Recently-launched blockchain platform Dogechain has launched its unique naming system based on its network.
Dogecoin has seen massive growth in adoption over the years. The adoption rate was complemented by the launch of the untraditional layer-2 network Dogechain, which was aimed at enforcing the possibility of bridging over Dogecoin to use it for DeFi transactions. However, the Dogecoin team says they have no connection with dogechain.
In a recent highlight of events, Dogechain has announced the launch of its naming system dubbed the Doge Name Service (DNS).
An unofficial community-based Dogechain Ecosystem Twitter handle revealed the development Monday. “Shibes, @nameservicedoge brings .doge domains on Dogechain,” the handle noted.
🏷 #ĐogeNameService (ĐNS) allows users to use a readable .doge name instead of a long and hard-to-remember address.
You can use avatars, URLs, and custom text fields to further differentiate yourself from the pack pic.twitter.com/erxrOT3HR8
— Dogechain Ecosystem (@DCecosystem) September 19, 2022
According to the tweet, the Doge Name Service (DNS) will allow users to adopt “a readable .doge name instead of a long and hard-to-remember address.” Furthermore, the naming service permits using unconventional characters such as custom text fields, avatars, and URLs to make the user’s domain name unique.
Additionally, the handle noted that a buyback-and-burning model would be employed with the initiative, which will pump more value into Dogechain. The buyback-and-burning effort will be focused on Dogechain and wDOGE through a share of the proceeds.
Buyback-and-burning is a measure used to increase the value of an asset by reducing its circulating supply. An entity is involved in buyback when it purchases a portion of its own token to redact the supply. Burning involves sending some tokens to an unusable wallet address to take the sent portion off the supply.
According to the official site of the initiative, users will have the ability to store all their addresses using their DNS names. This will enable them to receive cryptocurrencies and NFTs using the DNS names.
This move will help in bringing more mainstream attention to the Dogechain network. Despite the controversies surrounding its launch, the network has witnessed massive growth since its inception. The Crypto Basic previously reported that the blockchain platform recently achieved a feat of 2M daily transactions.