The IoTeX blockchain governance community voted 94% in favor staking 54 million IOTX tokens to push forward IIP-22 to simplify its domain names (INS), similar to Ethereum’s ENS. The benefits of INS include human-readable names, increased security, improved accessibility, and resource identifiers.
As stated by IoTeX in their blog announcing the IIP-22 voting period, “Crypto addresses are frustratingly long, garbled strings like “lswli4yuofd8a0s” – a clunky mechanism that often leaves room for error when inputting. And as cryptocurrencies become mainstream, there will be a substantial market for Web3 addresses.”
Similarly to the ENS, INS allows users to register and manage human-readable domain names for their IoTeX addresses, smart contracts, decentralized websites, and other IoTeX-based resources.
IoTeX’s INS promotes mass adoption by discovering decentralized services and applications more manageable by providing human-readable domain names, making it easier to search and navigate the blockchain ecosystem.
The INS also provides a unified namespace across multiple dApps and blockchain platforms, enabling using the same INS domain name for various services, eliminating the need to remember different addresses for different applications.
Regarding decentralization and security, INS operates on the IoTeX blockchain, leveraging the decentralized nature of blockchain technology. That ensures that domain ownership and control are in the hands of the users themselves, reducing the risk of censorship or manipulation. And it can be integrated into popular wallets, exchanges, and decentralized applications, allowing seamless use of domain names across various platforms and services.
Users are empowered with INS as it gives them ownership and control over their domain names and associated cryptocurrency addresses. Users can update or transfer their domains as needed, providing a sense of empowerment and autonomy.
IoTeX’s name service fosters a community-driven ecosystem where developers, organizations, and individuals can collaborate, build upon, and innovate, driving creativity and the development of new dApps and services.
INS is yet another adaptation to simplify onboarding the masses to Web3 by IoTeX, leader of the Decentralized Physical Infrastructure Network (DePIN), the most significant trend in crypto that by 2028 will grow to over $3.5 trillion.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.