XDC Network (XinFin) Selects Butterfly Protocol For Initial Blockchain Domain Naming System For XDC Blockchain
The Blockchain domain registry system will be unique to the XDC blockchain and will provide access to domains, tools and support for decentralized application (dApp) developers.
NEW YORK, NY, Aug 11, 2021 – (ACN Newswire) – Butterfly Protocol and the XDC network announced today that the Butterfly Protocol blockchain domain system will be used for an XDC blockchain specific domain system. With a grant from XinFin, a blockchain registry system will be created that will allow developers and dApp users to register domains and use a growing set of open source tools to develop a standardized URL path to them. data and processes.
In addition, to access dApps designed for the XDC blockchain, the initiative will create a human-readable wallet name and the ability to create single sign-on access in the dApp ecosystem.
Dana Farbo, Partnership Manager for Butterfly Protocol and Founder of Avrlar Inc., said, “We are delighted to be an XDC Network Partner. The Butterfly Protocol will be used to create blockchain top level domains (bTLDs) with a blockchain that is known for its scalability, stability and very low transaction costs. This advance will accelerate the decentralized use of the Web. “
As an enterprise-ready hybrid blockchain, the XDC network is well positioned to connect existing systems to blockchain technology, enabling institutions to take advantage of blockchain’s innovative use cases.
The XDC network is EVM-enabled, enabling seamless interoperability with Ethereum, and offers advanced smart contract capabilities for enterprise use cases, including asset tokenization and decentralized finance. The network is attracting increased interest from institutions looking to keep pace with the rapid disruptions in fintech.
Blockchain domains are increasingly accepted as the world moves towards Web 3.0 with a decentralized internet and a growing distributed computing environment. Additionally, file storage is improving with hybrid cloud and on-premises nodes providing a more robust infrastructure to handle the demands of data-driven companies. Naming systems for the decentralized space facilitate use and access while providing additional levels of security for fraud prevention.
About the Butterfly Protocol
Butterfly Protocol is a Decentralized Autonomous Organization (DAO) that aims to replace the Domain Name System (DNS) and change the economics of domain ownership.
About XinFin’s XDC Network
The XDC network – created by XinFin – is an open-source, global, delegated proof of stake (XDPoS) consensus network, which enables hybrid relay bridges, instant block finality, and interoperability with ISO financial messaging standards. 20022. The hybrid network architecture is designed to support institutional use in trade finance and tokenization and is equipped to close the existing gap in global infrastructure. With interoperable smart contracts, 2,000 transactions per second throughput, and Ethereum virtual machine compatibility, the XDC network provides a scalable infrastructure for independent community contributors.
For more information about XinFin and the XDC network, please visit www.xinfin.org.
XDC is the native asset that powers the XDC hybrid blockchain protocol. XDC acts as a settlement mechanism for decentralized applications (Dapps) built on the XDC network. The XDC network is made up of independent community contributors, including long-term funders, network utility developers, and technology innovators.
With the exception of statements of historical fact, the matters discussed in this press release are forward-looking and formulated in accordance with the Safe Harbor provisions. “Forward-looking statements” describe future expectations, plans, results or strategies and are generally preceded by words such as “future”, “plan” or “planned”, “expected” or “projected”. These forward-looking statements reflect many assumptions and involve a variety of risks and uncertainties, many of which are beyond the control of the Company and which may cause actual results to differ materially from stated expectations. These risk factors include, among others, a limited operating history, difficulties in developing and marketing products, intense competition and additional risk factors.
Source: Plato Data Intelligence: https://Platoblockchain.com
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