Dogechain, the recently launched blockchain platform, 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 non-traditional layer 2 network Dogechain, which aimed to strengthen the possibility of bridging Dogecoin to be used for DeFi transactions. However, the Dogecoin team says they have no connection with dogechain.
During a recent event, Dogechain announced the launch of its naming system dubbed Doge Name Service (DNS).
An unofficial community-based Dogechain Ecosystem Twitter account revealed the development on Monday. “Shibes, @nameservicedoge brings .doge domains to Dogechain,” the handle noted.
🏷 #ĐogeNameService (ĐNS) allows users to use a human-readable .doge name instead of a long, hard-to-remember address.
You can use custom avatars, URLs and 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 human-readable .doge name instead of a long, hard-to-remember address.” Additionally, the naming service allows the use of unconventional characters such as custom text fields, avatars, and URLs to make the user’s domain name unique.
Additionally, the handle noted that a buy-and-burn model will be used with the initiative, which will bring more value to Dogechain. The buyout and burnout effort will be focused on Dogechain and wDOGE through a share of the proceeds.
Buyback and burn is a measure used to increase the value of an asset by reducing its circulating supply. An entity is involved in buyout when it buys a portion of its own token to redact the offer. Burning involves sending tokens to an unusable wallet address to withdraw the sent portion of the supply.
According to the initiative’s official website, users will have the ability to store all their addresses using their DNS names. This will allow them to receive cryptocurrencies and NFTs using DNS names.
This move will help bring more mainstream attention to the Dogechain network. Despite the controversies surrounding its launch, the network has seen massive growth since its inception. The Crypto Basic previously reported that the blockchain platform recently achieved a feat of 2 million daily transactions.
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