NEAR Protocol, a groundbreaking Web3 platform that utilizes Chain Abstraction technology, has recently announced an exciting new project. The platform is introducing “NEAR name tokens,” which offer a more resilient solution for digital identities and unlock a multitude of possibilities in the realm of digital identities. The company made this announcement on its official X account, ensuring that the community is kept informed about this exciting development.
Introducing the powerful and innovative *NEAR name tokens, powered by @D3inc . These tokens provide a robust digital identity solution that opens up a world of possibilities with interoperable digital identities (not in the spooky 1984 kind of way, don’t worry). Find out more here: [link to blog post] pic.twitter.com/9sF9TdggyJ
NEAR Protocol (@NEARProtocol)
May 29, 2024
NEAR Protocol’s revolutionary ‘NEAR Name Tokens’ aim to bridge the gap between the Domain Name System (DNS) and the Web3 world. To provide a detailed overview of this endeavor, the company shared a blog post explaining the project. It highlighted the fact that this latest project is a result of the recent collaboration between D3 and NEAR Foundation. The NEAR Name Tokens function as a cross-platform, multichain digital identity solution designed to benefit Web3 users. NEAR Protocol is working in partnership with D3 to bridge the gap between Web3 and the traditional internet infrastructure.
In this context, the NEAR Name Tokens play a significant role. They are instrumental in establishing interoperable and future-proof digital identities, driving the implementation of chain abstraction and facilitating the wider development of Web3. NEAR Protocol has already been providing a comprehensive digital identity solution across the broader Web3 ecosystem.
Consumers will be able to leverage the new project for various purposes. One such purpose is the ability to use a streamlined wallet address that operates seamlessly across multiple blockchain networks. Additionally, consumers can use NEAR name tokens as infrastructure identifiers across diverse blockchain networks. They can also utilize them as cross-platform usernames on various decentralized platforms, including SportFi, SocialFi, GameFi, DeFi, and more. Furthermore, customers can benefit from using NEAR Name Tokens as verifiable credentials for services and platforms they interact with. They can even access exclusive rewards programs and benefits through these tokens.
NEAR Name Tokens have a unique format, featuring an asterisk (*) that separates the extension and the name, like “you*near,” instead of a period. This innovation is introduced to avoid confusion, as NEAR accounts already use the “.NEAR” extension. By introducing the asterisk, the company ensures seamless integration of DNS with the Web3 sector, enabling digital identities within the Web3 realm with interoperability.
Tags: NEAR