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What is Solana Name Service?
Solana Name Service (SNS) is a decentralized naming system that operates on the Solana blockchain. It allows users to create simple, human-readable domain names intended to replace long, complex wallet addresses. This enhances usability and accessibility for users interacting with the Solana ecosystem.
How does Solana Name Service work?
The Solana Name Service functions by allowing users to register .sol domain names, which are then mapped to various on-chain data such as Solana addresses, IPFS content identifiers, images, and text. SNS operates on the Solana blockchain, leveraging its high transaction speed and low cost. It utilises a consensus mechanism combining Proof of Stake (PoS) and Proof of History (PoH) to maintain its operations, with smart contracts implemented using the Rust programming language.
What are the potential use cases for Solana Name Service?
Solana Name Service has several practical applications:
- Decentralized Web: It facilitates the creation of decentralized websites that are resistant to censorship, hosted on platforms like IPFS or Arweave.
- Simplified Transactions: By mapping human-readable names to complex addresses, it simplifies transactions and payments.
- Digital Identities: SNS can create secure digital identities for users in the metaverse or other digital ecosystems.
- Integration with NFT Marketplaces: It can be used in conjunction with NFT marketplaces to provide easily recognizable domain names for transactions.
What is the history of Solana Name Service?
Solana Name Service is an initiative that aligns with the broader development and deployment of the Solana blockchain, which was founded by Anatoly Yakovenko and Raj Gokal in 2018. Solana launched its mainnet in 2020, becoming known for its scalability and high-performance capabilities thanks to its innovative use of PoS and PoH. The SNS itself evolves on these principles, seeking to simplify interactions within the Solana ecosystem by providing accessible and user-friendly domain naming services.
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Frequently Asked Questions (FAQs)
What is the current price of Bonfida (FIDA)?
The Bonfida price is $0.40630178 AUD, representing a -6.54% from the day prior.
Where is the best place to buy Bonfida (FIDA) in Australia?
The best place to buy Bonfida (FIDA) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell Bonfida (FIDA) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of Bonfida (FIDA)?
The trading volume of Bonfida (FIDA) is $58.8M AUD in the last 24hrs, representing a -6.54% from the day prior.
How can I buy Bonfida (FIDA)?
Bonfida (FIDA) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of Bonfida (FIDA)?
The current market cap of Bonfida (FIDA) is $404.4M AUD.
Can I convert Bonfida (FIDA) to cash?
Yes - With Coinstash you can convert your Bonfida (FIDA) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many Bonfida (FIDA) are there?
The current circulating supply of Bonfida (FIDA) is 990.9M.
Is Coinstash a safe place to buy Bonfida (FIDA) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling Bonfida (FIDA) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.