The BNS-V2 is a decentralized naming system built on the Stacks blockchain. It allows users to register, manage, and transfer names within different namespaces. It offers features for decentralized name management, marketplace integration, and supports both open and managed namespaces. This system can be used to create human-readable identifiers for Stacks and Bitcoin addresses.

• Namespace Management: Create and manage namespaces
• Name Registration: Register names within namespaces
• Name Renewals: Renew name ownership to maintain control
• Zonefile Updates: Update information associated with names
• Name Transfers: Transfer ownership of names
• NFT Integration: Each name is represented as a non-fungible token (NFT)
• Marketplace Functions: List and trade names on decentralized marketplaces
• Managed Namespaces: Support for namespaces with special rules and management

Namespaces are the top-level domains in BNS (e.g., .btc, .id). They have the following lifecycle:

• Preorder: A salted hash of the namespace is submitted with a burn payment
• Reveal: The actual namespace is revealed, along with pricing information and all of the namespace properties
• Launch: The namespace becomes active, allowing name registrations

Names are the individual identifiers within a namespace (e.g., alice.btc). They have the following properties:

• Unique within their namespace
• Represented as NFTs
• Can be transferred and renewed
• Associated with a zonefile, which stores additional information related to the name.

The registration process for a name in BNS-V2 typically involves two steps:

• Preorder
• Register

During the preorder phase, users submit a salted hash of the fully qualified name (name + namespace) along with the required STX payment. This step prevents front-running by keeping the desired name secret. After 1 bitcoin block, users can reveal the actual name and complete the registration process.

For those seeking a faster registration option, BNS-V2 offers a “fast” registration function which only involves registering the name. Keep in mind this method is susceptible to front-running.

Name prices are calculated based on:

• Length of the name
• Presence of vowels
• Presence of non-alphabetic characters
• Namespace-specific pricing functions
• For managed namespaces the pricing will be handled directly by the namespace manager contract

Each name is minted as an NFT, allowing:

• Easy transfers of ownership
• Integration with NFT marketplaces and other applications

BNS-V2 supports two types of namespaces: Unmanaged and Managed.

Unmanaged namespaces are open for anyone to register names within them, subject to the namespace’s pricing rules. These namespaces operate fully in a decentralized manner, with minimal restrictions on name registration and management.

Managed namespaces, on the other hand, introduce an additional layer of control and customization. These namespaces are overseen by a designated manager who has special privileges and responsibilities. Managed namespaces can implement custom rules for name registration, pricing, transfer and renewals. This allows for use cases such as creating namespaces for specific communities, implementing additional verification processes, or enforcing particular naming conventions.

The key differences between unmanaged and managed namespaces lie in their governance and flexibility. While unmanaged namespaces provide a more open and unrestricted environment, managed namespaces offer greater control and the ability to tailor the namespace to specific requirements or use cases.