Unstoppable Domains are doing away with long, cryptic addresses like “1BvBMSEYst.”As they told us on Messenger, they are accepting BTC, BCH, ETH, LTC, and USD Coin for them.
To make funds transfer easier and for a more decentralized Internet, they are selling .crypto domain names. Now, to send cryptocurrency to someone, all one needs to know is the recipient’s URL-like blockchain domain.
Users who purchased a .crypto domain can receive any cryptocurrency.
The startup explained how it works. The new .crypto domains are linked to users’ public cryptocurrency address. A URL-like name reduces chances of making a mistake, is easy to remember, and leads to mainstream adoption, Unstoppable Domains claimed.
While the original service was built on the Zilliqa blockchain, the new registry is built on ethereum and it isn’t restricted to only payments in ether.
“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,” co-founder and CEO Matthew Gould commented. “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.”
In May last year, Unstoppable Domains, that received $4 million of funding from Draper Associates and Boost VC, and grants from the Ethereum Foundation and the Zilliqa Foundation.
The firm has already seen a high level of interest in its first domain extension, .zil, with over 100,000 having been sold. They expect even higher interest for the new domain name.
The firm also explained that blockchain domains can also be used for websites that “no one” can take down, they explain on their website, because the domain is only linking to content hosted on a decentralized storage network.
Because of the self-custody nature of blockchain domains registrars can’t lock domains on claims of fraud or abuse— also circumventing the potential for arbitration, like the ICANN Uniform Domain-Name Dispute-Resolution Policy (UDRP).
Also, the blockchain-based domains are not governed by and don’t require approval from ICANN.
But there’s a downside which makes Unstoppable Domains different from other registrars like NameCheap. Because the entire Unstoppable Domains system operates on an alternative DNS root, the .zil or .crypto domain names are unresolvable and therefore unusable by default on computers and smartphones.
But, to offset that, when you buy .crypto domains no renewals are needed – you pay once and it’s yours forever… or until the end of Ethereum, whichever come first.
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