About

Introduction to BNS

What is BNS

BNS (Bitcoin Network System) is a decentralized network based on Rings Network, providing peer-to-peer communication and blockchain expansion capabilities. BNS is not only a domain name service, but also a concept of a network, representing the identity of decentralized websites and applications in Rings Network.

BNS’s naming service allows users to register and manage human-readable names that are associated with specific private keys, making it easier to send and receive payments on the Bitcoin network.

BNS was designed with security and decentralization in mind. By using the Bitcoin network as its underlying infrastructure, BNS leverages the security and resilience of the world’s largest blockchain network. Additionally, BNS uses a distributed hash table (DHT) to store name-to-address mappings, ensuring that no single entity has control over the system.

Rings Network is designed to achieve the above goals. Rings Network is not a public chain, nor is it like existing blockchain systems; it can be regarded as the infrastructure of the entire blockchain system. It can connect the addresses of different public chains such as Ethereum network and Solana, enabling people on different public chains to chat, play games, transmit videos and files, and conduct atomic swaps. BNS is the DID (decentralized identity) system of Rings Network.

From Bitcoin, to Bitcoin

BNS has several abilities that enhance the functionality and security of the Bitcoin network. One of its key abilities is to decentralize Lightning Network hubs, which are currently centralized and require users to trust a single entity to process their transactions. By using BNS’s DHT to decentralize Lightning Network hubs, users can transact with greater security and privacy.

BNS also provides a distributed name system that allows users to register and manage human-readable names that are associated with specific private keys. This makes it easier to send and receive payments on the Bitcoin network, as users can use simple names instead of long and complex Bitcoin addresses.

In addition, BNS’s lookup protocol enables efficient and reliable lookups of decentralized identifiers (DIDs) and other distributed resources. This enhances the scalability and reliability of the Bitcoin network, making it more suitable for micropayments and other use cases that require fast and cheap transactions.

Overall, BNS’s abilities enhance the functionality, security, scalability, and reliability of the Bitcoin network. By providing a powerful and flexible platform for building decentralized applications and services on top of the Bitcoin network, BNS paves the way for a more secure and resilient ecosystem for blockchain-based innovation.

BNS Name Service

BNS’s name service is a distributed naming system that allows users to register and manage human-readable names that are associated with specific private keys. This makes it easier to send and receive payments on the Bitcoin network, as users can use simple names instead of long and complex Bitcoin addresses.

BNS chose “.btc” as the ending because it is cool and a tribute to Bitcoin, which ushered in the era of asset return to individuals. We hope that Web3 practitioners will deeply remember the mission of decentralization, and “.btc” is a universal domain name that connects all public chains.

BNS is completely free to register, and is permanently free (renewed once a year to prevent domain name sinking, renewal is free). We believe that Web3 domain names can only achieve the return of domain name sovereignty to individuals if they are not controlled by registrars, and achieve decentralization.

BNS domain name registration service is free and open, and domain names with more than four characters can be registered for free. The purpose of the early operation is to give one to three character domain names to industry leaders. The remaining part will be opened in the later public registration time, and the project party will retain zero.

The current availability of BNS is mainly divided into two distinctive parts: first, the project needs to use a “.btc” domain name to deploy the decentralized front-end, such as uniswap.btc which is the Web3 domain name that UniSwap’s decentralized front-end needs to access. Secondly, BNS domain names can be staked and mined in personal browser nodes, which is a browser node reward system we designed.

Mining

Mining of .btc on BNS

The core logic of .btc mining is based on rewarding online nodes for their stability and workload.

How to run a node

1. Open a website link wallet that contains the Rings Network SDK in the browser, including but not limited to:
   • mint.bns.org
   • node.ringsnetwork.io
   • delabs.app
   • any website that integrates Rings Network browser nodes
2. Install the Rings Network browser plugin.
3. Download the mobile/desktop app.
4. Run the Rings Network client on the server to become a node.

How to get Rings Network node rewards

1. Install the browser plugin and stake a domain name and token.
2. Install the application and stake a domain name and token.
3. Stake a domain name and token on the official reward webpage.

All of the above methods can be staked independently, and their efficiency depends on the different domain name lengths and token staking.

Rings Network is a circular communication network composed of online computers and mobile phones, and each online device is a complete full node that can forward other people’s messages. This is similar to using your traffic for mining. In fact, you are participating in the encrypted traffic transmission of web3 and contributing to web3 and personal information sovereignty, which is far more attractive than other similar schemes.

How to create value for Rings Network tokens

We have discussed our economic model with many investment institutions, and they have been paying attention to our economic model. To be honest, we do not have a clear plan for the economic model at present. However, we can introduce the current implementation of Rings Network.

1. Cross-chain P2P communication based on browser (for example, chat between domain names on Ethereum, Aptos domain names, BNS domain names, and BNB domain names on different chains).
2. Decentralized frontend navigation based on browser (for example, users can directly access Tornado Cash on our website/plugin).
3. We are developing a decentralized trading system based on atomic swaps and P2P. Due to the state channel provided by Rings Network, atomic swaps are as easy to use as using Uniswap, which will bring innovative transaction patterns.

Although we currently do not have a clear plan for the short-term economic model, we are not worried about the future value of the token.

About BNS mining and airdrops

Holding BNS domain names can participate in mining, and Rings Network adopts browser mining. There is a detailed technical document on the official website about the mining logic, and those who are interested can read it. Based on the length of a single BNS domain name, different basic weight scores will be assigned. By adding token stakes, mining efficiency can be improved.

Mining Efficiency

Efficiency of Token Staking Weight

For example:

• User A only has tokens and no domain name, and cannot participate in mining. A domain name is required for mining.
• User B stakes a 5-digit domain name, and the domain name efficiency is 25. User B has no tokens and the token stake efficiency is 1. The final efficiency is: 25x1 = 25.
• User C stakes a 3-digit domain name, and the domain name efficiency is 625. At the same time, 100 tokens are staked, and the token stake efficiency is 1.05. The final efficiency is: 625x1.05 = 656.25.
• User D stakes a 4-digit domain name, and the domain name efficiency is 125. At the same time, 10,000 tokens are staked, and the token stake efficiency is 9. The final efficiency is 125x9 = 1125.

Assuming only users ABCD participate in mining, and assuming that 10,000 tokens are produced in a certain period, the allocation is as follows:

• A: Unable to participate in mining, earnings are 0
• B: 25 ÷ (25+656.25+1125) × 10000 ≈ 138.40
• C: 656.25 ÷ (25+656.25+1125) × 10000 ≈ 3633.21
• D: 1125 ÷ (25+656.25+1125) × 10000 ≈ 6228.37

Holding a BNS domain name can participate in mining, and Rings Network uses browser mining. The detailed mining logic has been described in the official document. The length of the BNS domain name will receive different basic weight scores, and additional staked tokens can increase mining efficiency. BTC domain name holders can receive airdropped tokens, and the airdrop amount will be weighted according to factors such as the length of the BNS domain account ID, node participation, and participation in the lightning network to send and receive bitcoin and other network applications.