Crypto Global

Banity - An NFT collection of Bitcoin Vanity addresses

Nov 23, 2021

The Banity NFT collection will launch on the Ethereum blockchain, introducing itself to the crypto community by becoming the first NFT collection of Bitcoin Vanity Addresses. BANITY is going to start in a presale from November 25th, allowing users to create their own Vanity address, and at the point of minting will be officially launched on December 15th.

Bitcoin Vanity Address

A Bitcoin vanity address is the crypto equivalent of a personalized license plate, with some of its 26-35 alphanumeric characters accurately reflecting the name of the wallet's owner.

• THIS IS A COMMON BITCOIN ADDRESS: 19QkdPsXeGAiGB5neeXc1JFpS1DKzuctrC
• THIS IS A BITCOIN VANITY ADDRESS: 1ELoNMUsKgRrf5eTneidXmif2wyEcSrY7i

Most Bitcoin addresses only consist of random numbers and letters. With a vanity address, your Bitcoin address stands out from other wallets and gives your wallet a unique aspect. In addition, a vanity address helps avoid confusion and makes it easier to find a specific Bitcoin address among many others.

What is Banity?

Authenticity and ownership of a BANITY is tracked on the blockchain, while moving through collectors’ hands, the buyer has status as the official owner. Holding a Banity, gives the owner the right to unlock the private key of the valid Bitcoin address when redeeming the token. A redeemed token is destroyed forever and can therefore no longer change hands.

Investing in Banity means buying a Bitcoin vanity address and selling it for more than your purchase price, all without revealing any information about its private key. Investors prefer “long” and / or “noticeable” vanity addresses that are very difficult to generate or that catch the eye at first glance. Vanity addresses are an investment opportunity for forward-thinking investors who are buying rare crypto addresses before everyone else does.

DECOM generated BANITY as a collection of 1001 NFTs, which one can buy and trade with these NFTs. According to DECOM, the collection is intended to increase awareness and understanding of Vanity Addresses. Vanity addresses are extremely difficult to find. DECOM compares these as “Diamonds of the Blockchain”.

According to the team, BANITY is not about hype and is much more than just JPEGs or GIFs. A BANITY is a valid Bitcoin Vanity address that is searched through trial and error. The generation of vanity addresses requires a brute force algorithm, i.e., if there is no match with the desired sequence of letters and numbers, the algorithm generates a new random private key and follows the procedure again.

The following figure shows how long a common vanity generator algorithm such as Vanitygen (case insensitive) on an "AMD Ryzen 7 2700X processor", ie a laptop or PC commonly used today, takes until a desired vanity address is found on average.

Since the difficulty increases exponentially the longer the vanity is, the average time it takes to find that vanity also increases. This can get quite expensive for the person creating it, as it involves testing billions of combinations, which can take weeks or even years. In order to generate the 1001 addresses for the Banity collection, Decom had no choice but to use specially developed hardware and software. Without this upgrade, this would not have been possible in such a short time.