Trust Machines, a company dedicated to Bitcoin infrastructure development, has announced the launch of a new venture called Orange Domains. The goal of Orange Domains is to enhance the functionality of the Bitcoin Name System (BNS) through decentralized applications and establish stronger connections between the traditional Domain Name System (DNS) and Web3 digital identity.
Currently, the DNS-powered internet lacks direct connectivity to modern blockchains. Orange Domains aims to address this issue by directly linking traditional DNS addresses to Bitcoin-based BNS addresses. This was revealed in a press release shared with Cointelegraph on March 4.
The new Web3 domains will be treated as nonfungible tokens, granting users access to their respective domains. This will enable them to create websites, send emails, execute smart contracts, and manage finances using blockchain-based domains.
The announcement of this launch comes shortly after Bitcoin surpassed $60,000 on February 28, reaching its highest value in over two years since November 2021.
Orange Domains is a collaborative effort between Trust Machines, internet services company Tucows, and Hiro, a firm focused on bringing Web3 to Bitcoin through developer tools. Trust Machines has previously secured $150 million in funding to build the largest ecosystem of Bitcoin applications.
According to Dave Woroch, the CEO of Tucows Domains, Orange Domains will establish a crucial industry standard for domain names and Web3 identity. In his statement, Woroch highlights Tucows’ 30 years of experience in the domains industry, which positions them well to support this venture by bringing DNS infrastructure, distribution channels, and industry expertise.
Orange Domains aims to expand the functionality of the BNS namespace, which is built on Stacks, a prominent Bitcoin layer-2 network with smart contract capabilities. Currently, users can purchase .btc Web3 identities on BNS, with the registration process completed directly on the Bitcoin network.
Don Ruiz, the general manager for Orange Domains, states that the company will introduce a new paradigm for Web3 digital identity. He emphasizes the growing popularity of BNS within the crypto community, with nearly 312,000 digital identities registered to date. Ruiz believes that Orange Domains will play a significant role in expanding the Bitcoin application economy and adding 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.