XDC Network (XinFin) Selects The Butterfly Protocol For Initial Blockchain Domain Naming System For The XDC Blockchain
The Blockchain Domain Registry System will be unique to the XDC blockchain and 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. Through a grant from XinFin, a blockchain registry system will be created that allows developers and users of dApps to register domains and use a growing set of open-source tools to develop a standardized URL path to data and processes.
In addition, to access dApps built for the XDC blockchain, the initiative will create human-readable wallet naming and the opportunity to create single sign-on access across the dApp ecosystem.
Dana Farbo, Partnership Lead for Butterfly Protocol and founder of Avrilar Inc., stated that, "We are excited to be an XDC Network partner. The Butterfly Protocol will be used for creating blockchain top-level domains (bTLD) with a blockchain that is known for scalability, stability, and very low transaction costs. This advancement will accelerate decentralized web usage."
As an enterprise-ready, hybrid blockchain, the XDC Network is well-positioned to bridge legacy systems with blockchain technology, enabling institutions to take advantage of blockchain's innovative use cases.
The XDC Network is EVM compatible, allowing seamless interoperability with Ethereum, and offers advanced smart contract capabilities for enterprise use cases, including asset tokenization and decentralized finance. The network is receiving increased interest from institutions looking to keep pace with rapid fintech disruption.
Blockchain domains are rapidly gaining acceptance as the world moves toward Web 3.0 with a growing decentralized internet and distributed computing environment. In addition, file storage is improving with hybrid cloud and local nodes providing a more robust infrastructure to handle data-driven societies' demands. Naming systems for the decentralized space allow for ease of use and access while providing additional layers of security for fraud prevention.
About Butterfly Protocol
Butterfly Protocol is a decentralized autonomous organization (DAO) that aims to replace the Domain Name System (DNS) system and change the economics of domain ownership.
About XinFin's XDC Network
The XDC Network--created by XinFin--is a global, open-source, delegated proof of stake consensus network (XDPoS), which enables hybrid relay bridges, instant block finality and interoperability with ISO 20022 financial messaging standards. The network's hybrid architecture is designed to support institutional use in trade finance and tokenization and is equipped to reduce 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 comprised of independent community contributors, including long-term backers, network utility developers and tech innovators.
Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to 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", "expects," or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing and marketing products, intense competition, and additional risk factors.
Source: Plato Data Intelligence: https://Platoblockchain.com