How to Buy Blockchain Domains on Bitcoin
Introducing Rootstock: The most secure smart contracts platform in the world
How to add the Rootstock network to your Metamask wallet.
Convert Bitcoin to rBTC (Rootstock’s smart Bitcoin)
Buy your first blockchain domain on the Bitcoin network
What is Rootstock?
Rootstock applications are run on the Bitcoin network. Apps on Rootstock are EVM compatible, meaning any Ethereum application works on Rootstock.
rBTC is the native token to RSK, similarly to how we use Ethereum to pay for gas fees on the Ethereum network.
rBTC is bitcoin that is transferred to the Rootstock network.
How is this possible?
Powpeg makes it possible to peg bitcoin from the Bitcoin network to the Rootstock network without the risk of losing decentralization.
Rootstock is an evolved version of Qixcoin and Ethereum. Qixcoin is the first to support smart contracts on top of Bitcoin. Today, Rootstock can be considered the most secure smart contract platform in the world.
First, you will need to download Metamask.
Metamask is a cryptocurrency wallet extension supported on Chrome, Firefox and Opera.
And it can also be downloaded on mobile.
(Note: DO NOT forget to backup your 12-word seed phrase. The 12 words were given to you when you created your wallet.)
Once your Metamask wallet is added to your browser, go to the Sovryn website and connect.
The Ethereum network is the default blockchain on Metamask.
What is Sovryn?
Sovryn is a DeFi platform built on Rootstock that allows you to take out interest-free loans and create decentralized stablecoins on top of Bitcoin.
Now let’s add Rootstock!
Next, configure RSK in Metamask to add the Rootstock network.
Select Approve
I’m doing this on the Metamask mobile wallet.
(You can also do this on desktop as well using the Metamask wallet extension.)
Switch Network
I’m now connected to the Rootstock network!
DAMN! My balance is 0 rBTC.
Let’s get some bitcoin!!!
It’s very easy to get rBTC with Sovryn’s FastBTC.
FastBTC allows you to swap BTC to rBTC 1:1 in minutes.
To swap my bitcoin for rBTC, I will need to fund my wallet on the Sovryn platform.
Select the fund wallet button in the yellow font to swap bitcoin for rBTC.
The Bitcoin Network option should allow you to deposit Bitcoin for rBTC.
FastBTC allows me to deposit bitcoin from any location for a 1:1 BTC to rBTC swap.
At the moment, the minimum amount of bitcoin you can send per swap is 0.0005 BTC (currently ~$12) and the max is 3 BTC (currently ~$71K). Sovryn plans on improving the FastBTC feature with a lower minimum and higher max.
Once your deposit address is generated, you can send your bitcoin using the QR code or the deposit address.
Since I had bitcoin on Coinbase, I sent some over to the FastBTC generated address.
If you don’t live in the U.S. and want to buy with your card you can pick the second option.
In a couple of minutes, rBTC has been added to my wallet in exchange for rBTC.
The FastBTC swap option should take just a few minutes.
If this is your first time on Rootstock, there’s no bigger flex than having your name owned on the Bitcoin network.
That’s just my honest opinion…
I introduced you guys to blockchain domains two and a half years ago here at The Bitcode.
RIF Name Service (RNS) is the blockchain domain name provider on Rootstock. Similarly to ENS, RNS domains can be used to send and receive crypto, attached to decentralized websites and used to structure your decentralized autonomous organizations (DAOs). Unlike ENS, RNS domains are secured on the Bitcoin network via Rootstock.
Let’s register your first blockchain domain name on the Bitcoin network! 😎
Go HERE to register your name.
Make sure to connect your wallet.
Let me see if “funguy.rsk” is available. 😂
Yesssss!!!!
It only costs about 12 RIF (~$1.823) to claim funguy for 10 years.
The RIF token is used to pay for the domain services.
We’ll need to use the swap on Sovryn to obtain RIF.
Select the hamburger icon located top left to access the hamburger menu on the Sovryn website.
You should be able to see the “swap” option at the top of the menu.
I want to buy 25 RIF tokens for now.
(You can choose to buy more if you please.)
I’ll need to go back to the RNS domain website to claim funguy.rsk.
Now for the final step! All I need to do is register domain.
LOADING………
I’m now the owner of funguy.rsk. There’s only one fun guy on Bitcoin.
Thanks for sharing. We ALL need to get on board with this, and fast.