Spaces Protocol Launches on Bitcoin Mainnet

Today, the Spaces protocol goes live on the Bitcoin mainnet. It allows users to register unique names permanently tied to a specific private key, recorded forever on the Bitcoin blockchain.

Here’s how it works:

• To claim a name, you must declare your intent and start an auction.
• The highest bidder wins the name.
• Payment for the name is made through a burn transaction - meaning the satoshis paid for the name become unavailable forever. So, the only beneficiaries of the Spaces are miners, who collect transaction fees from auction bids.

What’s the use of these names? Primarily, they ensure ownership. Unlike domain names or usernames on social media, Spaces names cannot be revoked. Additionally, Spaces allows community name registrations, where users can distribute sub-names to members.

Spaces is a new attempt to implement in Bitcoin features that were previously tested on other blockchains. In the past, we saw Bitcoin introduce arbitrary tokens (BRC-20) and NFTs. Now, Spaces provides a Bitcoin alternative to Ethereum’s Name Chain. However, previous attempts to bring such features to Bitcoin have seen limited adoption. Will Spaces be different?

Unique names secured by the most trusted and expensive blockchain are undoubtedly an intriguing collectible.

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