TON Foundation launches domain names similar to those of the Ethereum Name Service

TON Foundation launches domain names similar to those of the Ethereum Name Service

The Open Network (TON) Foundation is the latest cryptocurrency company to update its ecosystem with Ethereum Name Service (ENS)-like domain names.

The TON Foundation on Thursday announced the launch of TON DNS, a new service that allows users to assign human-readable names for cryptocurrency wallets, smart contracts, and websites.

Like other popular cryptocurrency related domain names such as “.eth” or “.crypto”, the domain zone for TON DNS is “.ton” and will allow users to access decentralized applications easily.

With TON DNS, users will be able to use short, simple domain names instead of typing a long string of letters and numbers.

A domain name created with TON DNS will not only work as a nickname, but will also unlock a wallet address. The TON Foundation also plans to integrate its TON DNS technology into the TON Sites and TON Proxy tools, scheduled for release in Q3 2022.

“A .ton domain name will therefore be a welcome alternative to centralized domain registries, which have the ability to block a website’s domain arbitrarily,” the announcement states.

Along with the launch of the TON DNS, the foundation has announced that it will hold an auction of the first “.ton” domain names on July 30. The auction has been “designed to be as decentralized as possible, with a level playing field” for all participants, the TON Foundation said, adding that it will run on smart contracts for a period of seven days.

“In particular, the coins coming from the sale of each domain will be withdrawn from circulation: these tokens will be sent to a smart contract from which they cannot be withdrawn,” the announcement states.

Read:  Farmers in Argentina will be able to request loans using tokenized grains in Ethereum

The launch of TON DNS closely follows the integration of TON Blockchain with Telegram mobile and wallet bots earlier this year.. “The launch of TON DNS will simplify the way users engage with the TON blockchain and continue to make TON even more accessible,” the foundation said.

According to an announcement on Saturday, TON DNS support has also been integrated into services like The Tonkeeper, TON Web Wallet, and Tonscan.

The news comes shortly after the TON Foundation announced on Thursday the completion of mining of the entire 5 billion Toncoin token issue. The end of Toncoin mining marked a major milestone in TON distribution, ushering in its new era as a fully proof-of-stake blockchain.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.