June 10, 2024
Bitcoin News

Bitname Unveils First Comprehensive Bitcoin Ecosystem Name Service

Bitname, a prominent service provider in the Bitcoin ecosystem, has announced the launch of a groundbreaking name service. This innovative service is the first to encompass the entire Bitcoin ecosystem, offering permanent domain asset storage on Bitcoin. It supports the interconversion and resolution of all Bitcoin address types, alongside unique features for Bitcoin Layer 2 and sidechain address linking.

The SRC101 Protocol

Bitcoin name service is built on the newly developed SRC101 protocol. SRC101 offers several key features, including high expandability, enhanced security, and lower transaction fees.

  • High Expandability: The protocol supports cross-chain domain binding and protocol upgrades. It ensures a decentralized, on-chain data storage system with integrated transactions and identity unification.
  • Enhanced Security: SRC101 decouples name assets from UTXOs to prevent asset loss and phishing attacks. Assets are linked to the mint transaction’s sender address, improving security and traceability.
  • Lower Transaction Fees: The protocol allows multiple operations in one transaction, reducing data storage requirements and miner fees. This design minimizes the impact on Bitcoin network efficiency and addresses blockchain bloat concerns.

Main Features of Bitcoin Name Service

  • Universal Address Compatibility: Bitname’s service supports all Bitcoin address types, including Legacy, Nested Segwit, Native Segwit, and Taproot.
  • Immutability and Security: It stores assets directly in the Bitcoin blockchain‘s UTXO, ensuring permanent on-chain storage. This prevents accidental asset spending and phishing.
  • MatrixLink: This feature anchors accounts across all Bitcoin Layer 2 solutions. It facilitates Web2 projects and EVM-compatible chain binding, generating an identity matrix that is centered on Bitname native domain assets.

A Unified Bitcoin Ecosystem

With the SRC101 protocol, Bitname aims to offer a name service characterized by immutability, security, and scalability. By establishing a thorough infrastructure within the Bitcoin ecosystem, this service will greatly improve network security and user experience. Bitname’s innovation represents a crucial step towards unifying native Bitcoin domain assets across different protocols.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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