Trust Machines, a company specializing in Bitcoin infrastructure development, has announced the launch of Orange Domains, a new entity aimed at enhancing the functionality of the Bitcoin Name System (BNS) through decentralized applications. The goal is to establish stronger connections between the traditional Domain Name System (DNS) and Web3 digital identity.
In the current DNS-powered internet, there is no direct integration with modern blockchains. Orange Domains seeks to rectify this by directly linking traditional DNS addresses with Bitcoin-based BNS addresses. This information was shared in a press release on March 4.
The new Web3 domains will serve as nonfungible tokens, granting users access to their respective domains. This will allow them to build websites, send emails, create smart contracts, and manage finances, all within the framework of a blockchain-based domain.
This launch comes just a week after Bitcoin surpassed $60,000 on February 28, reaching a level not seen since its record high in November 2021.
Orange Domains has been established in collaboration with Tucows, an internet services company, and Hiro, a firm dedicated to developing Web3 tools for Bitcoin integration. Trust Machines has previously secured $150 million in funding to create the largest ecosystem of Bitcoin applications.
According to Dave Woroch, CEO of Tucows Domains, this new entity will set a crucial industry standard for domain names and Web3 identity. Woroch stated, “With 30 years of experience in the domains industry, Tucows is uniquely positioned to support this venture. We bring the necessary DNS infrastructure, essential distribution channels, and valuable industry expertise that will facilitate the integration of Web3 with the everyday internet experience of users.”
Orange Domains aims to expand the capabilities of the BNS namespace, which is built on Stacks, a prominent Bitcoin layer-2 network with smart contract functionality. Currently, users can purchase .btc Web3 identities on BNS, with the registration process being finalized directly on the Bitcoin network.
Don Ruiz, general manager for Orange Domains, believes that this new venture will revolutionize Web3 digital identity. He stated, “BNS has gained significant traction within the crypto community, with nearly 312,000 organic digital identities registered as of now. Orange Domains will play a major role in expanding the new economy of Bitcoin applications and providing even more value to the Bitcoin and Web3 ecosystem.”
In related news, the US government recently moved $922 million of seized Bitcoin after the cryptocurrency’s price surpassed $60,000.