logo-loader
Minds + Machines Group Limited

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.

Quick facts: Minds + Machines Group Limited

Price: £0.06

Market: AIM
Market Cap: £53.15 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Minds + Machines Group Limited named herein, including the promotion by the Company of Minds + Machines Group Limited in any Content on the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Shield Therapeutics targets $1bn US market after FDA...

Top stories from the Proactive Investors UK newsroom. Shield Therapeutics (LON:STX) has been given approval by the US Food and Drug Administration to sell its lead product Feraccru as a treatment for iron deficiency in adults. The US prescription market for iron replacement therapy is...

4 weeks ago

3 min read