Bictory Finance, a Web3 software technology company, tackling safety & regulatory problems across chains in the DeFi & NFT space, has launched the Concordium Name Service (CNS), a wallet naming system that “maps human-readable names to blockchain addresses for a more friendly on-chain experience.”
The Concordium Name Service (CNS) enables users “to mint blockchain domains on Concordium to replace the lengthy string of alphanumeric characters, which serves as wallet addresses, with human-readable and memorizable names, like john.ccd, to simplify transactions and dapp interactions by giving it human-friendly names.”
CNS domains can also “serve as a decentralized website domain name.” The names on this service have the “.ccd” top-level domain “derived from the blockchain’s token ticker, and it supports single digit and character combinations, such as a.ccd or 0.ccd.”
Joha Sulaymonov founder at Bictory said:
“The top level domain market (TLD), like .com and .io extensions, which are issued and controlled by a centralized authority is now being challenged by the open and free market of blockchain domains. For example, unlike TLD domains, a CNS user has full control over the domain, with all records live on the public ledger, and the ability to earn royalties from secondary sales.”
Besides, the advanced CNS domains on Concordium “enable a person’s unique ID to have an authentic, web3 identity, which could be the dominating factor when decentralized domains become widely adopted.”
Registering a domain name on CNS “attracts two fees; a yearly subscription fee and network fees.” CNS domains start at $10 per year “for a 6+ character domain.” Domain names with fewer characters are “priced higher in subscription fees, the priciest being a two characters domain which costs $150 per year.” Single characters will be “auctioned out.” You can “mint one today at ccd.domains.”
As noted in the update, Bictory Finance is “a Web3 technology company building multi-chain solutions to bring safety to DeFi & NFT investors, founded in 2019 by Joha Sulaymonov.”
Its product portfolio reportedly includes “a centralized exchange, BictoryEX, to make trading easier & friendlier, Multi-chain (Now on Solana & Concordium) NFT Marketplace with an extra focus on creators, the Concordium Name Service (CNS) to make surfing Concordium more user friendly and a DEX (coming soon).”
As mentioned in the announcement, Concordium is “a permissionless layer 1, science-backed blockchain, designed to balance privacy with accountability through its ID layer and the use of Zero-knowledge proofs.”
Creating trust with ID is “a key to the mass migration of web2 to web3 and beyond.”
For DeFi degens, metaverse players, and gamers, it “provides a fast, secure, and highly capable platform that makes building and using dApps a simpler, more accessible task.”
Concordium differs “by having the third party verified ID, by offering nearly instantaneous, real finality which hinders roll-back of transactions and offers low transaction fees, stable in FIAT terms and a large throughput.”