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The Algorand Foundation Welcomes TxnLab’s NFDomains

An announcement was made today by the Algorand Foundation. It cited that TxnLabs Inc has become the latest recipient of the Algorand Foundation Grant Award.

This is a sign of relief for the users and members of the Algorand community. TxnLab’s NFDomain will enable the users to send & receive ALGO and Algorand Standard Assets simply through a domain name.

It will be a readable domain name that would be easy to remember and type.

Welcoming TxnLab’s NFDomains

The Algorand Foundation expressed its excitement on welcoming TxnLab Inc to its ecosystem. The Foundation announced the update on its website.

NFDomains by TxnLabs will solve a problem of 58-character long wallet addresses being in use. It will do so by providing a small readable domain name like stan.algo. This would be easy to remember and type.

It will enable the users and the members of the Algo Community to easily send and/or receive Algo and Algorand Standard Assets, also known as ASA.

The readable domains would carry a technical term called Non-Fungible Domains, or NFDs. A Non-Fungible Domain will allow a user to attach an avatar to their respective domain name. Users will also be able to attach the links of their social media profiles and other similar metadata.

A Non-Fungible Domain would serve benefits to an NFT artist as well. It would enable them to display their name along with the portfolio in the NFT market. Their domain would extend support to display the profile.

Blockchain services would be able to avail the benefit of querying and surfacing the data. Explorers of blockchain, in other words, will get an opportunity to display the names of services and organizations to the table of transactions.

The welcoming of NFDomains into the ecosystem of the Algorand Foundation makes way for DAOs to provide the names of individuals who participate in governance votes.

Patrick Bennet, the Chief Executive Officer of TxnLabs Inc, issued a statement to reiterate that NFDomains would tackle the issue of having to possess a 58 character long wallet address. He added that a Non-Fungible Domain would also assist in identifying, authenticating, and verifying in the blockchain space.

Addie Wagenknecht, the Head of Global Ecosystem & Technical Operations at the Algorand Foundation, said that she was looking forward to seeing the TxbLabs team opening new opportunities to the users and members of Algorand.

She added that the integration of NFDomains with the ecosystem of Algorand would provide a much better user experience.

NFDomains is tentatively scheduled to be launched in the second quarter of 2022. TxnLabs is meanwhile looking to integrate services and dApps of a third party.

Once launched, the Non-Fungible Domain will offer support to the Algorand Wallet and MyAlgo Wallet.

Read this Algorand price prediction to understand where the prices of Algorand will stand in the future.

Jason Palmer

Jason Palmer joined CoinNewsSpan as an editor and analyst. He has over five years of experience as a forex analyst. He holds a master's degree in business administration with specialization in finance. He is actively involved in analyzing the prevalent crypto trends. He has a keen interest in commodities and forex trading.

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