Hello. There is a new proposal for community and Trust wallet team, please join us in discussion about it.
Develop and integrate Trust wallet name service (TWNS) into the Trust Wallet app
Utilize TWT to acquire a user regulated and managed, BSC NFT based, user friendly version of payment address(es), that will be generated in a special Dapp and native interface of the Trust Wallet.
TWT will be use as a payment token to generate and store a part of unique code that will contain short user’s name, like Viktor.tw with user preregistered addresses of his wallet (i.e. one such name domain will be used to save address of multiple blockchains, such as Bitcoin, Ethereum, Polkadot, etc.).
We see an opportunity to make a BSC smart contract that will mint corresponding NFT on BSC blockchain, that will be the key to short address name system, that will hold key to modify the data that will be stored separately from NFT. This system will utilize both TWT storage and usage as value transfer.
To use the system, we propose an analogue to domain trading system or some mobile operators also use it. And it will have 2 separate parts: Business and Independent.
Business domains will work on proof-based rental system, where a business owner will have to verify his ownership rights. This can be achieved via showing the proof of webpage ownership, company registration documents or any other eligible way. I.e. if someone want to claim Pepsi.tw, then the proof will required. There will also be an exception for high profile individuals (i.e. V. Radchenko, V. Buterin, CZ…), that will have to follow business approach.
Individual (i.e. private) address can be claimed for permanent ownership or rented via a subscription model. Hence, anyone who wishes to use his own unique name will be able to do so for a fixed fee.
The Dapp will have a database section where the most up-to-date information on the ownership and linked addressed will be held. We expect the system to work in such a way:
This is a dynamic database, so user with iLove.tw NFT domain can use it as the key to rewrite the data, i.e. modifying linked address for small fee in TWT.
How it will work for the users end.
Let’s assume a user wants to have a unique address, hence he acquires TWT from on open market. We will use 10k as an example. The user will go to the Dapp, connect via Trust Wallet TWNS.nft (we as an example, but this does sound cool) and logins. The system will scan the wallet for the presence of tokens to verify sufficient balance. Then, a search bar will be available to search for the corresponding address and verify it availability. If the address is available, then user is presented with two options:
- Purchase the address for indefinite ownership. The price will be set to a higher level
- Rent the address for a yearly subscription. The option will be significantly cheaper compared to purchase.
Once one of the options was selected, the user will go back to the dapp into database section, where the user will be able to link his new iLove.tw wallet with his public keys for corresponding blockchains. This action will have a small fee (every change will be a subject to fees in TWT).
Congratulations. You have successfully linked your long, human unreadable address to a simple and easy to remember address. It has never been easier to accept church dotation via god.tw (this address will be reserved for the good until ID check is passed).
On the tech side Trust Wallet make a check for address as it does every time when a user types something into field, the system will identify “.tw” as a proper extension/format and makes a request to special off chain server, that will scan BSC for that iLove.tw with needed chain id and return a proper address back to the wallet.
There some additional idea worth further brainstorming and consideration:
It will be an additional benefit if Trust wallet users will able to preload the list off addresses by default into Dapps database section.To buy or rent the NFT, or maybe even access the Dapps functionality, users will have to hold TWT. Hence, if user want a rare or popular name, then he will have to hold. Prolonged holding may also be used as a system to provide the discounts.
There is a problem – blockchain addresses are long, human unreadable and unmemorisable, hard to work with for ordinary and even experienced users, and occasionally lead to the loses due to the errors.
There is a known and already used method to overcome this problem, DNS and its decentralised analogue ENS. Both of them are known as a useful tool to help people to use the Internet and Ethereum and help to communicate between human and machines more comfortably.
So, as blockchain industry grew in last couple of years, we see a need to provide Trust wallet (and others) users a way to easily control their addresses and give them more options to request payments.
Benefit to the Trust Wallet
With this integration, Trust Wallet users will be allowed to human readable versions of addresses as an alternative and use one sequence for all their frequently used blockchain. In addition, the fee charged in TWT during this process can be pooled into a Decentralized Treasury for the community needs. This means that Mint Activity translates into long-term funding for the Trust Wallet community.
References and useful links
Acknowledgements to the TW community members:
k k @Kikcha
Rasim Khafizov @BlockchainRos
Serob Khachatryan @serobkhachatryan
Great thanks to the Alfa Telegram: Contact @alfablock for being important part in creating this proposal