Looks like someone is trying to scam the #bitcoin #ordinals #nft hype. "Bitcoin Name Service" says they can do on-chain .btc domains; Turns out they just did "satoshi.btc" as a text inscription on an ordinal and are calling it a day. They didn't even bother writing a real protocol description. The funny thing though is that if they actually pivot from being a SCAM to being legit, they could actually make the on-chain attestation work. My proposed protocol below:
- The earliest block height in which an ordinal was inscribed with the unique registration is the "beginning" of the registration; 1.a. If there are more than one inscriptions within the same block, the one with the lowest ordinal wins (or swap out some other reasonable & repeatable methodology here)
- The "registration" expires after N number of blocks... let's say a year worth: 52560. 2.a. If the wallet owning the "valid" ordinal posts another registration w/in the expiry period, the registration is renewed for another 52560. 2.b. If the registration expiry period passes, any other wallet can post a new registration on the block after expiration.
TADA. A "me first", "expiring", "renewing", "released" system for unique string inscriptions. You would only need a tool that could scan the blockchain for that data and provide results via an API. It would have to be open source and hosted by many. There'd be no middle-man grifter to take a cut either (the protocol could require a "valid registration" to send some #BTC to a known address, but unless it was of community benefit, no one would support it)
Either way, .btc domains already exist on stacks, but this protocol I've proposed here could be used for something else with expiring first claim issuance. Anyone have any good ideas on things to register in this manner?