Netki’s naming service permits cryptocurrency wallets to have branded names. Netki users can now add Factoid and Entry Credit addresses to wallet names. These addresses can be static or a URL to an endpoint that dynamically generates addresses.
It’s been such a pleasure to work with Netki to make Factom more user-friendly. We are pleased and honored to have a partnership with them. Netki is a high integrity partner and are also a great cultural and technology fit for Factom. Our collaboration will allow Factom users to more easily access their Factoids. Netki makes Factom addresses easy for users to read, copy and share with others.
-stated Tiana Laurence, CMO Factom Foundation.
Working with the Factom team has been a real pleasure. Factom’s solutions supporting truth and transparency in data are a great step forward in ensuring honest use of information in corporations and governments. Adding Wallet Name Service further improves the intuitiveness and ease of use of Factom’s offering.
-added Justin Newton, CEO and Founder Netki.
The companies have identified four main benefits that come from their collaboration.
1. Trading Factoids – Once the beta is launched, users can trade Factoids using Wallet Names for Factoid addresses. Wallet Names replaces a cumbersome and hard to remember wallet address, such as “FApLXM15vjULK3ZPGUTDMUcGATGR9xGitv” with a simple name of your choosing, such as paul.factom.bit. A Wallet Name can be used in place of a wallet address to send bitcoin via any of our participating service providers.
2. Factoid to Entry Credit Conversion – Through Netki’s Wallet Name, Factoids can be converted to Factom Entry Credits. These Entry Credits can then be used to make entries into the Factom system.
3. Buy Entry Credits – Once Factom has established the Factoid store front, part of milestone two, Netki’s Wallet Name can be used to purchase Factom Entry Credits with bitcoin. Factom Entry Credits can also be held using Netki’s Wallet Names.
4. Added Security – The solution that Netki and Factom are implementing was designed to improve the privacy and security of the existing systems. By combining blockchain technologies with traditional DNSSEC, we are able to improve the privacy and security over the current manner of sharing wallet addresses over email or text message. Further, by configuring Wallet Names to produce a unique wallet address for each transaction we ensure that people and institutions only have visibility to transactions that they are a party to, even though they have shared their wallet name with multiple people.