Tezos could introduce vanity addresses thanks to a new initiative from the blockchain community
Miroslav Bodeček, leader of the Tezos Domains project, directly explained the project’s goal. In particular, inspired by Ethereum, Tezos will support domain names and human-readable addresses thanks to a new proposal from the blockchain community.
How does Tezos domain work?
Bodeček said:
“Standard blockchain addresses are an obstacle for the practical use of Tezos as a currency because they cannot be easily read, memorized, or communicated. Blockchain name services solve this problem by attaching human-readable wallet addresses to standard addresses.”
A user could replace an address like tz1VSU … jcjb with an address like Alice.tez once Tezos names are introduced. Simpler names make it much easier for users to send and receive Tezos tokens. Developers could also attach names to their smart contracts, making it easier for DApps to discover and interact with those contracts.
According to Bodeček, this proposal is still an initial draft. Therefore, there is no guarantee that this feature will come to Tezos, and if it does, it may change significantly during this time.
However, he also revealed that Tezos plans to sell the name via open auction, in which the tender is public, and each bid must be larger than the last. The expired domain names will then be sold on a first-come, first-serve basis on television.
The group also plans to prevent phishing attacks. In particular, the name Tezos will initially support a limited character set that will exclude characters that look alike. Extended Unicode support may come later. In the immediate future, the team will begin implementing smart contracts to coordinate services, lightweight indexers, and browser applications that allow name lookups.
Not only Tezos but some other blockchains also have their name service. The most notable is the Ethereum Name Service, which has been integrated with various services, including MetaMask, Opera, and Coinbase Wallet. Currently, 274,000 ENS names now exist.
Other notable blockchain-based name services have been built for Namecoin, Zilliqa, and NEO. Ethereum also supports other name services, such as Unstoppable Domains.
While blockchain names are challenging to make, they are an essential step when it comes to ease of use, on par with email addresses or general website domain names.
In another development, according to StakingRewards.com, Tezos (XTZ) is the most staked digital assets. Below is a chart from StakingRewards.com that provides a better visual cue of the top digital assets staked by crypto investors.
Top digital assets staked courtesy of StakingRewards.com
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