The Wallet Name System – Making Wallet Addresses Readable

The Wallet Name System (WNS) is a proposed method of building a decentralized network of servers that communicate with the Cardano blockchain to register and query details associated with wallet addresses. It should allow users the option of sending funds to human readable names instead of wallet addresses. 

WNS works like internet’s Domain Name System (DNS) but is being developed specially for wallets. It will at first use the Cardano blockchain to allow any cryptocurrency user to assign human readable names or other information such as email address, phone number, or business address to their wallets. Users with multiple wallets for multiple cryptocurrencies will access them under their registered name. 

The basic functions for WNS revolve around a simple API which allows; wallet owners to register their details with their preferred WNS provider, and users and app developers to query all names and associated information registered to obtain the corresponding wallet addresses for a given blockchain.

Developer behind WNS

WNS is a project proposed by Jeronimo Backes, an Australian developer with more than 20 years’ experience in software development. Backs has a master’s degree in computer science and is a creator of multiple open-source projects. 

Backes has been a member of IdeaScale since Sept. 16, 2020 and has proposed several other projects on the platform. One of these is the Cardano e-commerce integration project that allows shoppers to pay in ADA and other tokens that run on the Cardano network at over 500,000 Shopify online stores. 

Another groundbreaking project proposed by Backes is digital asset inheritance that seeks to create a dApp to automate fund transfers in case of death, allowing users to also share seed phrases encoded as personal memories with loved ones. 

Backes has since joining IdeaScale submitted other proposals to Cardano’s Project Catalyst that have been received with enthusiasm. His latest proposal of WNS was made public on the platform on Jan. 13, 2020, where he hopes to receive enough votes to enable development to start. 

The projects contributed by Backes on Project Catalyst have been received well by the community, with members offering their thoughts and ideas. The projects are meant to not only impact the Cardano network but the blockchain ecosystem in general.

How does WNS work?

A user will be able to assign a name to their wallet address, and others can send money to the said name without having to know the current wallet of the user. It will be possible to assign constraints to the addresses so wallets and software that use the service can notify users when sending insufficient or surplus funds. 

One of the advantages of WNS is that it can curate addresses and mark them as potential scam. Users can therefore be notified when sending funds to a scam address, saving numerous users from losses related to fraudulent projects and individuals. 

A WNS will also accept the registration of wallet addresses of any blockchain, incentivizing other blockchains to interact with Cardano.

Final Thoughts

According to Backes, the goal is to provide a super simple to use server infrastructure that leverages the Cardano blockchain, and to provide an open API that makes the life of software developers incredibly easy. For end users, it will be cheap and with no recurring costs to keep their registration available. Users will only pay a minimum of 1 ADA per registration or update plus transaction fees.

WNS is a project that allows users a say in their wallet address, making them readable and memorable. The project also promises to curate addresses and mark them as scam, which can save many cryptocurrency holders and their funds. 

WNS will allow more blockchains to interact with Cardano network, which will greatly favor the network and increase users. The project contributor has been active on Project Catalyst proposing other potential ideas and has a strong background to ensure the success of WNS. 

If you’d like to know more information or have questions/comments regarding Wallet Name System proposal, check out the following link: https://cardano.ideascale.com/a/dtd/Wallet-Name-System-WNS/333080-48088

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