Soon cryptocurrency users will no longer have to deal with complicated wallet addresses, because .crypto domains will replace these. Instead of sending a bitcoin to 34CpoxRwJzEzBg7D6DtXTbkUVvzPXyTbKQ, people will be able to send it to ‘yourname.crypto’. Software company Unstoppable Domains announced this on Friday.
Ethereum blockchain is the blockchain behind the domain name registry. The .crypto domains allows users to connect any cryptocurrency address. To transfer cryptocurrencies people only need to know the domain name. Pay the domain name once and it’s yours for ever.
According to Unstoppable Domains the simplification of cryptocurrency payments will lead to mainstream adoption. Because of this consumers using the domain name service can use any cryptocurrency.
“We believe that tribalism in the crypto community is slowing down adoption of the technology. .Crypto is a domain name system meant to be used for any cryptocurrency payment and with any cryptocurrency wallet. Sending money to a .crypto domain is a way simpler user experience for the millions of cryptocurrency users that currently have to copy/paste and type in long addresses in order to transact.”Unstoppable Domains co-founder and CEO Matthew Gould
The company is now offering .zil domains, and buyers will get the same .crypto domain for free. The .zil domain works on the Zilliqa blockchain and launched earlier this year.
Advantages of blockchain-powered domains
Blockchain domains do many things that traditional domains can’t do, like for example:
- Payments – People can use the domains as a payment gateway for cryptocurrency payments.
- Uncensorable Websites – Other companies and governments cannot control the content you show on your website.
- Alternate Root – ICANN doesn’t govern these domains and doesn’t get to give approval.
- No Custodian – The owners store their own blockchain domains. Third party can’t move or seize them.
- No Renewals – Pay once and it’s yours forever.
- Transfers – Blockchain domains do not require an escrow agent to securely exchange the domain or funds. This transfer can happen in less than 1 minute, from or to anywhere in the world.
Unstoppable Domains is based in San Francisco. Draper Associates and Boost VC are backing the company. In addition the Ethereum Foundation and the Zilliqa Foundation gave grants to the domain company. Tim Draper from Draper Associates also invested in payment processor OpenNode, among many other blockchain companies.
Also published on Medium.