The Algorand Foundation today announces TxnLab Inc as the latest recipient of an Algorand Foundation grant award. The Algorand Foundation is excited to support TxnLab Inc in developing NFDomains through our grant program. NFDomains is a name service and platform that will enable Algorand users to send and receive Algo and Algorand Standard Assets (ASAs) using a readable domain name, like “silvio.algo”, that is easy to type and remember.
NFDomains will provide identity tokens, called Non-Fungible Domains (NFDs), that enable a host of metadata and identity features, allowing users to attach their avatar, social media links, and other metadata to their NFD.
The metadata features of NFDs enable applications and services on the blockchain to query this data and surface it, breaking down walled gardens in the ecosystem. For example, blockchain explorers can display readable names of services and other organizations in their tables of transactions, DAOs can provide more transparency by showing information about individual participants in governance votes, and NFT artists can display their name, profile, and portfolio in marketplaces that integrate with NFDs.
“The Algorand Foundation’s support will enable us to tackle a major pain point for Algorand users by abstracting away the 58-character long wallet addresses in favor of readable domain names, in addition to opening up new possibilities for identity, authentication, and verification in the blockchain space,” says Patrick Bennett, CEO of TxnLab, Inc.
NFDomains is built on Algorand for Algorand users and the Algorand community. By building on Algorand, NFDomains will provide fast transaction speeds and low fees. This will enable NFDomains to provide users with a flexible, robust and fast service, something which is not possible on other chains which are slow, unreliable, and have expensive fees.
“NFDomains will solve a major user experience issue for Crypto wallet holders. Wallet addresses are not user friendly, they are long, very hard to type and even more difficult to memorize which creates a challenging user experience. The ability to send and receive Crypto using a name you choose through NFDomains will provide Algorand users with a much improved user experience. We’re delighted to welcome NFDomains to the Algorand Ecosystem and look forward to seeing the team at TXNLabs open up new opportunities for Algorand users and the Algorand community”. – Addie Wagenkneckt, Algorand Foundation Head of Global Ecosystems and Technical Operations
TxnLab plans to launch NFDomains by Q2 of 2022 with native support for the Algorand Wallet and MyAlgo Wallet in addition to integrations with third-party services and dApps.