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RSK, a scalable and decentralized smart contract platform secured by the Bitcoin network today announced that users can now seamlessly buy and sell RNS (RIF Names Services) domains through its RIF Marketplace. The newly unveiled functionality can be accessed on the RSK mainnet here.
What is RNS?
For the uninitiated, RNS – short for RIF Names Services – is a decentralized service that enables individuals to have human readable domains on any blockchain. In essence, RNS allows users to change the seemingly complex and hard-to-remember blockchain addresses into easy-to-remember address.
In addition, RNS can be leveraged to identify other personal identities, including payment ID, storage, and communication addresses. Readers can learn more about RNS here.
According to the latest development, users can now obtain new RNS domains via the RNS Manager.
RNS users can now tap the RIF Marketplace to list their owned domains and set a price in RIF for each of them. Notably, there are plans to add support for additional payment methods soon.
Buyers can browse through the available domains and buy the ones they prefer by making the payment as specified in the listing price by the seller. In a bid to ensure security and transparency to parties involved in transactions, the Marketplace will function as an escrow, thereby ensuring the domain is only released to the buyer after the appropriate payment has been received.
Users can learn in detail about the entire process of buying and selling RNS domains here.
Summarizing the Processes
Buying RNS Domains
In order to purchase an RNS Domain, users can follow these steps:
1) Go to the RIF Marketplace, and click on Name Services to access the RNS Domains Marketplace page.
2) Now, choose the Domain that you wish to purchase and click on the “Select” button. Next, you will be redirected to the Buy confirmation screen. Here, you can review the order details and click on Buy Domain to proceed.
3) Finally, confirm the transaction in your wallet and wait until the required number of confirmations are received. Once the domain has been successfully purchased, a confirmation message will be displayed to you.
Selling RNS Domains
In order to sell an RNS Domain, users can follow these steps:
1) Go to the RIF Marketplace, and click on Name Services to access the RNS Domains Marketplace page. Now, click on SELL tab above the filter panel on the left. Once done, you will be redirected to the list of domains you own that are available for sale.
2) Now, select the domain you want to list for sale and click on “Select.” Next, you will be redirected to the SELL confirmation page where you can quote the Price in RIF for the domain listing. Later, you can click on “List Domain” to proceed.
3) Finally, confirm the two transactions in your wallet and wait until the required number of confirmations are received. Notably, the first transaction is for the Approval of the Domain transfer while the second is the actual Placement transaction. Once the domain has been successfully purchased, a confirmation message will appear for the user.
Final Thoughts
Concluding, ease-of-use is at the core of RNS which reflects in its attempt to make blockchain easier to understand and more accessible for people the world over through blockchain domain name systems.
RNS helps users seamlessly transfer digital assets via human-readable addresses. At the same time, it also mitigates the risk associated with funds that can be lost by sending assets to wrong destination addresses.
Similarly, RNS also preserves user-privacy, a facet of the Internet persona of individuals that has become a point of contention between the Big Tech and privacy-preserving forces.
The detailed user guide on how to Buy and Sell RNS domains can be accessed here. Further, technical documentation and additional information pertaining to RNS can be found on the Dev Portal. More can be learned about the development progress of the RIF Marketplace in Github.