MMX.L Share News (MMX)

(Sharecast News) - Top-level domain registry company Minds + Machines Group updated the market on its first research and development project, .luxe, on Monday.The AIM-traded firm said .luxe was the first top-level domain specifically launched to bring a standardised naming convention to both the world wide web and the blockchain universe, where no standardised naming protocols currently existed.It said that .luxe, formally launched on 6 November, was still in ongoing development, with key aspects of that including ensuring distribution of .luxe through the traditional registrar channel, broadening distribution through newly emerging blockchain channels, and extending the number of blockchains integrated into .luxe beyond Ethereum, which was its "cornerstone" blockchain partner at launch.In relation to building distribution through the traditional registrar channel, Minds + Machines said .luxe was now supported by 71 registrars globally, 11 of which had already agreed to implement the API, which was developed exclusively for MMX.That API allowed .luxe names to be "easily and securely" associated to items on the Ethereum blockchain by registrar customers.Looking at broadening the distribution of .luxe names into blockchain channels, MMX reported that eight new blockchain industry distribution partners, in addition to IMToken, had now joined the .luxe initiative in Asia.That followed the recent completion of a stand-alone app that allowed 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 could 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, included China's largest blockchain media group, BeeNews, BEPAL, Hillstone Partners, Math Wallet, MTC Mesh Network, Qufen, Fbee, and ChainDD.Finally, in relation to extending the number of blockchains supporting the .luxe naming convention, the MMX board said the company was now in discussions with two further public blockchains.It said it expected the integration of the next two unnamed blockchains into the .luxe family of supported zones to begin in the first half of 2019, at which point further details would be provided.Recognition of the .luxe project had also been building in the wider technology community since its launch, Minds + Machines claimed."We are greatly encouraged by the progress .luxe is making," said chief executive officer Toby Hall."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."Hall said that, from a revenue perspective, it was also positive that MMX's initial investment into .luxe recouped within the first four weeks of launch, and that its ongoing steady contribution - given the firm's pricing and distribution strategies - had 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."