2 Minute Primer
What is BNS?
The Bitcoin Name System (BNS) is a decentralized naming service that transforms complex Bitcoin and Stacks addresses into simple, human-readable names.
Built on Stacks, a Bitcoin Layer 2 solution, BNS makes sending and receiving assets like Bitcoin ($BTC) and Stacks ($STX) easier by replacing long, hard-to-remember addresses with personalized names.
Imagine sending cryptocurrency just by typing someone's name instead of a complicated string of numbers and letters.
BNS simplifies this process, creating a more user-friendly experience for anyone interacting with the Bitcoin ecosystem.
WHY DOES BNS MATTER?
Our mission is to make transactions simple.
Ease of Transactions
With a BNS name, sending and receiving Bitcoin or Stacks becomes as simple as using a human-readable name instead of long wallet addresses.
Identity in Web3
Your BNS name serves as a unique identity across the decentralised web (Web3), supporting privacy, control, and sovereignty over your data.
Compatibility
BNS names work with multiple decentralised applications in the Stacks ecosystem, making it a versatile tool for Bitcoin and Stacks users.
Ownership & Trading
BNS names can be bought, sold, or traded, with a thriving marketplace, such as Gamma, where name trading volumes have exceeded 1.5 million $STX (approximately $2 million).
THE ORIGIN OF BNS
BNS has a rich history rooted in the early days of decentralized technologies.
It started in 2014 on Namecoin, one of the earliest attempts at a decentralised domain name system.
Launched on February 24, 2014, BNS was created to provide a more secure and user-friendly way to manage decentralized identities.
Over the years, BNS has grown alongside the Bitcoin ecosystem.
Today, it has grown into a powerful naming protocol with over 310,000 registered names, integrated tightly with the Bitcoin network through Stacks.
The goal was to allow users more control over their digital identities, wallets, and data.
THE PRESENT DAY
BNS celebrated its 10th anniversary in February 2024.
And thus highlighting a decade of innovation in decentralized naming and identity on the Bitcoin blockchain.
Recently, BNS underwent a significant upgrade with the introduction of BNS V2, following a major hard fork. This upgrade brings new features and capabilities, making the system more secure, scalable and user-friendly.
BNS V2 has made it easier for developers and users to interact with the system, improving overall functionality for dapps and wallets. This upgrade reflects BNS's continuous evolution alongside the Stacks ecosystem, keeping it relevant and powerful in the decentralised Web3 space.
BNS-COMPATIBLE DAPPS
Stacks dApps with BNS Support
Several applications in the Stacks ecosystem integrate BNS for more streamlined transactions and identity verification, including:
Leather Wallet
Leather support BNS, allowing over 100k users to send $BTC and $STX using human-readable names, minimizing transaction errors.
Learn more
XVerse Wallet
Xverse brings BNS to over 400,000 users, making $BTC and $STX transactions easy by using human-readable names.
Learn more
Gamma.io
The top marketplace for trading BNS names, with over $2 million in trading volume, simplifying name transfers and acquisitions.
Learn more
Boom Wallet
Automatically assigns BNS sub-names to new users, giving them a unique digital identity from the start.
Learn more
Zero Authority DAO
A decentralized gig marketplace that uses BNS for identity verification, enabling secure, trust-based transactions.
Learn moreSTACKS' ROLE
The Role of Stacks in BNS and Bitcoin's Future
BNS's deep integration with Bitcoin is made possible by Stacks, one of the earliest Bitcoin Layer 2 solutions. Stacks allows for smart contracts and decentralized apps to interact with Bitcoin, unlocking new capabilities for the network.
With the upcoming Nakamoto upgrade, Stacks will achieve Bitcoin finality, resulting in:
5-second block times and extremely low fees.
Greater scalability and flexibility with subnets.
Subnets for improved scalability and flexibility, through Solidity & Rust compatibility.
The introduction of sBTC, a synthetic Bitcoin token.
Unlocking new decentralized finance (DeFi) opportunities on Bitcoin.
This evolution will further solidify Bitcoin's role as a programmable and productive asset, expanding BNS' potential as the leading decentralised naming system built on Bitcoin.
KEY SUPPORTERS
BNS Backers
BNS has been supported and developed by key organisations in the Bitcoin and decentralised ecosystems:
Stacks
Formerly known as Blockstack, Stacks has raised $94 million to build a decentralized Bitcoin Layer 2. The BNS .btc namespace, launched in 2021, became the most widely adopted namespace on BNS.
Trust Machines
Backed by $150 million from major venture capital firms, Trust Machines is focused on building Bitcoin applications and was instrumental in the development of BNS V2.
Orange Domains
A joint venture between Trust Machines, Hiro Systems, and Tucows, Orange Domains connects traditional Domain Name Service (DNS) with BNS, bridging Web2 and Web3 and expanding BNS's potential use cases.
This evolution will further solidify Bitcoin's role as a programmable and productive asset, expanding BNS' potential as the leading decentralised naming system built on Bitcoin.
The Future of BNS
With the continuous evolution of Bitcoin and Stacks, BNS is positioned to remain a leader in decentralized naming systems, offering users a secure, flexible, and user-friendly way to manage their digital identities and transactions on the Bitcoin blockchain.
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