The XDC Network and Butterfly Protocol, a decentralized autonomous organization (DAO) building a decentralized naming system, announced this week that the Butterfly Protocol will be used for an XDC blockchain-specific domain system.
The XDC Network, developed by XinFin, is an open-source, delegated proof of stake consensus network (XDPoS) that enables hybrid relay bridges, instant block finality, and interoperability with ISO 20022 financial messaging standards. Concerning the Butterfly Protocol
A blockchain registry system will be developed with a grant from XinFin, allowing developers and users of dApps to register domains and use a growing set of open-source tools to develop a standardized URL path to data and processes.
Furthermore, in order to access dApps built for the XDC blockchain, the initiative will create human-readable wallet naming as well as the possibility of creating single sign-on access across the dApp ecosystem.
We are thrilled to be a part of the XDC Network. The Butterfly Protocol will be used to create blockchain top-level domains (bTLDs) on a blockchain known for its scalability, stability, and extremely low transaction costs. This development will hasten decentralized web usage.”
– Dana Farbo, Butterfly Protocol Partnership Lead
The XDC Network is a hybrid blockchain that is enterprise-ready and well-positioned to bridge legacy systems with blockchain technology. Furthermore, the XDC Network is EVM compatible, allowing for interoperability with Ethereum as well as advanced smart contract capabilities for a variety of DeFi use-cases.
Domains on the Blockchain
With a growing decentralized internet and distributed computing environment, blockchain domains are gaining traction. In addition, file storage is improving with hybrid cloud and local nodes, resulting in a more robust infrastructure to meet the demands of data-driven societies. A decentralized naming system facilitates use and access while also adding layers of security for fraud prevention.