There always seems to be a lot of disputes and disagreements when it comes to which updates need to happen to which crypto networks and why. But if there is one update needed for the entire crypto space that I think we can all agree on, it is that we all need an easier way to interact with crypto addresses and be confident of where we are sending crypto transactions, not to mention an easier way to share our public receiving addresses to others wanting to send us crypto.
Unstoppable Domains Addresses The Problem
As you likely already know, crypto transactions are irreversible. So, when you send crypto to that 42-character, ridiculously long ERC-20 address and heaven forbid you mess up one character, you could be sending your precious crypto into oblivion never to be seen again. We all know the painstaking moments between when you send crypto, to when it arrives at the destination, praying to the crypto gods that the address was correct.
The reverse is also true, say someone wants to send you some crypto and they mess up even a single digit, good luck asking them to resend more after they just lost their funds. This is hugely troublesome, especially if you are trying to run a business and are relying on crypto payments, with your customers all running the risk of entering your crypto receiving address incorrectly.
I know what you are probably thinking, “dude, just copy and paste the address… not that hard.” You are right, but that opens up another issue and that is the rise of clipboard hacking software. Thousands of people have lost funds as they copy a crypto address that they want to send funds to, not knowing they have malicious malware hidden on their device.
Then when they go to paste the crypto address they copied, the address gets automatically changed to the receiving address of a devious and dastardly hacker’s wallet. Those Scoundrels! That is why it is important to ALWAYS double-check the address even when copying and pasting to make sure it was pasted correctly.
Also, Mr. Smarty-Pants with your “just copy and paste it,” solution, that isn’t very convenient or feasible during day-to-day life when we are away from a computer or phone.
Imagine you are out with some mates for milkshakes, and someone wants to send you some crypto to pay for the next round. Unless you’ve memorized your 42-digit address (and want to take ten minutes to recite it to them), you now have to rummage around looking for it on your device and send it over to their device. Or imagine a future where crypto becomes more mainstream and you are running a lemonade stand at the side of the road and accept crypto payments. What are you going to say? “Please send funds to this ridiculously long crypto address” or just say, “Hey, thanks, send the money to bob.wallet” (Please don’t actually send funds to Bob.)
What are Crypto Domains?
Crypto, aka Blockchain domains, are a really fascinating development in the decentralized world. They have the ability to change the way we think about traditional “.com” domains and how they relate to online real estate. Crypto domains add a level of transparency, functionality and security to traditional domain names, a true evolution in domain name technology.
The leader in the blockchain domain space is Unstoppable Domains who build domain names using blockchain technology. This means that each domain is a unique, non-fungible token (NFT) that gets stored inside of a user’s cryptocurrency wallet instead of with a traditional centralized website registrar such as GoDaddy.
Unstoppable Domains is a San Francisco-based company formed in 2018 and was founded by Mathew Gould who is the current CEO. Matthew saw the need for interactions with crypto addresses needing to be easier while also providing a way to support a similar function to how DNS systems created a solution so that internet users did not have to learn and memorize IP addresses for traditional websites. Unstoppable Domains have since been making massive advancements in the world of crypto domains. Blockchain domains are essentially suites of smart contracts coded on the blockchain and they can work as a naming registry for crypto wallet addresses, linking crypto addresses to a name, or they can point users to content hosted on a blockchain network, acting similar to a website.
This gives crypto domains the unique ability to be multi-functional and censorship-resistant as websites hosted on a decentralized network cannot be shut down or censored which is a big step towards moving away from tyrannical tech giants such as Google and Amazon being able to shut down any websites or accounts hosting content that they don’t agree with or shutting down websites that directly compete with them. This will also effectively prevent the stifling of innovation and free speech as we have seen happen this past year with the banning of social media companies like Parler and seeing countless YouTube channels and Twitter accounts being banned for one reason or another.
Another way they have more utility is that it is possible to build programs on top of the domain and run them like apps and build software that can interact and integrate with them, making them far more versatile than traditional website domain names.
How Does Unstoppable Domains Work?
As mentioned, blockchain domains aren’t stored on a server like traditional domains, they are held in the public registry on publicly accessible blockchains. Unstoppable Domains Co-Founder Brad Kam sums it up by describing crypto domains as, “Your username for Crypto.” Users can choose from any available crypto domain which can essentially be any name or word and followed by: .crypto, .zil, .coin, .wallet, .bitcoin, .x, .888, .nft, .dao and .blockchain. I myself have acquired tayler88.crypto and that is fantastic as I can tell people to send any of the top ten crypto tokens there plus others that I have added regardless of the network and the funds are deposited easily and conveniently into my crypto wallet.
Unstoppable Domains currently supports over 240 different tokens with thousands of ERC20 and BSC tokens also being supported. The fact that Unstoppable Domains is chain agnostic and can support tokens on different networks is a huge game-changer. A full list of supported assets can be found here. Crypto domains will also become more prevalent as blockchain gaming rises in adoption as all those NFTs you can earn, buy and create can be identified in-game and inside of metaverses with your crypto domain acting like your gamer tag. I would way rather have my character running around and shooting things with a cool crypto gamer tag that my teammates could call me by instead of running around with a name that is just a 42-character long string of gibberish.
Unstoppable Domains Makes it Easy
The team at Unstoppable Domains has made the entire process really easy. I won’t go into the step-by-step guide on how to set it up as Guy has already done that for you in a video here, but what I will say is that I have gone through the process myself and found it very straight forward and I was able to get it all setup and running in less than an hour.
All you need to do is search for the domain name you want and check to see if it is available. The price of the domains range between $10 to well over $1000 dollars depending on how common the wording is and its popularity. I was able to scoop mine up for around $15 dollars using the Coin Bureau discount link, a great deal for a lifetime blockchain domain name!