Bridging the gap between DNS and blockchain
The .LUXE domain was originally meant to be dripping in luxury but has taken a new direction partnering with the innovative crypto powerhouse, Ethereum. The first blockchain to be recognized in the domain name system, Ethereum and .LUXE domain are opening the door to a new type of Internet.
What is blockchain?
Information held on a blockchain is accessible to anyone on the Internet in a shared and continually reconciled database. This ensures that the data is always public and easily verifiable. A major benefit of blockchain technology is its secure and decentralized environment which allows for digital information to be distributed but not copied. Operating via a decentralized system means it can’t be corrupted by a third-party interference.
An example of a third-party interference in a centralized system is the role banks play in financial transactions or corporations like Facebook in social networks.
Applications on the Ethereum blockchain platform run exactly as programmed without any chance of fraud, censorship or hacking.
Who is Ethereum?
Ethereum is the leading blockchain platform that offers a complementary currency of Bitcoin in the digital ecosystem. Clients of the Ethereum platform use Ether as a form of payment to build blockchain based services, assets and decentralized apps. Ether is the second largest cryptocurrency and now one of the top 20 World Currencies. It is a “crypto-fuel” for developers who plan to build apps and interact with smart contracts using the Ethereum blockchain. Ether ensures that developers write quality applications to keep the Ethereum network healthy and compensate people for their contributed resources.
Blockchain and .LUXE Domain
If it looks like a domain and acts like a domain, is it a domain? Ethereum Name Service eliminated the need to copy and type long hexadecimal addresses to point to assets on blockchain with .ETH. Sounds similar to how domain names operate, right? Domain names eliminate the need for Internet users to memorize strings of numbers that make up IP addresses. Instead, the domain name system (DNS) points to IP addresses associated with words that give context and meaning to the kind of content visitors will find on a website. Although .ETH operates like a domain name it has not existed in DNS – until now.
Ethereum has partnered with the .LUXE domain registry to connect DNS and blockchain for the first time and created the backbone of a new type of Internet.
Ethereum created .ETH to act as a custom wallet identifier, and is the first blockchain technology to be recognized by the domain name governing body ICANN. .LUXE domain is reinventing their mission and taking on a new exciting meaning in the crypto industry with “Let u exchange easily”. Users will be able to register .LUXE domain names to point to Ethereum wallets and smart contracts. Anyone who already has a .ETH will be able to secure the .LUXE equivalent in a Limited Registration Period of the .LUXE domain launch, before it hits general availability.
Ethereum adoption is growing fast. Microsoft announced that they will offer Ethereum Blockchain as a service and many major organizations from Shopify and Overstock now accept Ethereum payments.
Crypto Market
There is over $300 billion USD invested in cryptocurrency, with Ethereum being the 2nd most popular token.
.ETH at a Glance
There is over $28 million USD in the .ETH zone with over 300,000 .ETH names sold since May 2017.
Growth of Wallets
There has been substantial growth in wallets over the years. In 2018, there are already more than 26 million Ethereum wallets.
The technology to connect to Ethereum is still being developed and will be released on our website soon. We are optimistic that the .LUXE domain integration with .ETH will inspire a new age of possibilities for the Internet.