Bitcoin’s Sats Names Emerge
Bitcoin miners have generated over 14.41 million inscriptions, providing them with an additional 1,799.65 BTC worth $54 million. Most inscriptions are plain text, but there are also various file types. This has led to the creation of Bitcoin-based tokens under the BRC20 standard.
Main Breakdowns:
- Bitcoin miners have generated over 14.41 million inscriptions, providing them with an additional 1,799.65 BTC worth $54 million.
- 86% of the inscriptions are plain text, while the rest are various file types.
- The emergence of Sats Names, a standard for creating human-readable names on the Bitcoin blockchain using inscription technology.
- Sats Names allow users to mint names with appended extensions like .sats and .xbt, with each ordinal having only one name.
- Decentralized name services like Sats Names have been implemented on other blockchains, such as Ethereum Name Service (ENS) standard.
Furthermore, as of June 2023, there have been 250,000 .sats names and 120,000 SNS names inscribed for other namespaces. Around 50,000 users currently possess SNS names, and SNS name resolution is supported on the Unisat and Ordinals wallets.
Hot Take:
Sats Names provide a unique way to personalize and interact with the Bitcoin blockchain. The growing number of inscriptions and user adoption indicate a promising future for this new form of digital identity.
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