In a bid to make it easy for ethereum users to send and receive cryptoassets using their ether wallets more seamlessly, Minds + Machines Group Limited (MMX) have entered into an exclusive agreement with Ethereum, for the creation of readable addresses.
According to a press release on August 3, 2018, the initiative will allow ether holders to register their unique name under the .luxe registry, and the name will be linked to their wallet address, making it easy for transactions to be carried out with it as compared to the traditional 40 character hash addresses.
For instance, an ether wallet address could now become something like osaemezu.luxe instead of the usual 0x314159…..
“MMX is committed to working alongside ICANN and leading technology partners to ensure domain names continue to have real relevance to entrepreneurs, developers and end-users in the twenty-first century,” said CEO of MMX, Toby Hall, adding “We already know from Ethereum’s test in its non –ICANN authorised .eth zone that there is a real proven demand for word-based identifiers that are blockchain enabled, ENS having received deposits of over $28 million on approximately 300,000 seven character words and above in the .eth zone.”
As detailed in the release, the ICANN-approved .luxe extension will enter the pre-launch soon and would be available to the public starting from October 30, 2018.
Per MMX, .luxe is an abbreviation for “Let U Xchange.” The project is aimed at making it easier to move Ethereum-based cryptoassets around.
At current, there are more than 26 million active ether wallets, and for transactions to take place between users, they must always provide their unique 40 character wallet hash.
However, with the innovative .luxe address, there won’t be a need for these cumbersome addresses anymore as they will now be replaced by simple easy to read names linked to the ether wallets.
This same excellent feature will apply to all Ethereum assets or services, including smart contracts, distributed storage, DApps and more.
“We’re very excited to be helping advance integration between existing DNS-based name services and the Ethereum Name Service, improving usability for blockchain applications and users,” said lead developer and a root key holder for ENS, Nick Johnson.
The ICANN mandated Trademark Sunrise period that will enable trademark holders to claim their unique trademarks begins on August 9 and runs until October 8, 2018.
All registrants of the circa 300,000 .eth names will start claiming their equivalent .luxe names from October 9 – 25, after which Names will then be available to members of the public.