Named Account

In the context of blockchain technology, an account or account address on UPYY is a distinctive identifier that signifies the ownership of assets such as cryptocurrency, tokens, or NFTs, and also functions as a target for transactional activities.

Commonly, blockchain systems utilize complex alphanumeric addresses (hexadecimal strings), which are often lengthy and challenging to remember, leading to potential human errors.

When creating a wallet on UPYY, the system first verifies if the chosen identifier is available within the UPYY network. If it's unique, the identifier is then coupled with the designated password to generate the blockchain's private key, public key, and the UPYY wallet address.

Subsequently, a transaction is initiated on the UPYY blockchain, linking the user’s unique identifier to the corresponding wallet address. Once this transaction is completed, users can easily share their unique identifier to receive assets from others, simplifying the transaction process.

Moreover, all transactions on the UPYY blockchain are displayed with both the user identifier and the UPYY address, providing clarity and ease in identifying the parties involved in each transaction.

Named Accounts on UPYY are exclusive to the ecosystem, ensuring no duplication of account names among users. This feature enhances user experience and accessibility on the UPYY platform, while still upholding the essential principles of security and decentralization inherent to blockchain technologies.