In a Medium blog article announcing the debut, the startup remarked: “The BANS DApp will enable the buying of addresses concluding in.beam, such as privacy.beam, 1337.beam, and any other address with at least three alphanumeric letters.”
Using non-fungible token (NFT) architecture, Web3 IDs enable users to construct individualized identities on the blockchain. The domains resemble URL domains, but because to decentralization, they may be accessible by the public in the same manner that worldwide visitors view a website.
BANS stated that Beam Space will attend the debut of the BANS DApp to explain the significance of Web3 identification and the crucial role BANS intends to perform in the Beam blockchain and the larger crypto realm.
The BANS IDs will be made available to the public in a fair way, enabling individuals to battle without limits for their favorite options.
The business revealed in early June that the $BEAM IDs would also be utilized to trade the $BEAM Beam network token. Those desiring a BANS ID will be able to generate one through a Beam Wallet’s devoted DApp, with money paid in $BEAM. According to the firm, all revenues will be transferred into the BeamX DAO treasury, the entity responsible for running the Beam Blockchain venture.
The cost of the anonymous name service varies according to the amount of alphanumeric characters utilized.
When enrolling, users will be required to cover a minimum of one year of membership, with future yearly renewals costing the same. Upon expiry, they will be given 90 days to regain their BANS IDs.
Unstoppable Domains offers a somewhat different Web3 identification service than the BANS offering. While it is evident that the BANS facility is housed on the Beam Blockchain, the Unstoppable extension enables users to generate fully distinct web3 addresses for a one-time fee as little as $5.00.