Algorand ecosystem is on fire after the launch of Algorand Non fungible Domain (Algo NFD), a fast, affordable name service.
Non-Fungible Domain (NFD) was developed by TxnLab and it was built on the Algorand blockchain to enable users to send and receive cryptocurrency using a name that is easy to type and remember.
Not only that, Algo NFD will empower users to carry their profile avatar and social clout with them using their registered name as they transverse the ecosystem.
This is possible by attaching their meta data to a Non-Fungible Domain (NFD) which acts like a Non-Fungible Token (NFT) but leveraging Algorand’s Standard Assets (ASA)
Upon launch, several Algorand service providers have integrated the Non-Fungible Domain name. One of the service providers is NFT explorer.
myAlgo wallet has also successfully integrated NFD while Perrawallet integration is underway.
Other projects on Algorand blockchain that were integrated live upon launch are ALGOXNFT; Algorand NFT marketplace, Algogator; Algorand portfolio tracker, Algo Node and Staketax.
The Algo NFD is also attached to a .xyz domain. For instance, you can find algofoundation.algo directly by tying algofoundation.algo.xyz
This will take you directly to the NFD marketplace
Crypto Smart NFD
Crypto Smart has gotten its own .algo name as published in this tweet.
Firstly, they have acquired their main NFD
Aside from the cryptosmart.algo name, Crypto Smart also bought other names that are related to their services especially the soon to be launched Bitsave Protocol and also cryptosmartnow.algo
What are name services?
Name services are systems that help us convert an easy readable name to a physical address on a network.
Domain name service (DNS) is the most popular and most used name service in the world.
DNS is the application service that translates the IP address into a more recognized and memorable name.
In short, it allows users to use human-friendly names by mapping them to corresponding IP addresses.
Blockchain name services on the other hand, map a user-friendly name to a wallet address.
So rather than using the alphanumeric wallet address, you can easily send your cryptocurrency to a name that is attached to a wallet address.
Name service in Algorand blockchain
Name service has been functional in the Algorand ecosystem before the launch of Algo NFD. It is called Algorand Name Service.
Algorand Name Service (ANS) is the first name service on Algorand and it was launched on Feb 25,2022.
ANS allows .algo name for wallet address and also linking social media handles and avatars to your .algo name.
Algorand Non-Fungible Domain
The four person team at TxnLab was awarded Developer Grant by Algorand Foundation and has already received significant Investor’s funding which allows them to work full time.
Non-Fungible Domains leverages Algorand Standard Assets (ASAs) to build a more broad and powerful suite of features beyond relaying addresses.
How can I get Algo NFD?
Getting a .algo name is so much easier than you thought.
- Go to app.nf.domains
- Connect your wallet
- Search for your preferred name
- Buy your Algo name
NB: Make sure you have enough Algo in your wallet and the floor price of .algo name is 52.5 Algos for general name.
Nevertheless, based on the number of letters in the name, you might pay more.
For instance, a 7 letters name is currently valued at 130 Algos, 195 Algos for 6 letters, 485 Algos for a premium 5 letters, 517.5 Algos for 4 letters while a premium 3 letters can be gotten for 972 Algos.
In a case where your preferred name is not available, you can buy it if the previous buyer offer it for sale.
Currently algofoundation.algo is available at 10,000 Algos.
Have you gotten your Algo name?
Watch this video on how to set your deposit address after buying your Algo name.
Algorand ecosystem in review
Algorand ecosystem is growing everyday as we have many projects launching on the Algorand blockchain.
Crypto Smart has announced that their SaveFi protocol, Bitsave Protocol, will be launched on Algorand Blockchain.
It was also announced that the biggest crypto project in the world, Nigeria IPR project, will be built on Algorand blockchain.
Also, Algorand secured partnership with FIFA and will be the regional sponsor of the World Cup 2022.