Portal Network created a decentralized, wallet-agnostic payment layer, which allows users to send and receive cryptocurrency of their choosing to friends, using domain names. This layer does not require the user to store their private key anywhere else than on their local devices. User will also be able to use their favorite wallet app where the Payment Layer will take care of mapping out payments to designated address across different protocols. Having such an application provides an alternative to the current centralized regional and in-country banking systems, which are dependent on local regulatory oversight, and which leave many people out.
A key use case of the BNS standard is for protocols with non-turing complete blockchain languages such as Bitcoin, Litecoin, and Bitcoin Cash. BNS supports the translation of unique IDs like “christopher.btc” or “christopher.bch” to chain-dependent addresses for use in transactions. Furthermore, users may also store decentralized file storage hashes, such as IPFS and swarmDB, and resolve those hashes with a resolver built within the Omni Layer, a fully decentralized asset platform that runs on non-smart contract protocols. This provides users all of the functionality they expect from other, turing-complete protocols.
Creating a simple decentralized website is one of the most straightforward ways to utilize the BNS standard to support adoption of decentralized technology by integrating a series of decentralized infrastructure components.
For example, consider the technologies of Ethereum, IPFS, and Bluzelle. Ethereum can run any business logic on its smart contract layer, IPFS can store any file type, and Bluzelle can categorize data with a structured format. In the current environment, each protocol is siloed and unable to communicate with other protocols. Using Portal Network’s BNS, these resources can be combined to seamlessly host a decentralized, interactive web site, with the domain name stored in an Ethereum smart contract, the web file hosted in IPFS, and interactive data supplied via Bluzelle’s database technology.