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.