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NEAR Protocol, a Web3 platform that utilizes Chain Abstraction technology, has recently announced another project. According to the platform, it is unveiling “NEAR name tokens” which offer a more resilient solution for digital identities along with providing several other possibilities via digital identities. The company informed the community about this development on its official X account.
Say gm to *NEAR name tokens, powered by @D3inc 🫡
— NEAR Protocol (@NEARProtocol) May 29, 2024
Offering a more robust digital identity solution, *NEAR name tokens are primed to unlock a host of possibilities with interoperable digital identities (not in the sp00ky 1984 kinda way, dw)
Read on:https://t.co/Q8DS2nvaHL pic.twitter.com/9sF9TdggyJ
NEAR Protocol’s Unique ‘NEAR Name Tokens’ Intend to Fill the Gap Between the DNS and Web3 World
In addition to this, it shared a blog post for a detailed overview of this endeavor. It noted that the latest project comes after a recent collaboration between D3 and NEAR Foundation. The NEAR Name Tokens operate as a cross-platform, multichain digital identity to benefit Web3 users. As per the firm, it is operating in collaboration with D3. Both entities are endeavoring to fill the gap between Web3 and the conventional internet infrastructure.
In this respect, the NEAR Name Tokens play the role of a significant move. They reportedly contribute a lot to establishing interoperable and future-proof digital identities. The respective identities will reportedly drive the chain abstraction’s implementation and the wider Web3 development. Even before this, NEAR is already providing a thorough solution for digital identity across the broader Web3 ecosystem.
The Consumers Can Leverage the New Project for Several Purposes
The consumers will have the capability to utilize the name tokens for several purposes. One of them is the use of a streamlined wallet address operating across numerous blockchain networks. The consumers can also utilize them as infrastructure identifiers across many diverse blockchain networks.
Moreover, they can use them in the form of cross-platform usernames across several decentralized platforms. These entities deal with SportFi, SocialFi, GameFi, DeFi, and so on. The clients can also leverage them in the form of verifiable credentials for services and platforms with which they interact. Apart from that, the customers can obtain access to exclusive rewards programs and benefits via the name tokens.
NEAR Name Tokens contain an asterisk (*) separating the extension and the name, like you*near, rather than a period. A possible reason behind this development is that the accounts on NEAR already utilize the “.NEAR” extension. Hence, to avoid any confusion, the company is introducing the asterisk. The firm asserted that the integration of DNS with the Web3 sector will vitally contribute to enabling digital identities within the Web3 realm with interoperability.