As the blockchain and cryptocurrency space matures and evolves, initiatives aimed at building a decentralized internet — where users regain control over their data — are becoming increasingly common. Among the foundational elements of this movement are naming services, designed to assign human-readable names to crypto wallets and pave the way for decentralized identity systems. One prominent example is Solana Name Service (FIDA), which operates on the Solana network. This article explores what Solana Name Service is, how it works, and how to trade FIDA on BtcTurk | Global.
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What is Solana Name Service (FIDA)?
Solana Name Service is a naming infrastructure that operates on the Solana network. Naming services are actually systems we use frequently in everyday life, often without realizing it. For example, when we want to visit a website, we search using human-readable addresses like global.btcturk.com and reach the site. However, behind the scenes, that website is represented by a sequence of numbers. Thanks to naming systems, known as domain names, we can use readable and understandable names instead of numeric addresses to navigate the internet.
Cryptocurrency wallet addresses are built on cryptographic infrastructure, which means they consist of complex combinations of numbers and letters. Because these combinations are difficult to memorize, naming services make it easier by mapping wallet addresses to human-readable names. Solana Name Service (FIDA) is a platform that provides this functionality on the Solana network, allowing users to associate simple, readable names with their wallet addresses and purchase these names through the platform.
How Does Solana Name Service (FIDA) Work?
Solana wallet holders can search for their desired name on Solana Name Service to check its availability. Since each name can only be linked to a single wallet, names that have already been claimed by someone else cannot be registered again. If the chosen name is available, it can be purchased directly through the Solana Name Service platform.
Once the purchase is complete, the name is automatically transferred to the wallet and linked to it. This association happens instantly, and from that point on, cryptocurrency transfers on the Solana network can be made using the registered name. For example, if a user registers the name “example,” their wallet will now be identified as example.sol. Anyone who wants to send funds to this wallet can simply use example.sol instead of the long wallet address. Naming services are especially valuable for institutional accounts, allowing them to clearly define their official wallet addresses and protect against fraud.
Solana Name Service (FIDA) also offers the ability to link names with X (formerly Twitter) usernames. The registered name can be associated with your X profile, allowing you to optionally use your X handle during transfers. This feature provides flexibility for users who wish to remain anonymous as well as those who want to monetize their social media presence through their crypto transactions.
Finally, it is also possible to purchase website names (domains) through Solana Name Service (FIDA). Using browsers integrated with Solana Name Service, users can access websites simply by entering wallet names like example.sol. The website data is stored on IPFS, ensuring a decentralized and secure hosting environment.
Key Facts About Solana Name Service (FIDA):
- Solana Name Service previously operated under the name Bonfida. The platform later rebranded to Solana Name Service.
- Solana Name Service was developed by the Bonfida Foundation.
- Solana Name Service is a Web 3.0 initiative that provides naming services for wallets and websites.
- Solana Name Service operates on the Solana blockchain.
- FIDA is the native cryptocurrency of Solana Name Service.
- FIDA token holders receive discounts when purchasing names.
- To reward and incentivize its users, Solana Name Service also has a separate cryptocurrency called SNS.
- You can visit the Solana Name Service website here, and click here for more detailed information.
How to Store Solana Name Service (FIDA)?
You can store and manage your FIDA assets using browser, desktop, mobile, and hardware wallets that support the Solana blockchain.
How to Buy and Sell Solana Name Service (FIDA)?
You can buy and sell Solana Name Service (FIDA) with Tether (USDT) using the BtcTurk | Global website or mobile app. If you’re not yet a member, you can easily register on our website or app and buy Solana Name Service (FIDA) by depositing cryptocurrency.
