Though every wallet and account in cryptocurrency is protected with a private key, one of the biggest risks in the industry is the loss of this identifier.
The Ethereum Name Service (ENS) helps consumers change the long addresses associated with their assets into a name that is easier to remember. Instead, users can swap their asset address with “human readable” names. However, in a recent effort to make these addresses more secure, Ethereum has decided to partner with Minds + Machines Group (MMX).
MMX is known for their “top-level domains” ownership, which functions alongside the Domain Name System (DNS) on the internet. This is the entity that adds .com or .uk to the end of a domain.
This new partnership was only announced on Friday, but it will allow users that participate in the service to use the MMX domain “.luxe.” The domain stands for “let u exchange easily,” which is a little more user-friendly than the current system. Through it, investors have access to blockchain services, like smart contracts and DApps.
Based on the information available about MMX, these addresses let “names to resolve over the internet in the normal way for email or web-based traffic.” Users then can use the internet as they normally would, involving the address for their Ethereum assets.
Nick Johnson, the lead developer for ENS, said,
“We're very excited to be helping advance integration between existing DNS-based name services and the Ethereum Name Service, improving usability for blockchain applications and users.”
He promised how the domain offers “more choices of domain and of trust model,” while the partnership between the two parties “improves integration between the legacy of DNS space and blockchain technologies.
Based on ENS’s performance so far, it is clear that MMX will be a welcomed benefit for consumers. Says CEO Toby Hall,
“We already know from Ethereum’s test in its .eth zone that there is a real proven demand for word-based identifiers that are blockchain enabled.”
ENS has been around since 2017, and the registrar enables any user “to register domain names ending in ‘.eth’ via an auction.” At a recent auction, foundation.eth was purchased for $27,000, and exchange.eth was purchased for $609,000, which should demonstrate the demand for customizable identifiers.
Right now, the world is still waiting on the launch of .luxe. However, investors should mark their calendars for October, because that’s when MMX will have a “limited registration period” for users to start claiming their names. The public launch will be on October 30th.