Bitcoin Achieving Domain Name Functionality Through Sats Names
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
Interpretation of the news:
Dune Analytics, a platform that provides data about various protocols, reported that more than 53,000 Sats domain names were minted on March 7 using the Ordinals protocol, resulting in a cost of 105 million SATS or approximately 23,000 US dollars. As a result, the total number of independent domain names after duplication is now at 42,000, with nearly 24,000 independent casting addresses.
What this means is that Bitcoin is slowly achieving domain name functionality or name recognition functionality, which helps make transactions more user-friendly. Sats Names is a standard used to identify names for Bitcoin using ordinal numbers, which aims to create a domain name ecosystem for Bitcoin.
With the development of Sats Names, users can now simplify how they interact within the Bitcoin network. Rather than remembering long Bitcoin wallet ID addresses, users can now transfer funds by simply sending it to a domain name ending with “sats”. As the first domain name, “helloworld.sats,” was registered last February 22, 2023, the number of independent domain names has been increasing rapidly ever since, paving the way for Bitcoin to be used like an internet in terms of its usability.
Using Sats domain names also represent many advantages for Bitcoin users. Firstly, it avoids users exposing their wallet IDs to the public, reducing the risk of their wallets getting hacked or owned. Secondly, it improves user experience by increasing the chances of successful transactions, minimizing the risk of human error when typing long wallet addresses. Lastly, it creates a healthy ecosystem for the Bitcoin community that fosters trust among users.
In conclusion, the growth of Sats Names is an important development in the Bitcoin ecosystem, as it provides users with a more user-friendly way of transacting within the network. As more people participate in the Bitcoin economy, this development is crucial in establishing Bitcoin as a trusted and viable global currency.
Keyword: Sats Names, Bitcoin, Domain Name
This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/crypto/5679.html
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Related recommendations
-
Vietnamese man involved in $3 billion Bitcoin money laundering scheme
On April 17th, it was reported that a Vietnamese man was accused of involvement in identity theft and money laundering activities through ChipMixer, involving up to $3 billion in B
-
Web3 Security Firm Ancilia Warns Users of 0x6d89 Token Approval Vulnerability
According to reports, the Web3 network security company Ancilia reminded that if the user has approved any token to trade on 0x6d8981847eb3cc2234179d0f0e72f6b6…
-
Justin Sun Sends a Whopping 400 Million USDTs in Two Hours
On March 13, according to Lookonchain data, the address marked as Justin Sun cast 400 million USDTs in the past two hours, and transferred 250 million USDTs to Binance in total Justin Sun has transferred 250 million USDTs to Binance in the past two hours Analysis based on this information:The founder of the Tron blockchain, Justin Sun, has made headlines yet again with his recent transfer of 400 million USDTs. The transaction occurred on March 13th, and it was captured by Lookonchain data. According to the data, Sun had cast the 400 million USDTs within just two hours, and he had sent a total of 250 million USDTs to Binance. This is not the first time that Justin Sun has made significant moves in the cryptocurrency world. He is known for his strategic investments, partnerships, and acquisitions. In 2018, Tron acquired BitTorrent, making it the largest decentralized file-sharing network in the world. Sun also made headlines by inviting Warren Buffet…
-
OKX Web3 Wallet Enters Partnership with Layer1 Public Chain Sui Network
On April 23rd, it was announced that OKX Web3 Wallet has reached an official partnership with Layer1 Public Chain Sui Network, making OKX Web3 Wallet the first multi chain wallet t
-
Curve Finance Boasts $1 Billion Trading Volume
On February 14, according to the disclosure of Curve Finance on social media, the one-day trading volume of its agreement exceeded $1 billion. In addition, Cur…
-
Kadena Collaborates with NoPool to Minimize Impact of Mining on Environment
It is reported that Kadena, the scalable Layer 1 PoW blockchain, today announced that NoPool, the recipient of Kadena Grant, has joined its ecosystem in order …
-
dForce Temporarily Halts USX Deposits Due to Counterparty and Market Risks
On March 11, the official of the DeFi agreement dForce said on social media that in order to mitigate potential counterparty risk and market risk, we temporaril
-
#Bitcoin May Rebound To $50,000 In 2023
According to reports, according to popular market analyst Mags\’ emphasis on historical price fractal, Bitcoin may rebound to $50000 in 2023. The price of BTC broke through the $160
-
Traders’ Belief on Federal Reserve’s Interest Rate Decision
It is reported that according to CME’s “Federal Reserve observation”, traders now believe that the probability of the Federal Reserve to maintain interest rates unchanged in March is 54%, and the probability of raising interest rates by 25 basis points is 46%. Traders now believe that the possibility of the Federal Reserve keeping interest rates unchanged in March is 54% Analysis based on this information:The Federal Reserve is one of the most critical institutions in the financial system of the United States. Decisions taken by the Federal Reserve often shape the financial environment in the country and, consequently, impact the global economy. One of the most looked at decisions is the decision on interest rates. Recently, CME’s “Federal Reserve observation” reported that traders now believe that the probability of the Federal Reserve maintaining interest rates unchanged in March is 54%, while the probability of raising interest rates by 25 basis points is 46%. The belief of traders on the Federal…
-
BNB Chain Sponsors Innovation Hackathon in Web3 Delight Conference in Saudi Arabia
On February 18, according to official news, BNB Chain announced that it would sponsor an Innovation Hackathon during the Web3 Delight conference to be held in …