Copying and pasting long Bitcoin addresses can lead to errors or even scams. With more people using Bitcoin through Ordinals, we are in dire need of a solution. And that solution is the Ordinals Name Service (Ordnames).
Ordnames is a decentralized and secure naming system that enables Bitcoin users to create unique usernames that are easy to remember. With Ordnames, you can easily identify recipients and collections, eliminate fraud, and boost buyer confidence in transactions.
In this article, we explore what Ordnames are, how they work, along with their various applications.
What Is the Ordinals Name Service (Ordnames)?
Ordnames is a unique and verifiable naming system that allows Bitcoin users to create easily recognizable and memorable names. Ordnames is a fully on-chain Bitcoin smart contract that requires no trusted third-party indexers to validate the names.
The genesis of the Ordinal Name Service idea was in early 2022, and development has been underway for almost a year, long before the invention of Ordinals.
A few developers (who remain anonymous at this time) anticipated there would be an NFT standard that would emerge on Bitcoin, and that there would be a desire for a naming system to go along with it—and they were right!
However, it took the team by surprise considering how quickly Ordinals emerged and continue to progress.
What Is ORD Used For?
Ordnames, or “ords”, are used to create unique and memorable names that identify creators, collections, and users of the Bitcoin blockchain. Think of them as usernames or domain names. They’re globally unique and can be managed and transferred by their owners.
They are extremely similar to ENS names (.eth names) found on Ethereum. Except, they exist on the Bitcoin blockchain.
There are two main uses for .ord names:
- To easily remember and identify a recipient’s address.
- To identify an Ordinal collection by a name and eliminate fraud.
To better understand its usage, consider this scenario:
Alex wants to send an Ordinal to Lucy. Instead of copying and pasting Lucy’s Bitcoin address, Alex uses Lucy’s ordname, “lucy.ord”, which is posted on her profile. This way, Alex avoids any errors and complicated long strings of characters.
Also, since Ordnames are globally unique, it’s impossible for someone else to claim the same name, and Alex can be confident that the rightful person (Lucy in this case) will receive the Ordinal.
An Ordname can also be used to identify a collection by name. This feature ensures that only the Ordinals inscriptions associated with the authentic collection will be validated by the Ordname. This advanced usage is crucial because it virtually eliminates the possibility of Ordinals copy-paste fraud.
The use of Ordname allows wallets and marketplaces to validate the authenticity of inscriptions trustlessly, which is a game-changer.
This feature will revolutionize the verification process for wallets and marketplaces on Bitcoin by enabling them to validate inscriptions without the need for trust.
A “Verified” checkmark and the collection’s Ordname can be displayed to potential buyers, assuring them that the inscription is authentic and part of the intended collection. This added layer of security and trustworthiness increases buyer confidence in the purchase.
More advanced uses are a possibility as well, such as the ability to use Ordnames in smart contracts since it’s a complete on-chain solution. That said, we aren’t quite there just yet.
How Does Ordnames Work?
Ordnames is a Bitcoin Layer-1 native smart contract. Additionally, it does not rely on any third-party indexers to validate names, providing users with a decentralized and trustworthy naming solution.
Ordnames is currently working on the first beta version of its product and the devs are keeping their unique approach to naming solutions private, respectfully. They plan to unveil their solution and a fully functional product simultaneously.
We will be sure to update this section once the team has revealed more, so stay tuned!
How Much Does An Ordname (.ORD) Cost?
The value of Ordnames is primarily determined by the number of letters and desirability of the name, such as popular words or emojis. For instance, a highly sought-after name like “king.ord” might attract a higher bid than a single-letter name like “7.ord.”
The pricing for Ordnames will involve a fixed reserve, determined by the Ordname Registry as an approximation, with the possibility of decreasing price auctions in the future. Longer names—typically with eight or more characters—may be priced at or below 0.01 BTC.
Overall, the value of an Ordname will depend on the individual preferences of buyers and the scarcity and popularity of the name.
Is Ordinals Name System Safe?
Unlike other naming solutions, Ordnames doesn’t require a trust indexer or oracle, making it a safe and decentralized option. To back up their claims, Ordnames has released a white paper and technical designs and offers a robust open-source implementation that anyone can audit.
This level of transparency provides users with peace of mind that their transactions are secure and trustworthy.
How Do You Buy an ORD?
Ordnames will soon be available for purchase starting in March through their website, ordnames.com. Interested users can enter the name of their desired Ordname, and if it’s available, they can pay the required minting fee to claim the name and store it in their Ordinals wallet.
This straightforward process makes it easy for anyone to secure their desired Ordnames quickly and easily. Keep an eye out for the launch of Ordnames in March to get your hands on this innovative blockchain naming solution.
Can You Sell Your Ordname?
An Ordname is a type of Ordinals NFT, which means it can be transferred, bought, and sold on the blockchain. Once you’ve secured an Ordname, it’s yours forever. There are no yearly fees or any other recurring costs associated with owning an Ordname.
This means you truly own and control your Ordname, and can even pass it down to future generations.
As the first and only solution to solve the blockchain naming problem, Ordnames is leading the way in this space. Its safety, transparency, and decentralized approach make it a top choice for those looking for a reliable and trustworthy naming solution on Bitcoin.
To stay up-to-date, make sure you’re following Ordnames on Twitter and join their Discord server!
