Proactive Investors - Run By Investors For Investors

Minds + Machines recoups initial investment in .luxe inside four weeks

Currently, there is no interoperable naming convention across the web and separate blockchains. Each blockchain typically uses a randomly generated hexadecimal string as the public identifier for each item. Through .luxe, it is possible to use the same memorable name of the user's choice on each participating blockchain, instead of separate cumbersome strings
.luxe TLD
Recognition of the .luxe project has been building in the wider technology community since its launch

Minds + Machines Group Limited (LON:MMX), the top-level domain (TLD) registry company, said its .luxe TLD is now supported by 71 registrars globally.

The company (MMX) said 11 of the 71 registrars have already agreed to implement MMX’s application program interface that allows .luxe names to be easily, and securely, associated to items on the Ethereum blockchain by registrar customers.

Eight new blockchain industry distribution partners, in addition to IMToken, have now joined the .luxe initiative in Asia, following the recent completion of a stand-alone app that allows the provisioning of .luxe names to occur within the workflows of potential distribution partners. As a result, users of a specific blockchain product or service can now purchase their .luxe name and pair it to that product or service at the point of use without having to make a separate journey to a registrar to buy their .luxe name and complete the association of the name with the underlying product or service.

The company is now in discussions with two further public blockchains. The directors expect the integration of the next two blockchains into the .luxe family of supported zones to begin in the first half of 2019 at which point further details will be announced.

Recognition of the .luxe project has also been building in the wider technology community since its launch, MMX said.

"The prospect of integrating DNS with distributed ledger technology/ blockchain, for example, what MMX is proposing in .luxe, is the first genuine piece of DNS related innovation that I have seen in the last decade that has the possibility to be truly transformative,” said Paul Mockapetris, the inventor of the domain name system (DNS).

Toby Hall, the chief executive officer of MMX, said the directors have been greatly encouraged by the progress of the domain, .luxe, is making.

“Embedding .luxe into the nascent and expanding ecosystem of blockchain related businesses is as important as generating support amongst the traditional registrar channel as we prove out the vision of creating a single naming protocol that can work both in the World Wide Web and within multiple blockchains,” he said.

"From a revenue perspective, it is also good to see our initial investment into .luxe recouped within the first four weeks of launch, and its ongoing steady contribution given our pricing and distribution strategies have been structured to discourage early speculators into the extension. We view this Innovation based project as highly complementary to our core cash generative DNS based activities which are now delivering the significant and growing recurring revenues on which our business model is based. Management, therefore, continues to expect the company to trade in line with market expectations,” he added.

View full MMX profile View Profile

Minds + Machines Group Limited Timeline

Related Articles

November 06 2018
it aims to become one of the leading firms within the health benefits industry in Canada and to launch in the US and globally
mobile payment
June 22 2018
MySQUAR wants to beef up the mobile payments side of its operations in anticipation of a surge in demand for those services in a country where only 20% of the adult population have a bank account
StatPro Revolution
On 20 May the company secured a three-year contract extension for its Revolution platform from a top 20 fund administrator carrying a price tag of at least £2.44mln

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use