A Simple Fix to Improving the Cryptocurrency Marketplace that Has the Potential to Drive Adoption
Wednesday, April 3, 2019 5:30 PM
Industry data continues support optimistic, if not frothy expectations for the growth and potential for cryptocurrencies across a span of applications and industries. But for all of the promise, cryptocurrency has a big problem - usability. The fact is that using cryptocurrency, transacting in cryptocurrency can still be a huge hassle. To receive payment, a recipient needs to manage an address consisting of a long, alpha-numeric string of characters that looks like this: 0xE9863213B7E16949298e89CFEaF2E53385b96996
DALLAS, TX / ACCESSWIRE / April 3, 2019 / Surveys have shown that most users experience anxiety around using cryptocurrency wallet addresses and one of the primary culprits is the syntax. Addresses underpinning cryptocurrency that provide the digital footprint critical to matching transactions are long, hard, if not impossible to memorize and lend themselves to human error in the transcription process. Further exacerbating the issue is the intentional decentralized and private nature of the crypto economy. In the absence of a 3rd party in a peer-to-peer transaction, a consumer that gets the address wrong by even just one character has a very real likelihood of losing the currency that was sent.
Total Network Service (fka Token Name Services) was formed to fix this problem with a product it calls Digital Names. Digital Names has the potential to do for the cryptocurrency industry what domain names did for the Internet industry back in the 1990s.
Rather than deal with a long string of syntax that identifies a specific website, users were enabled to just type in ''www'', an easy-to-remember name of the business or site, followed by a ''.com'', and the onramp to the Internet highway was wide-open. Traffic surged. Sites proliferated. And companies supplying the IP addresses thrived.
Digital Names will do the same for the crypto economy. Gone are the days of managing and mismanaging long strings of crypto syntax and usher in short, human friendly, easy-to-remember and exchange crypto names or addresses that will simplify transactions.
Thomas Carter, CEO of DealBox. A San Diego-based capital advisory and fintech services firm that is heavily invested and active in the blockchain and cryptocurrency markets, as well as advisor and investor in Token Network Service, said that,
''DNS was a game-changer for the early internet and helped drive widespread adoption. Digital Names is poised to do the same thing for cryptocurrency. This is one of the most exciting investment opportunities we've ever had the pleasure of working with. Imagine being able to invest in the DNS system back in the mid-90s. The irony is that the people behind Total Network Service are some of the same people who built and maintained the early DNS system.''
The market for digital name services is set to explode. Early mover Ethereum Name Service generated $33M in its initial year of sales, with more than 250,000 names sold. A top winning bid for one of those names sold for a whopping $3.5M!
However, unlike Ethereum Name Service, Digital Names doesn't require users to engage in time-consuming auction processes to acquire names, or extensive technical knowledge. And Digital Names is cross-chain compatible, meaning that it works for all types of cryptocurrency, not just Ethereum Addresses.
Other features included with Digital Names:
- The ability to use one name for multiple cryptocurrencies ($cryptoguy.btc, $cryptoguy.eth, etc.),
- A simple and affordable purchasing model,
- Management dashboard,
- A robust reseller program, and
- The ability to automatically send predefined payment amounts to a group name that get routed to all the members of the group (think payroll solution)
Total Network Service is commercial-ready, having sold more than 10,000 Digital Names and capable of managing several hundred million Digital Names. The Company is currently in discussions with major cryptocurrency wallet providers and exchanges regarding integration of the Digital Names technology.
The Company is raising expansion capital that will be focused on further tech development and marketing its solution to the burgeoning market. To help lead the effort, it recently hired Jerome Conlon, a former branding expert for Nike and Starbucks that is heading its go-to-market strategy.
To learn more about the current security token sale for Total Network Service, please contact Thomas Carter at [email protected].
SOURCE: SV Advisory Group