One of the major issues facing the huge adoption of digital currency usage is the challenging nature of making crypto transactions. When it comes to end-users, platforms of blockchain have not been able to solve the user experience issue around the wallet addresses. For instance, a problem that usually occurs during digital currency transactions is known as “wrong-address transaction error.”
Wrong-Address Transaction Error
These errors usually happen as a result of digital currency addresses being represented by long string of numbers and letters. If you don’t check the details of the transaction several times before sending it, chances are you are going to send your tokens to the wrong address.
A poll was conducted by BlockCAT that quizzed digital currency users on how anxious they are when they are carrying out digital currency transactions. The results of the poll show that 94 percent of the respondents worry a lot about making a mistake when carrying out digital currency transactions, and 11 percent of them have actually forwarded digital currency to the wrong address.
The Solution: Human Readable Value Addresses
In order to overcome the challenges of wrong-address transaction errors, IOV has developed a BNS (Blockchain Name Service) application. This is the very first universal decentralized blockchain address registry – according to a post by IOV.
One of the major advantages of blockchain name service it that it lets users take their public keys and register a human readable value address. When you think of blockchain addresses, you think of strings filled with numbers and letters – says Dell.
While that is useful, it is very difficult for a non-techy individual to understand what that means. In order to improve the adoption of digital currency usage in the world, they are looking to develop a blockchain name service (BNS) where individuals can register their names on the blockchain.