How to Buy Blockchain Domains on Bitcoin

Introducing Rootstock: The most secure smart contracts platform in the world

Feb 27, 2022

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 is the Smart Contract platform for Bitcoin. Its engine is a forked version of the EVM (Ethereum Virtual Machine), and the RVM (RSK Virtual Machine) is compatible with Ethereum Smart Contracts and the tools used to deploy and interact with them.

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.

Powpeg is a proof-of-work secured two-way peg used to interact between the Rootstock side chain and the Bitcoin blockchain. Powpeg is the first Bitcoin peg to provide security assurances based on Bitcoin's proof-of-work, making it the most secure and permissionless peg available today.

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.

RSK @RSKsmart

Curious about how to achieve scalability and speed on a DeFi project without sacrificing #decentralization? $RBTC is the answer!👍🏽 $RBTC is the gateway to building your DeFi user base on RSK- the most secure blockchain for smart contracts in the world🌎 rsk.co/rbtc

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.

A crypto wallet & gateway to blockchain apps | MetaMask

(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?

A non-custodial and permission-less smart contract-based system for bitcoin lending, borrowing, and margin trading.

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.