A human-readable name is a non-complicated human-readable value address which is needed in order to allow easy exchanges between end-users.
Just like the email addresses we use in day-to-day life, a human-value address enabled by the IOV Name Service will replace the complex series of numbers and letters currently used to designate wallet destination addresses. These complicated addresses will be replaced by a simple, memorable, unique name chosen by the user — with far less potential for errors. This will eliminate wrong address transaction errors where tokens are either lost entirely or recovery fees needed to be spent to recover lost tokens. It will also save time when engaging in any kind of blockchain transaction.