Unstoppable Domains Wants to Redefine Crypto Payments

October 15, 2019 / by Crypto.IQ

Unstoppable Domains is a startup that is creating domains on blockchains that has launched a .crypto name registry on Ethereum.

The company has Draper Associates and Boost VC as investors, raising $4 million earlier in May. The startup is working on making asset transfers much more user-friendly by connecting cryptocurrency addresses with custom extensions – including .crypto.

Usually, any cryptocurrency address is comprised of a bunch of characters in random order, which makes them hard to use or remember. Unstoppable Domains wants to simplify payments and contribute to bringing cryptocurrencies into mainstream adoption. With this service, users can send payments to human-readable addresses and minimize the risk of mistyping an address.

The company says that over 100,000 domains with the extension .zil have already been sold. The original service was built on the Zilliqa blockchain, hence the interest in .zil extensions.

The new .crypto registry is built on Ethereum but isn’t restricted to payments in Ether (ETH), as the founders believe the scene should be more inclusive and interoperable, rather than focus on tribalism.

“We believe that tribalism in the crypto community is slowing down the adoption of the technology,” said Co-founder and CEO Matthew Gould. “(dot)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 coupled with decentralized storage networks like the InterPlanetary File System (IPFS) allows anyone to build and maintain a website in a completely decentralized manner, which cannot be censored.

On the other hand, using an immutable blockchain for web domains creates other possible downsides.

Last week, a hacker exploited a bug in an auction run by OpenSea for the Ethereum Naming Service (ENS) resulting in a number of top-level names – including apple.eth, defi.eth, wallet.eth – being stolen. The hacker, however, returned the domains after OpenSea offered him a reward.