On June 26, 2023, the total number of inscriptions based on Bitcoin’s Ordinal system exceeded 14 million, marking a significant increase just six days after reaching the 13 million milestone. This surge in inscriptions has been ongoing since. Notably, the Ordinal inscription technology, beyond text, non-fungible tokens (NFTs), and fungible BRC20 tokens, has introduced a novel naming standard, Sats Names, built atop the Bitcoin blockchain.
Bitcoin’s Sats Names Ascend
As per the available data, in June 2023, the number of Ordinal inscriptions crossed the 14 million threshold. By July 1, 2023, this figure has risen to over 14.41 million. So far, this growing trend has supplemented bitcoin miners with an extra 1,799.65 BTC, equating to approximately $54 million in inscription-related revenues.
The bulk (86%) of these inscriptions constitute simple text, with the remainder made up of different file types such as JPGs and PNGs. Moreover, Ordinal inscriptions have stimulated the emergence of a new breed of Bitcoin-based tokens conforming to the BRC20 standard.
Lately, novel ideas like “rare satoshis” or “satributes” have surfaced, along with a fresh trend known as Sats Names. Sats Names, also known as SNS, present a standard for generating user-friendly names on the Bitcoin blockchain using Ordinal inscription technology.
This feature enables users to coin names with attached extensions such as .sats and .xbt. For instance, a user could opt for a name like satoshi.sats or jimmy.sats. The stipulations state that each ordinal can carry only one name, and any UTF-8 character is allowed.
The Sats Names guidelines elaborate, “Capitalization is irrelevant. All names will be registered in lowercase. No spaces are allowed within a name.”
To verify the availability of a Sats Name, individuals can use the Sats Names API, a web tool for checking the availability of Sats Names. Names are allotted on a first-come, first-served basis and can be procured through various marketplaces dedicated to Ordinals.
As stated in the Sats Names guidelines, by June 2023, there have been 250,000 .sats names registered, along with an additional 120,000 SNS names registered for other namespaces like .ord, .btc, and .xbt.
What is your viewpoint on the swift expansion of Bitcoin’s Sats Names ecosystem and its possible influence on blockchain innovation? We invite you to share your thoughts and perspectives on this topic in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin’s Sats Names
What is the significance of Bitcoin’s Sats Names ecosystem?
Bitcoin’s Sats Names ecosystem represents a new naming standard built on the Bitcoin blockchain. It allows users to create human-readable names using Ordinal inscription technology. This innovation has revolutionized blockchain naming and opened up possibilities for unique tokenization and decentralized name services.
How many Sats Names have been registered so far?
As of June 2023, there have been over 370,000 SNS (Sats Names) registered. This includes 250,000 names with the .sats extension and an additional 120,000 names in other namespaces like .ord, .btc, and .xbt. The number of registrations is expected to continue growing as more users explore the potential of Sats Names.
How can I check the availability of a Sats Name?
To check the availability of a Sats Name, you can use the Sats Names API, a web service specifically designed for this purpose. The API allows users to query the availability of Sats Names in real-time. Keep in mind that Sats Names are allocated on a first-come, first-served basis, so it’s advisable to check and secure your desired name promptly.
What are some examples of Sats Names?
Sats Names can be created by appending extensions like .sats or .xbt to a chosen name. For instance, you could have names like “satoshi.sats” or “jimmy.sats”. The guidelines state that each Ordinal can have only one name, and you can use any UTF-8 character. Capitalization does not matter, as all names are registered in lowercase, and no spaces are allowed within a name.
What is the potential impact of Bitcoin’s Sats Names on blockchain innovation?
Bitcoin’s Sats Names ecosystem has the potential to bring about significant innovations in blockchain technology. By introducing a user-friendly naming standard, it opens up new avenues for tokenization and decentralized name services. This development paves the way for creative applications and further advancements in blockchain-based solutions, fostering a more robust and versatile ecosystem.
More about Bitcoin’s Sats Names
- Bitcoin Blockchain
- BRC20 Tokens
- Ethereum Name Service (ENS)
- Sats Names Documentation
- Sats Names API
- Unisat Wallet
- Ordinals Wallet