Web3 Software Firm Bictory Finance Unveils Human Readable Wallet Naming System September 16, 2022 September 16, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 16, 2022 by Kelly Cromley

Web3 Software Firm Bictory Finance Unveils Human Readable Wallet Naming System

Bictory Finance, a web3 software solutions business addressing safety and compliance issues across blockchains in the DeFi and NFT arena, has introduced the Concordium Name Service (CNS), a wallet identification platform that translates human-readable names to blockchain identifiers for a friendlier on-chain interface.

The Concordium Name Service (CNS) lets people to create blockchain names to substitute wallet addresses, which consist of a long series of alphanumeric characters, with human-readable and easily-remembered identifiers, such as john.ccd. This permits the simplification of operations and dapp engagements via the use of human-friendly labels.

CNS domains may also act as domain names for decentralized websites. This service’s names contain the “.ccd” top-level domain, which is generated from Concordium’s token symbol. It also accepts single-digit and character pairings, such as a.ccd or 0.ccd.

“The marketplace for top level domains (TLD) such as.com and.io, which are granted and administered by a central power, is now being disrupted by the open and unregulated market for blockchain names. In contrast to TLD domains, for instance, a CNS client has complete ownership over the name, with all data live on the shared ledger and the possibility to make fees from secondary transactions “Joha Sulaymonov, Bictory’s creator, states:

In addition, the sophisticated CNS domains on Concordium allow an individual’s specific ID to have a legitimate web3 identification, which might be the determining element in the widespread adoption of decentralized domains.

There are two costs associated with enrolling a domain name with CNS: an annual membership fee and networking charges. CNS domains with 6+ characters begin at $10 per year. Domains with less characters cost more in annual membership fees, with a two-character moniker costing the most at $150 per year. Single characters will be sold during an auction.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.