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.
