Sats Names and the Future of Domain Name Ecosystem for Bitcoin
On March 7, according to the data of Dune Analytics, more than 53000 Bitcoin. Sats domain names developed based on the Ordinals protocol have been minted. The …
On March 7, according to the data of Dune Analytics, more than 53000 Bitcoin. Sats domain names developed based on the Ordinals protocol have been minted. The number of independent domain names after the duplication has reached 42000, and the number of independent casting addresses is close to 24000, resulting in a cost of 105 million SATS (about 23000 US dollars). Sats Names is the standard for writing names into Bitcoin using ordinal numbers. The goal is to establish a domain name ecosystem for Bitcoin. The first domain name “helloworld. sats” was registered on February 22, 2023.
More than 53000 Bitcoin. sats domain names developed based on the Ordinals protocol have been minted
Interpret the above information:
The rise of Bitcoin has brought with it countless innovations and possibilities, one of which is the Sats Names project. Sats Names is a new type of domain name system that employs ordinal numbers for writing names into Bitcoin. The aim of the project is to establish a domain name ecosystem for Bitcoin users. On March 7, over 53000 Bitcoin Sats domain names were minted via the Ordinals protocol. The project has seen huge traction since its launch on February 22, 2023, with the first domain name “helloworld.sats” being registered.
The project has seen over 42000 independent domain names being created, with the number of independent casting addresses being close to 24000. The creation of these domain names has led to a cost of 105 million SATS or approximately 23000 US dollars. This development is a testament to how innovative technologies can create new markets, and Bitcoin is no exception. With the growing interest in crypto, having domain names that can be used as addresses is a game-changer for the industry.
The Sats Names project is built on the Ordinals protocol, which is designed to convert arbitrary strings to Bitcoin-readable string-safe characters. This protocol ensures that domain names can be converted into a format that can be read by all Bitcoin wallet software. This means that users can easily send and receive Bitcoin payments using their domain names, just as they would with traditional addresses.
The concept of domain names is not new, and it has been used for several years in traditional internet addressing. However, with Bitcoin, there is an added layer of security and anonymity that comes with using domain names as addresses. With domain names, users no longer have to share long and complicated Bitcoin addresses, which can lead to errors in transactions.
In conclusion, the Sats Names project is a significant development in the world of Bitcoin. It is clear that users are taking advantage of this new domain name ecosystem, and the project has seen significant traction since its launch. With Ordinals protocol, domain names can be converted into a format that can be read by all Bitcoin wallet software, ensuring that users can easily send and receive Bitcoin payments using their domain names. This project highlights the exciting possibilities that arise when new technologies intersect with established ones.
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