Trust Machines, a company specializing in Bitcoin infrastructure development, has announced the launch of a new venture called Orange Domains. The goal of this new entity is to enhance the functionality of the Bitcoin Name System (BNS) by integrating decentralized applications and creating 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 establishing a direct connection between traditional DNS addresses and Bitcoin-based BNS addresses. This information was revealed in a press release shared with Cointelegraph on March 4.
The newly introduced Web3 domains will function as nonfungible tokens, granting users access to their respective domains. Users will be able to build websites, send emails, create smart contracts, and manage finances, all from their blockchain-based domains.
The launch of Orange Domains comes shortly after Bitcoin surpassed $60,000 on February 28 for the first time in over two years since its previous all-time high in November 2021.
Orange Domains is a collaborative effort between Trust Machines, internet services company Tucows, and Hiro, a firm focusing on Web3 developer tools for Bitcoin integration. Trust Machines has already secured $150 million in funding to foster the growth of the largest Bitcoin application ecosystem.
According to Dave Woroch, CEO of Tucows Domains, Orange Domains will establish a crucial industry standard for domain names and Web3 identity. Woroch stated in the announcement:
“With our 30 years of experience in the domains industry, Tucows is uniquely positioned to support this venture. We will provide the necessary DNS infrastructure, distribution channels, and industry expertise to help Orange Domains bridge the gap between Web3 and the everyday internet experience of users.”
Orange Domains aims to expand the capabilities of the BNS namespace, which is built on the Stacks platform, a leading Bitcoin layer-2 network with smart contract functionality. Currently, users can purchase .btc Web3 identities on BNS, with the registration process finalized directly on the Bitcoin network.
Don Ruiz, General Manager for Orange Domains, believes that this venture will create a new paradigm for Web3 digital identity. He stated:
“BNS has gained significant traction within the crypto community, with nearly 312,000 organic digital identities registered at the time of publishing. Orange Domains will play a major role in expanding the new Bitcoin application economy and adding further value to the Bitcoin and Web3 ecosystem.”
In related news, the US government recently moved $922 million worth of seized Bitcoin after the cryptocurrency’s price exceeded $60,000.