Trust Machines Launches Orange Domains to Bridge Traditional DNS with Bitcoin-Based BNS
Summary:
Trust Machines has unveiled a new venture called Orange Domains aiming to enhance the Bitcoin Name System functionality through decentralized applications and link it with traditional Domain Name System and Web3 digital identity. In partnership with Tucows and Hiro, Orange Domains will create web3 domains as nonfungible tokens, allowing users to manage their digital operations from a single blockchain-based domain. The initiative aims to set a new industry standard for domain names and digital identity under the principles of the handling of web3 technology.
Bitcoin infrastructure development company, Trust Machines, has declared the establishment of a new venture, Orange Domains. This entity aims to enhance the functionality of the Bitcoin Name System (BNS) via decentralized applications and bridge the gap between the traditional Domain Name System (DNS) and Web3 digital identity. It is a known fact that the current internet powered by DNS lacks direct connection with contemporary blockchains. Through Orange Domains, the intent is to establish better interconnectivity by linking the conventional DNS addresses to BNS addresses based on Bitcoin, as stated in a press release shared with Cointelegraph on March 4.
The forthcoming Web3 domains will act as a nonfungible token (NFT), giving users keys to their corresponding domains. Users can then create websites, dispatch emails, devise smart contracts, or control finances all from a single blockchain-based domain. This announcement came less than seven days after Bitcoin crossed the $60,000 mark on February 28, first time since its peak in November 2021.
Orange Domains was initiated in collaboration with internet services provider Tucows and Hiro, a firm centered on creating Web3 developer tools to introduce Web3 to Bitcoin. Trust Machines has already gathered $150 million to establish the most extensive ecosystem of Bitcoin applications.
Dave Woroch, Tucows Domains' CEO, stated that the new venture will introduce a crucial industry standard for domain names and Web3 identity. He commented that with 30 years of experience, Tucows is aptly positioned to back this endeavor by lending DNS infrastructure, key distribution channels, and industry expertise. This will facilitate Orange Domains' mission to unify Web3 with the traditional internet experience for everyday users.
Orange Domains aims to augment the functionality of the BNS framework, built on Stacks, a premier Bitcoin layer-2 network with smart contract functionality. Presently, users can purchase .btc Web3 identities on BNS, with the registration process completed directly on the Bitcoin network.
As per Don Ruiz, General Manager for Orange Domains, this venture will set a new standard for Web3 digital identity. He highlighted that BNS has gained traction within the crypto fraternity with almost 312,000 digital identities already registered naturally. Ruiz further emphasized that Orange Domains will significantly boost the expanding economy of Bitcoin applications and add substantial value to the Bitcoin and Web3 ecosystem.
Published At
3/4/2024 7:00:00 PM
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