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RNS

.LUXE Update

Released 07:00 10-Dec-2018

RNS Number : 8922J
Minds + Machines Group Limited
10 December 2018
 

For release: 07.00 am, 10 December 2018

 

Minds + Machines Group Limited

("MMX" or the "Company")

 

.LUXE Update

 

Minds + Machines Group Limited (AIM: MMX), the top-level domain registry company, is pleased to provide the following update on its first R&D project, .luxe, the first top-level domain specifically launched to bring a standardized naming convention to both the World Wide Web and the fast developing blockchain universe where no standardized naming protocols currently exist.

 

Formally launched 6 November 2018, key aspects to the ongoing development of the project are:

1.    ensuring distribution of .luxe through the traditional registrar channel;

2.    broadening distribution through newly emerging blockchain channels; and

3.    extending the number of blockchains integrated into .luxe beyond Ethereum, its cornerstone blockchain partner at launch.

 

In relation to building distribution through the traditional registrar channel, .luxe is now supported by 71 registrars globally, 11 of which have already agreed to implement the API, developed exclusively for MMX,  that allows .luxe names to be easily, and securely, associated to items on the Ethereum blockchain by registrar customers.

 

In relation to broadening the distribution of .luxe names into blockchain channels, the Company is pleased to report that eight new blockchain industry distribution partners, in addition to IMToken, have now joined the .luxe initiative in Asia. This follows 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.

 

New distribution partners to join the .luxe initiative in the Asia region through MMX's commercial partner, Bitxbank, include China's largest blockchain media group, BeeNews, BEPAL, Hillstone Partners, Math Wallet, MTC Mesh Network, Qufen, Fbee, and ChainDD (further information on each can be found below).

 

Lastly, in relation to extending the number of blockchains supporting the .luxe naming convention, the Directors are pleased to report 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 H1 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.

 

Paul Mockapetris, inventor of the Domain Name System ("DNS")*, 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. I very much look forward to monitoring its progress and potentially collaborating in innovation-based projects with the Company."

 

Toby Hall, CEO of MMX, said:

"We are greatly encouraged by the progress .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.

 

"From a revenue perspective, it is also good to see our initial investment into .luxe re-couped 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."

 

Currently there is no interoperable naming convention across the World Wide 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. The user can also use that same .luxe name for traditional web based services such as email, website or app. For further information on .luxe, please visit www.join.luxe

 

- ends -

* the DNS is the decentralized naming system that maps human-readable names with IP addresses and enables all traffic to be securely routed through the World Wide Web today

 

About the companies referenced:

 

Beenews

BeeNews is currently China's largest blockchain media platform in terms of user traffic with over 7 million followers. More than 700 projects and 500 KOLs have chosen to partner with BeeNews, including top blockchain platforms and exchanges such as MyToken, imtoken, aicoin, exx and many more.

 

BEPAL

BEPAL is a pioneer in security and digital asset management for cryptocurrencies and blockchain applications. Founded in 2015, BEPAL has successfully developed a variety of products and services to protect cryptocurrency assets safety for both individuals and companies, including the BEPAL hardware wallet and BEPAL Enterprise platform.

 

Bitxbank

Based in Singapore, Bitxbank provides blockchain service globally, mainly in Singapore, China, Japan, and Korea.

 

ChainDD

ChainDD Wallet, a next generation digital asset wallet, integrates market insights to help users make informed financial decisions. The wallet allows users to not only store and transfer virtual currencies securely and easily, but also manages their digital assets effectively by providing timely and relevant market information.

 

Fbee

Fbee is a platform for information sharing and communication between projects and users. Today it has more than 1,200,000 registered users, 230,000 active users, 1,500 registered project and blockchain media, and has helped community members complete over 1,000,000 airdrops to date. Through the platform, users can learn more about blockchain trends and the latest developments of the projects in the Bee circle as well as communicate between users. Fbee is committed to building a community and improving efficiency and reducing costs through technology.

 

imToken

imToken is a multi-chain digital asset wallet capable of interacting with the blockchain at any time. It is based on a digital identity to support the management and exchange of multiple chains and exchange of currencies including ETH, BTC, and EOS. imToken's 7 million users currently account for more than 10% of the global usage of the Ethereum blockchain.

 

Math Wallet

Math Wallet is a universal wallet that enables storage of all ERC20, NEP5, EOS, and TRON tokens and supports cross-chain token exchange as well as a multi-chain dApp store. Math Wallet currently has more than 600,000 users, is compatible with 8 main chains, and has supported more than 300 Dapps.

 

MTC Mesh Network

MTC Mesh Network is the Network Operator of IoT. MTC Mesh Network connects one machine with other smart devices on its mesh network. It enables the communication between devices via Bluetooth technology, cellular and Wi-Fi systems. The MTC Wallet is a product of MTC Mesh Network, which can keep coins on different chains, such as ETH,BTC, BCH, and EOS.

 

Qufen

Qufen is a blockchain investment platform with distributed evaluation at its core.

 

 

For further information

 

Minds + Machines Group Limited

 

Toby Hall, CEO

Tel: +44 (0) 7713 341072

Michael Salazar, COO/CFO

Tel: +1 (310) 740 7499

 

 

finnCap Ltd

Tel:+ 44 (0) 20 7220 0500

Corporate finance - Stuart Andrews /Carl Holmes/Simon Hicks

Corporate broking - Tim Redfern / Richard Chambers

 

 

 

Belvedere Communications Limited

Tel: +44 (0) 74 070 23147

John West

Llew Angus

 

 

 

 

 About MMX

 

Minds + Machines Group Limited (LSE: MMX) is the owner of a world class portfolio of 32 ICANN approved top-level domains (gTLDs). The Company generates revenues through the registration and annual renewal of names by organisations and individuals within each of its top-level domains, sales being processed through the Group's network of global registrar and distribution partners.

 

The MMX portfolio is currently focused around generic names (e.g. .work, .vip), consumer interest (e.g. .fashion, .wedding), lifestyle (e.g. .fit, .surf, .yoga), professional occupations (e.g. .law), and geographic domains (e.g. .london, .boston, .miami, .bayern). In 2018, the Company completed its first acquisition, the ICM portfolio, and recently launched its first innovation based project, .luxe, which combines the strengths of the World Wide Web's naming system with that of blockchain. For more information on MMX and its rapidly growing renewal base, please visit www.mmx.co

 


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.LUXE Update - RNS