Thanks to a partnership with Unstoppable Domains, the OKCoin digital currency exchange now supports blockchain domain names. This means that OKCoin users can tie their digital currency wallets to their blockchain domain names to make it easier for them to deposit and withdraw digital currency.
How it works
A blockchain domain is
âA domain name that is issued by a smart contract on a blockchain. Each domain is an NFT. This is different from traditional DNS, where domains are stored on centralized servers managed by ICANN. The blockchain becomes the database where domains are stored, âUnstoppable Domains co-founder Brad Kam told CoinGeek.
Essentially, linking your digital currency wallet to a blockchain domain makes it much easier for individuals to interact with your digital currency wallet. Instead of using an alphanumeric string that represents your wallet address, along with a blockchain domain name, your wallet is represented by a word or combination of words, similar to an email address. This makes it much easier for people looking to send you digital currency to remember your wallet address and reduce the risk of human error when entering your wallet address. Currently, Unstoppable Domain’s blockchain domain system supports over 100 digital currencies, including BSV.
âYou control the domain name and store it in your wallet. Just like a regular domain, you can update it and add records. To update a record, you sign a message with the private key that controls the domain name and write information to the blockchain. Domains work to receive crypto and to build decentralized websites, âKam said.
The evolution of digital currency portfolios
We are seeing the evolution of the digital currency wallet space. Businesses eliminating the need for users to store and protect their private keys –like HandCash didâTo companies working on blockchain domain solutions such as NBDomain of Maxthon and Unstoppable domains, service providers want to make wallets easier to use and create a user experience that is familiar to the end user.
âThe goal is to simplify cryptography. Sending crypto is too complicated and can be especially intimidating for new users. With blockchain domains, we can use human readable addresses to make it easier to send, receive, deposit or withdraw crypto. Using crypto should be easier than moving traditional money, âHaider Rafique told CoinGeek, CMO of OKCoin.
For the blockchain and digital currency ecosystem to be mass adopted, companies should make life easier for consumers and not ask them to keep esoteric records and store them that they don’t need to. in other areas of their life, except when it comes to the private keys associated with their wallets.
âThe traditional crypto wallet identification system is outdated and lacks the seamless user experience needed to onboard new users from fiat to crypto,â Rafique said. âWith .crypto domain addresses, users can send and receive crypto with simple and memorable crypto addresses like john.crypto. Improving UX is the first step towards greater adoption.
For the digital currency industry to thrive, we need to see more companies following in the footsteps of HandCash, Maxthon and Unstoppable Domains. Businesses need to make the user experience easier for consumers by eliminating tedious processing and making the experience look like processes they are already familiar with.
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