Ten things you must know to play Bitcoin domain name

Don't always chase the wave, try to ride the wave!

Written by: 0xBeyondLee

1. Since the first is first principle is followed, why are there still a lot of duplicate domain names?

There are two main reasons:

1. It is not convenient for early full-node users to forge by themselves.

2. The infrastructure is not perfect, and the accuracy of the plagiarism check on the platform still needs to be improved. Currently, the best plagiarism check function is the foundry trading platform @unisat and the collection platform @bestinslotxyz

2. Why does the highly "decentralized" BTC ecological domain name rely heavily on the "centralized" platform?

Indeed, compared with other domain name service systems (ENS, SpaceID, etc.), the BTC ecological domain name, especially the .sat domain name presents a higher level of decentralization, with the full process of on-chain, independent completion, and permanent Save money and other advantages.

But so far, the minting and reading of assets on the BTC chain is still highly dependent on the algorithm of the centralized platform.

If the BTC chain is compared to a running "paper tape", then the centralized platform is equivalent to a "dot timer", and the centralized platform is only equivalent to a tool, which does not affect BTC The excellent characteristics of ecological domain names.

3. The difficulty of platform index: the difference between inscribe and mint

If you want to clarify the dilemma of each platform in checking plagiarism, you must first understand the difference between inscribe and mint.

Due to the similarity between the names of brc20 (and inion) and erc20 (and eth nft), many people mistakenly think that brc20 is the erc20 on the btc chain. In fact, there are misunderstandings, and there are many differences between the two. This article focuses on comparing their creation methods, that is, the difference between inscribe and mint.

1、Inscribe brc20

This process is more like someone "distributing drawings", deploy deployment, other users "create their own tokens", inscribe inscribed. Everyone can make it, and who is effective depends on the priority. That is to say, even if your wallet has the tokens you just issued, if it exceeds the agreed limit, it will not be recognized, and generally speaking, it is "discarded". In addition to brc20, playing other nfts, domain names, etc. also follow the same principle.

2、As erc20

This process is more like someone "uniformly manufactures products", other users "queue to receive", mint casting. Therefore, this process is more in line with our intuitive impression, and it is effective if it is received, and there is no "counterfeit currency" that is not recognized.

Of course, this comparison is very rough, just to help everyone understand the first is first principle. However, due to conventions in the actual process, the inscribe (inscription) on the btc chain is often called mint (casting), but we need to know that there is a difference between the two.

4. Comparison of domain name plagiarism check errors on mainstream platforms

Knowing the difference between inscribe and mint, it is not difficult for us to understand. Compared with ENS, which only needs to search domain names in its own library and rent them out, BTC ecological domain names need to be searched in full chain real-time, which is naturally much more difficult.

After my comparison test, there are different degrees of plagiarism errors in the current mainstream platforms. In short, the accuracy of plagiarism unisat (comprehensive) ≈ bestinslot (aggregation) > iDclub (comprehensive)**.

1. iDclub's duplicate check error

@idclub_ord, produced by @moffat2021, is currently the most convenient and user-friendly domain name comprehensive platform. However, due to the huge error in the duplicate checking, I did not put it in the first thread to focus on it, hoping to improve the duplicate checking function in the future. Be sure to go to other platforms for comparison before casting with iDclub.

2. Check error of unisat and bestinslot

There is a very low probability, I have only encountered the unisat bug so far, and this bug was quickly fixed.

3. Exchange’s check error

Mainstream BTC nft exchanges currently have MC handling fee 2.7%), OW handling fee 2.7%), OS handling fee 3%).

But be aware that their duplication checks are basically unreliable! ! !

It is strongly recommended to enter from the aggregation platform when purchasing, as shown in the figure.

Fifth, it is both a difficulty and an opportunity

Although there are many difficulties in casting and trading domain names, from another perspective, difficulties also breed opportunities.

Just as I was firmly bullish on $ordi two weeks ago, now I am firmly bullish on .sats domains. When I called for the first time, ordi was only worth 0.2u, but it skyrocketed to 20u in just a few days. How many times can I catch in my life?

Sometimes what prevents us from getting rich is not the lack of capital and lack of time, but laziness and prejudice. Still the same sentence Stay hungry. Stay foolish.

Six, about the "case" and "traditional and simplified" of the domain name

There is no difference between uppercase and lowercase when minting and identifying, that is to say, if someone mints BTC.sats, then you don’t need to mint Btc.sats again, because this domain name is already occupied. (Limited to .sats domain names that have reached a consensus in the industry, domain names such as .btc are still inconclusive)

But case may be different when displayed, it depends on the choice of platform, so for the sake of beauty, you might as well plan it when casting.

There is a difference between traditional and simplified characters, that is, China.btc≠China.btc.

7. Questions about domain name fees

1. How much is it to cast a domain name?

It depends on its byte count and the network gas fee at the time. Here are two small plugins recommended:

a. Check gas in real time

b. Satoshi conversion

The gas must not be too low, otherwise it is easy to stuck, the solution is to see this article by @ethgis for a trick to solve the BRC20 lock-up problem.

2. Does the domain name need to be renewed?

ENS is rented for money, and "most" domain names in the BTC ecology do not need to be renewed. Once cast, it will belong to you forever.

There are also some domain names in the BTC ecosystem that are minted by institutions and leased to you, such as the services provided by @btcdomain_btc.

Note that this is not to say that centralized DNS is bad. It’s just that a completely decentralized domain name like .sats is more like an innovation.

8. What should I do if there are bugs or problems that cannot be solved?

1. There is a problem with the exchange withdrawal

Find the online customer service of the exchange through Twitter or app.

Name and praise @OKXHelpDesk_cn, direct private message can be very efficient and responsible. Or go to Apps→Help Center, it is also available.

2. Problems with unisat or other platforms

Official Twitter→Enter Discord→Billing Inquiry.

@unisat_wallet's customer service is equally serious and responsible. But it may be the peak period recently, so I suggest you ask questions in English. The same applies to other platforms.

Nine, what is the use of playing domain name?

If brc20 and btc nft only have collection value, then the bitcoin domain name is a real deal that can integrate BTC addresses and permanently become an identity card in your BTC world. This hype value is believed to be self-evident.

And there is news that the valuation of unisat has reached nearly one billion, and now there is a high probability that the interaction will get airdrop in the future!

Take the most accepted .sats domain name as an example. Excluding Figure 234, as explained in the previous article, the first social application Damus of the Nostr protocol will soon support the use of .sats domain names as usernames.

Ten, what is the future expectation?

After @binancezh and @okxchinese indicated that they would carry out the research and development of related functions of BTC network assets, Mr. Wang @wangfeng_0128 of @opensea and @Element_Chinese also expressed that they would carry out related development.

I very much agree with one sentence, we should look for deterministic opportunities in uncertainty, now such a deterministic opportunity as the Bitcoin domain name is in front of everyone, please be sure to grasp it.

write at the end

Don't always chase the wave, try to ride the wave!