On Tuesday, internet domain registry Minds + Machines Group Limited (LON:MMX) raked in US$100,000 from the first sales of its ‘.luxe’ domain.
While the blockchain and crypto sector is still a new and nebulous sector to many, the '.luxe' domain could completely change how the industry operates.
Put simply, ‘.luxe’ is a method of simplifying the addresses of cryptocurrency wallets on a public blockchain, essentially a code that users enter to verify their identify on the system.
Normally, these addresses are a string of around 36 to 42 characters - think the code on the back of a WiFi router - most of which are impossible to remember. They are also generated randomly, with each blockchain system (Bitcoin, Ethereum etc) having its own way of creating the codes, meaning users will normally have multiple addresses if they have different cryptocurrencies in their wallets.
What ‘.luxe’ does is attempt to reduce this complexity by creating an address similar to a website URL but with the suffix ‘.luxe’ that can be applied to crypto wallets instead of the long and complex character strings.
In short, rather than having to enter a 42-character long code to validate a blockchain transaction, you can simply use a ‘.luxe’ address, like sending someone a link to a website.
More recently, MMX has also developed an all-chain association engine, which allows any web address using the ‘.luxe’ domain to be associated with any existing or newly created wallet address across different blockchains.
According to MMX chief executive, Toby Hall, the association engine is a “big breakthrough” for cryptocurrency exchange operators and wallet providers as rather than customers having multiple wallet addresses for each individual blockchain they hold crypto, they can simply use one ‘.luxe’ domain linked to multiple blockchains, simplifying their management of customer wallet addresses without compromising security.
WATCH: Minds + Machines reports 'industry first' as its '.luxe' domain is extended to all blockchains
The domain can also be used in the same way as a normal web address, allowing users to have the ‘.luxe’ domain as both a website and as a crypto wallet address.
The ability to associate the domain with any public blockchain is “a first in the industry”, Hall says, adding that the company has already partnered up with some major players including Exshell, the largest exchange in Asia with over 500 listed tokens that operate over 19 different blockchains.
The ‘.luxe’ domain is also scheduled to be introduced by wallet operators MEET.ONE and Bying, which together with Exshell cover a customer base of around 1.2mln.