In the blockchain world, Name Wrapper is a smart contract that is an effective solution to combat the $50 billion counterfeit luxury goods industry. This is of course very important to secure every transaction in the cryptocurrency world.
My Story empowers consumers to ensure the authenticity of their purchases by tapping their NFC-enabled smartphone on an RFID tag or scanning a QR code on a hangtag.
This will take them to a page that contains all the information about the product, including its journey from production to the point of sale.
How Does Name Wrapper Work?
Brands that choose My Story register verifiable facts about the product, which are stored on the VeChain blockchain. Customers can confirm these facts by scanning the QR code. Registered product data includes quality, origin, authenticity, animal and worker welfare, and environmental footprint.
DNV GL checks data before adding it to the immutable blockchain. With the help of My Story, brands can present their behind-the-scenes actions as a story that can be shared with customers.
My Story provides a unique brand identifier for each physical item. Product information, such as photos, manufacturing date, and original retail store, is associated with each identifier and is stored immutable and transparently on the VeChainThor blockchain.
Why is a Name Wrapper Important?
Before Name Wrapper, registrants could create different sub-names under their registered domain. However, these sub-names have limited functionality and cannot be widely used in the Web3 space because they are not NFTs.
Following the introduction of Name Wrapper, all sub-names are now NFTs and can be used on all NFT platforms. This new smart contract opens up a new level of utility and functionality for .eth decentralized domain names.
This is a significant step towards decentralization in the Web3 ecosystem: having immutable domain names while allowing users to retain ownership of immutable sub-names.
Name Wrapper and Expanded Use Cases
Name Wrapper takes .eth names from simple wallet identities to tokens with multiple purposes. This includes building token-limited sub-names and renting sub-names at a fixed price.
Sub-names can now be used by NFT artists as tokens issued to contributors, as well as by event organizers as tickets and proof of identity.
The use of wrapped names for airdrop distribution and community building is also similar. Projects can widely distribute multiple sub-names to community members while adjusting name permissions and ownership as needed.
Benefits of Name Wrapper for the Web3 Ecosystem
Decentralized identity is a growing area of Web3 and fundamental to the usability of the ecosystem. Therefore, being able to build and customize through enhanced smart contracts is necessary to make it as user-friendly as possible.
Name Wrapper is the next step to bring us closer to realizing a true Web3 digital identity. This can contribute to a seamless onboarding experience that helps increase mass adoption of Web3 technologies.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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