functionality. However, it is not a Turing-complete programming language; its definition and functions are primarily intended for completing various payment scenarios and are incapable of handling more complicated business logic.<\/span>
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<\/span>So, how does BTCDomain actually store data on the BTC<\/a> network?<\/span> The solution is to use <\/span>ordinals technology<\/span><\/a>. Ordinals distinguish these Satoshis by assigning sequential numbers to 1 BTC<\/a>, which is equivalent to 100 million Satoshis. Satoshis can be assigned a stable identifier by using their sequence numbers. Ordinals refer to this \u201cattachment\u201d action as \u201cinscribing,\u201d which is similar to the process of minting Ethereum NFTs.<\/span><\/p>\n

Moreover, because all inscription data is stored on the blockchain rather than on external storage such as IPFS or AWS S3, it is truly decentralized and preserved in the blockchain alongside all other Bitcoin transactions. To achieve this, .btc domains are inscribed as <\/span>formatted JSON text<\/span><\/a> onto the Bitcoin mainnet, with each domain being a unique inscription that is akin to a BTC<\/a> NFT.<\/span><\/p>\n

Do Not Trust, Just Verify<\/strong><\/p>\n

Here is an example of how to decode satoshi.btc data from the Bitcoin Network. Click the <\/span>genesis transaction history of satoshi.btc<\/span><\/a> or use any Bitcoin explorer to examine transaction \u201c4d8cf99819690c37fcd62b63f3b7f357da71fd7f5c0de058f60180545f44fc63\u201d.Turn it into JSON view. After this step, simply copy the second part in \u201cwitness\u201d part and then paste it into any \u201c<\/span>hex to string converter<\/span><\/a>\u201d tool.<\/span><\/p>\n

If done correctly, it becomes possible to see the metadata of this satoshi.btc. Users\u2019 domain metadata will be securely stored within the Bitcoin network for as long as it exists. Furthermore, each Bitcoin full node maintains a copy of a user\u2019s valuable domain name, ensuring its longevity and accessibility.<\/span><\/p>\n

Also, you could search more domain\u2019s metadata via <\/span>btcdomains.io<\/span><\/a>. Using \u201c<\/span>Inscription id\u201d without the \u201ci0\u201d at the end as <\/span>transaction hash, you could examine any registered domain\u2019s metadata on the bitcoin chain.<\/span><\/p>\n

Unlocking .btc Domain Trading with Bitcoin Transactions & PSBT<\/strong><\/p>\n

If the question revolves around how to trade .btc domains, the answer is found in Bitcoin transactions. Users\u2019 domains are linked to Satoshis via their sequence numbers, as previously stated. When users send Satoshis to someone else, the associated inscription is also transferred. This procedure makes domain trading easier.<\/span><\/p>\n

Also, \u2018Partially Signed Bitcoin Transactions\u2019 (PSBT) are a useful feature of Bitcoin. This feature allows users to trade selected Satoshis with anyone who has a specific amount of BTC<\/a>. They can participate in user-friendly trading on Ordinals trading platforms such as <\/span>MagicEden<\/span><\/a> by leveraging PSBT. Overall, the trading experience is indeed comparable to Ethereum, with the main point of difference being that this is for Bitcoin instead.<\/span><\/p>\n

Bolstering Security & Trust With Zero-Knowledge Tech<\/strong><\/p>\n

In order to address the concerns about malicious data servers and the need for high trust in domains, it is critical to consider the potential consequences of a server misusing its power and redirecting BTC<\/a> to unintended recipients. To address this issue, BTCDomain uses ZK technology.<\/span><\/p>\n

Using advanced mathematical methods, ZK technology ensures a trustworthy computing environment. It enables programs to run on a single computer and generate both output and a ZK proof. Anyone can confidently confirm that the program was executed without tampering by verifying the ZK proof. This additional layer of protection can keep data servers from performing unauthorized actions.<\/span><\/p>\n

Put simply, ZK technology creates a trusted environment which protects against malicious behavior and ensures transaction integrity. When combined with Ordinal\u2019s ability to make Bitcoin a data-available chain, it allows for the creation of a system that functions similarly to smart contracts while relying solely on Bitcoin. Users can hence have greater confidence in the system\u2019s security and reliability with ZK technology in place.<\/span><\/p>\n

BTCDomain: Pioneering A New Era Of Decentralized Domains & Enhanced Security On Bitcoin<\/strong><\/p>\n

To sum it up, 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 individuals\u2019 and businesses\u2019 online identities, making transactions more simple and secure.<\/span><\/p>\n

Besides that, the frictionless trading experience of inscriptions via Bitcoin transactions and PSBT, combined with the robust security provided by ZK technology, pave 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\u2019s decentralized nature.<\/span><\/p>\n

In conclusion, embracing BTCDomain is a significant step toward greater adoption and usability because it bridges the gap between blockchain and the traditional Internet infrastructure.<\/span><\/p>\n

For additional information and regular updates, visit the <\/span>official website<\/span><\/a> along with the <\/span>Twitter<\/span><\/a>, <\/span>Discord<\/span><\/a>, <\/span>Medium<\/span><\/a>, and <\/span>GitHub<\/span><\/a> channels.<\/span><\/p>\n

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This is a press release. Readers should do their own due diligence before taking any actions 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.<\/i><\/small><\/p>\n

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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