XDC Network (XinFin) Selects The Butterfly Protocol For Initial Blockchain Domain Naming System For The XDC Blockchain

The Blockchain Domain Registry System will be unique to
the XDC blockchain and provide access to domains, tools, and
support for decentralized application (dApp)
developers.

NEW YORK, NY, Aug 11, 2021 – (ACN
Newswire) – Butterfly Protocol and the XDC Network announced
today that the Butterfly Protocol blockchain domain system
will be used for an XDC blockchain-specific domain system.
Through a grant from XinFin, a blockchain registry system
will be created that allows developers and users of dApps to
register domains and use a growing set of open-source tools
to develop a standardized URL path to data and
processes.

In
addition, to access dApps built for the XDC blockchain, the
initiative will create human-readable wallet naming and the
opportunity to create single sign-on access across the dApp
ecosystem.

Dana Farbo, Partnership Lead for Butterfly
Protocol and founder of Avrilar Inc., stated that, “We are
excited to be an XDC Network partner. The Butterfly Protocol
will be used for creating blockchain top-level domains
(bTLD) with a blockchain that is known for scalability,
stability, and very low transaction costs. This advancement
will accelerate decentralized web usage.”

As an
enterprise-ready, hybrid blockchain, the XDC Network is
well-positioned to bridge legacy systems with blockchain
technology, enabling institutions to take advantage of
blockchain’s innovative use cases.

The XDC Network is
EVM compatible, allowing seamless interoperability with
Ethereum, and offers advanced smart contract capabilities
for enterprise use cases, including asset tokenization and
decentralized finance. The network is receiving increased
interest from institutions looking to keep pace with rapid
fintech disruption.

Blockchain domains are rapidly
gaining acceptance as the world moves toward Web 3.0 with a
growing decentralized internet and distributed computing
environment. In addition, file storage is improving with
hybrid cloud and local nodes providing a more robust
infrastructure to handle data-driven societies’ demands.
Naming systems for the decentralized space allow for ease of
use and access while providing additional layers of security
for fraud prevention.

About Butterfly
Protocol

Butterfly Protocol is a decentralized
autonomous organization (DAO) that aims to replace the
Domain Name System (DNS) system and change the economics of
domain ownership.

https://coinmarketcap.com/currencies/butterfly-protocol-2/

About
XinFin’s XDC Network

The XDC Network–created by
XinFin–is a global, open-source, delegated proof of stake
consensus network (XDPoS), which enables hybrid relay
bridges, instant block finality and interoperability with
ISO 20022 financial messaging standards. The network’s
hybrid architecture is designed to support institutional use
in trade finance and tokenization and is equipped to reduce
the existing gap in global infrastructure. With
interoperable smart contracts, 2,000 transactions per-second
throughput, and Ethereum Virtual Machine compatibility, the
XDC Network provides a scalable infrastructure for
independent community contributors.

For more
information about XinFin and the XDC Network, please visit
www.xinfin.org.

About
XDC

XDC is the native asset that powers the XDC hybrid
blockchain protocol. XDC acts as a settlement mechanism for
decentralized applications (Dapps) built on the XDC Network.
The XDC Network is comprised of independent community
contributors, including long-term backers, network utility
developers and tech innovators.

www.coinmarketcap.com/currencies/xinfin-network

Forward-looking
statements:

Except for statements of historical fact,
the matters discussed in this press release are
forward-looking and made pursuant to the Safe Harbor
provisions. “Forward-looking statements” describe future
expectations, plans, results, or strategies, and are
generally preceded by words such as “future”, “plan” or
“planned”, “expects,” or “projected.” These forward-looking
statements reflect numerous assumptions and involve a
variety of risks and uncertainties, many of which are beyond
the company’s control that may cause actual results to
differ materially from stated expectations. These risk
factors include, among others, limited operating history,
difficulty in developing and marketing products, intense
competition, and additional risk factors.

Source:
Plato Data Intelligence: https://Platoblockchain.com

© Scoop Media