The Open Network (TON) Foundation is the most recent cryptocurrency business to improve its ecosystem with domain names resembling Ethereum Name Service (ENS).
The debut of TON DNS, a new service that enables users to provide human-readable names to cryptocurrency wallets, smart contracts, and websites, was announced by the TON Foundation on Thursday.
Users will be able to access decentralized apps easily thanks to the “.ton” domain zone for the TON DNS, which is similar to other well-known crypto-related domain names like “.eth” or “.crypto.”
Users won’t have to type in a lengthy string of letters and numbers when using TON DNS since they may utilize short, easy-to-remember domain names.
In addition to serving as a nickname, a domain name created using TON DNS will also reveal a wallet address. Additionally, the TON Foundation intends to include its TON DNS technology into the TON Sites and TON Proxy products, which should debut in Q3 2022.
The release states that “a.ton domain name will be a welcome alternative to centralized domain registrars, which have the power to ban a website’s domain unilaterally.”
The foundation said that it would hold an auction for the first “.ton” domain names on July 30 in connection with the launch of the TON DNS. The TON Foundation said that the seven-day smart contract-based auction has been “planned to be as decentralized as possible, with equal conditions” for all participants.
Notably, coins generated from the sale of each domain will be taken from circulation and placed to a smart contract where they cannot be withdrawn, according to the release.
The integration of the TON Blockchain with mobile and wallet Telegram bots earlier this year is quickly followed by the deployment of the TON DNS. The Foundation said that the introduction of TON DNS will make it easier for users to interact with the TON blockchain and would further increase accessibility.
The Tonkeeper, TON Web Wallet, and Tonscan services have now incorporated TON DNS functionality, according to a June 30 statement.
The announcement was released immediately after the TON Foundation said that on June 28, all 5 billion Toncoin tokens have been mined. With the termination of Toncoin mining, TON’s distribution reached a significant turning point and entered a new phase as a completely proof-of-stake blockchain.