Named Account
In relation to a blockchain, an account or an account address is a unique identifier that represents the ownership of an asset (e.g., cryptocurrency, tokens, or NFT) or serves as a destination for transactions.
Most blockchains require users to deal with long alphanumeric addresses (blockchain hexadecimal strings) which are difficult to remember and prone to human error and mistakes.
UPCX simplifies this by allowing users to set a user-friendly, human-readable custom name for their UPCX address when creating a new wallet, making it easier to share, remember, and manage transactions.
At the time of wallet creation, UPCX checks whether the corresponding identifier is already used on UPCX, and if not, combines it with the corresponding password to create the blockchain private key, public key, and the UPCX wallet address.
After that, a transaction is generated on the UPCX blockchain that matches the corresponding address with the user’s unique identifier. After this transaction is finalized, the user can share his/her unique identifier to receive assets from other users.
In addition, all transactions generated on the UPCX blockchain display the corresponding user identifier together with the UPCX address involved in the transaction, making it easy to see who was involved in a transaction.
UPCX Named Accounts are unique within the UPCX ecosystem, and no two users can have the same account name.
UPCX Named Accounts improve the user experience and accessibility of the platform while maintaining security and decentralization that are fundamental to blockchain.