Dogechain, a recently formed blockchain platform, has launched its own naming system based on its network.
Dogecoin’s acceptance has skyrocketed in recent years. The creation of the unconventional layer-2 network Dogechain, which was targeted at ensuring the ability to bridge across Dogecoin to utilize it for DeFi transactions, aided the adoption rate. The Dogecoin team, on the other hand, claims to have no affiliation with Dogechain.
Dogechain has recently announced the debut of its name system, branded the Doge Name Service (DNS).
An unofficial community-based Dogechain Ecosystem Twitter handle revealed the development Monday. “Shibes, @nameservicedoge brings .doge domains on Dogechain,” the handle noted.
The Doge Name Service (DNS), according to the tweet, will allow users to utilize “a readable.doge name instead of a long and difficult-to-remember address.” Furthermore, the naming service allows users to create unique domain names by using uncommon characters such as custom text boxes, avatars, and URLs.
Furthermore, the handle stated that the effort will use a buyback-and-burn methodology, which will increase the value of Dogechain. Through a portion of the revenues, the repurchase and burning effort will focus on Dogechain and wDOGE.
Buyback and burning is a method of increasing an asset’s value by lowering its circulating supply. A buyback occurs when an entity purchases a portion of its own token in order to reduce the supply. Burning entails sending some tokens to an unusable wallet address in order to remove the tokens from the supply.
According to the initiative’s official website, users will be able to save all of their addresses using their DNS names. Using the DNS names, they will be able to receive cryptocurrencies and NFTs.
This action will help the Dogechain network gain more public attention. Despite the difficulties surrounding its establishment, the network has seen tremendous development since its start. The blockchain network just completed a feat of 2M daily transactions, as previously reported.