What is IIP-6, ICON Improvement Proposal
September 5th, we announced our strategic partnership with ICON Foundation, one of the largest decentralized protocol based in Korea. Today, we are going to talk about the fundamental proposal behind INS (ICONick Name Service) — IIP-6.
IIP-6
Few weeks ago, Portal Network released the IIP-6 proposal that highlights the importance of INS, the ICONick Name Service. It will allow users to create their unique ID on ICON platform that could be used in the ICX transactions, ICON’s dApp and DEX services.
What is INS
INS is a convenient wallet ID used in the ICON network. Users can choose their own nickname such as “myname.icon” to replace the current long and complicated wallet address like “hx6049803f47301f0…”. The nickname will be used for several functions such as transferring and exchanging ICX, joining and using the ICON dApps, and more activities on the ICON platform.
INS is composed of three elements: Registry, Registrars and Resolvers
Registry is a single contract that provides a mapping from any registered name to the resolver responsible for it. It permits the owner a name to set the resolver address, and to create subdomains, potentially with different owners to the parent domain.
Registrar is a smart contract that owns a top-level domain, and allocates its subdomains according to some set of rules defined in the smart contract code. For any available domain name, users will be able to purchase.
Resolver is responsible for performing resources from a domain name. Resources can be a contract address, wallet address and IPFS hash. By utilizing the resolver smart contract, it enables users and developers using the decentralized resources easily bring more ideas and values to the ecosystem.
What it means for users
Any ICON users can sign up for a nickname they like. This means that users can simply use “myname.icon” and eliminate the need to copy or memorize their hexadecimal wallet address, significantly decrease the probability of human error for transferring ICX. Moreover, this creates a digital identity for everyone using any services on ICON platform, including token transfer, DEX and any other dApps services. Users can also use the same INS to redirect contents hosted on decentralized storage such as IPFS.
Additionally, Portal Network and ICON is working closely together to develop various product suites around INS such as a marketplace for users to buy, bid and sell INS, a browser extension for users to easily browse contents of INS hosted on IPFS, a web builder for users to easily build their decentralized website with their INS, and much more.
On its initial release, users can register 1 free INS for each wallet they own. The service is scheduled to be launched during the 2018 and will initially be a free trial service for 1 year.
Future of INS
Just like how domain names have shaped the current internet, INS possesses a promising potential that will shape the usage on ICON. By giving identity to every users on the platform, INS creates an underlying value and meaning for all stakeholders, including the users, developers, dApps, and any services utilizing ICON.Needless to say, this will help ICON platform develop as a groundbreaking technology in the future. Find out more about ICONick.
Thank you for reading.
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