Ethereum ties-up with top domain name provider to make life simpler for users

in #mgsc6 years ago

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There is some good news in store for you if you own Ethereum assets or use its services. You no longer have to remember the 40-character long address that identifies you as an Ethereum user. Instead, you can simply choose a top-level domain name and attach your virtual address to it.
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According to a press release, Ethereum has tied-up with Minds + Machines Group (MMX), the owner and operator of 32 top-level domain assets (gTLDs). The partnership will let Ethereum users to select a .luxe name that can be used to identify their digital assets.

"Under the agreement, any name of a registrant's choice in the .luxe registry (an abbreviation for "Lets U Xchange Easily") can be associated through the Ethereum blockchain with the 40 character hash identifier that currently denotes any Ethereum asset, item or service supporting Ethereum. As a result, a memorable .luxe name can act as the public identifier for an individual's Ethereum asset instead of the complex and long 40 character hash identifier," a MMX press release read.

The .luxe extension will allow users to utilize blockchain-related functionality in addition to allowing "names to resolve over the internet in the normal way for email or web-based traffic."

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There are currently 26 million Ethereum wallets. If a wallet owner wants to transfer Ethereum platform-based tokens to another wallet, he can simply share his .luxe domain name with the recipient wallet's owner instead of the complex wallet hash (eg. 0x314159265dd8dbb310642f98f50c066173c1259b).Screenshot_2018-08-04-15-08-06-1.jpg

"The same process of replacing 40 character identifiers with relevant and user friendly .luxe names can also, in principle, be applied to all Ethereum assets or services - eg. smart contracts, distributed storage, DApps etc., making the potential addressable market for easy-to-remember blockchain enabled .luxe names significantly broader than just the crypto wallet market," the press release said.

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@urdudramees, I do not understand anything written