Overview

The digital currency landscape is evolving, with Bitcoin at its forefront, yet a crucial piece of infrastructure remains absent: a native Bitcoin Name Service. Unlike Ethereum with its Ethereum Name Service (ENS), Binance Smart Chain with SpaceID, and Solana with Bonfida, Bitcoin, which represents over 50% of the cryptocurrency market cap, lacks a unified, blockchain-native naming protocol. This gap not only hinders usability and accessibility but also represents a significant opportunity within the Bitcoin ecosystem.

What is the name service that serves the Bitcoin ecosystem?

Recent advancements, including the approval of Bitcoin ETFs and the emergence of technologies like Bitcoin Stamps and Ordinal, have paved the way for more sophisticated Bitcoin applications. Moreover, the development of numerous Bitcoin layer 2 solutions, such as BitVM, Merlin, Babylon, and B2Network, underscores the necessity and timely opportunity for introducing a Bitcoin Name Service. Experience from various sidechains and layer 2 networks has shown that isolated name services lack market recognition and feasibility. Thus, a unified Bitcoin Name Service would serve as a foundational infrastructure, enhancing usability and interconnectivity across these burgeoning ecosystems.

An identity matrix centered on native domain assets on Bitcoin Chain

The lack of a comprehensive naming service within the Bitcoin ecosystem is a glaring omission, especially when considering the infrastructure in place for other leading cryptocurrencies. A unified Bitcoin Name Service would not only streamline transactions and interactions within the Bitcoin network but also facilitate the broader adoption and development of Bitcoin-based applications, mirroring the pivotal role of ENS within the Ethereum ecosystem.

In recognition of this vital need, we have partnered with Stampchain, the founding team behind Bitcoin Stamps, to develop "Bitname," a name service specifically designed for the Bitcoin ecosystem.