The Algorand Foundation announces a grant for TxnLab’s NFDomains

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.

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.

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.

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This announcement is republished from the Algorand Foundation website.



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Non-Fungible Domains, Algorand’s name service and marketplace for .algo domains. Built by TxnLab.