Understanding BTCDomain in one article: Will it surpass ENS?

For nearly 48 hours, Ordinals has garnered a lot of attention in the crypto world. Binance tweeted “Ordinals, made simple” right after OKX announced that its on-chain wallet started supporting Ordinals. With the joining of Web3 giants, the "Summer of Ordinals" may be coming soon.

Among the many Ordinals-based PFP projects,BTCDomainfirst level title

What are Ordinals and inscriptions

To better understand Ordinals, we need to introduce the concept of inscription, which is similar to NFT, and all data will be permanently stored on the first layer of Bitcoin. In order to better illustrate what inscription is, we can use the inscription of .btc as an example. existBTCDomainCheck any domain name on the official website, such as satoshi.btc, click the hyperlink of the inscription id to which the domain name belongs, and you can jump directly to the ordinals browser.

Since the satoshi.btc domain name itself is an Ordinals inscription, you can view its detailed information in the Ordinal Explorer, and at the same time get the creation transaction hash ( 4 d 8 c...fc 63) on this page,

Paste the hash of the genesis transaction into Bitcoin Explorer to view the raw data in json format, copy"witness"The second part ( 20 eb...d 68 ), it is a hexadecimal hex text, paste it into the hex-to-string tool to interpret this piece of information engraved on the Bitcoin mainnet by BTCDomain up.

It can be seen that the content of the satoshi.btc domain name engraved on the Bitcoin mainnet contains"name", "first_owner","expireDate"and other important information.

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Secondary Market Trading: PSBT

The transaction of domain name NFT is also an important part of domain name ecology. As previously stated, a user's domain name is associated with Satoshis via a serial number. When a user sends Satoshi to someone else, the associated inscription is also transferred. This operation makes domain name transactions easier.

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More Than Collectibles: Building a Bitcoin Trustless App Based on Zero-Knowledge Proofs

As a domain name system, BTCDomain is now fully resolvable. Users can now freely use domain names to receive and send inscriptions and bitcoins on the btcdomains.io official website. In addition, BTCDomain has built an easy-to-use domain name registration and management system. Some third-party applications are also integrating this new domain name resolution function.

Solving security issues has always been the key to the domain name system, and malicious domain name resolution may lead to huge losses of BTC. Ordinals do help in storing data permanently in Bitcoin. However, the Bitcoin main network cannot run smart contracts. To achieve a completely trustless domain name resolution state, users need to build their own full Bitcoin nodes and Ordinals database. This requires a fair amount of technical knowledge on the part of the user, and about 7 days of preparation time. For normal users, this is completely unacceptable.

In this case, does it mean that there must be a tradeoff between user friendliness and security? Some people may also wonder how BTCDomain achieves usability on the Bitcoin blockchain that lacks smart contracts? Does this compromise the fundamental trustless nature of the blockchain? Is BTCDomain an untrusted domain name system?

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ZK: A Solution for Trusted Computing on Bitcoin

Zero-knowledge proof, also known as ZKP, is a very popular concept in the current encryption ecosystem. In short, ZK technology enables a trusted computing environment. It allows the program to generate a ZK proof in addition to the output. Anyone can verify the ZK proof to be sure that the actually executed program has not been tampered with and remains consistent with the open source version. Although the computing power required to generate a ZK proof is high, almost every electronic device can afford the computing resources required to verify a ZK proof, such as a smartphone or a personal computer. The ZK algorithm can effectively prevent the data server from performing unauthorized operations. you can atDocumentation for BTCDomainsimage description

Detailed explanation of ZKVM technology under the STARK route

Combining ZK with the power of Ordinals makes Bitcoin a usable datachain, creating a smart contract-like system that is completely native to Bitcoin. With ZK technology, users can confirm the security of the system through mathematical proofs.

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Domain Names: The First Step to Smart Bitcoin

We have verified that BTCDomain can implement the domain name function on Bitcoin. However, domain names should not be the only application on Bitcoin. There are still many engineering problems that need to be solved so far, and many problems may also slow down the progress of Bitcoin's smartness.

However, BTCDomain has instilled confidence in developers that Bitcoin-native trustless apps are possible. In the future, we may also see projects like uniswap, aave, and makerdao on bitcoin. Of course, the domain name is the first step towards smart bitcoin, and also the identity symbol of the future smart bitcoin chain.