Tim Draper Bets on New .Crypto Domain to Replace Wallet Addresses
Tim Draper-backed Unstoppable Domains has launched its blockchain domain registry to boost adoption of Bitcoin and cryptocurrency.
Tim Draper-backed Unstoppable Domains has launched its new .crypto domain registry on the Ethereum blockchain. The registry allows users to connect any cryptocurrency address to their domain, enabling payments to be made using just the domain name, according to a press release published on Oct. 11.
Alleviating the need for length wallet addresses
To make a payment, one only needs to know the blockchain domain. This alleviates the need for copying and pasting unwieldy cryptocurrency wallet addresses. Unstoppable Domains believes that this simplifying of cryptocurrency payments will lead to more widespread adoption.
CEO, Matthew Gould stated:
“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.”
Multiple benefits of a .crypto domain
Aside from being used as a payment gateway, blockchain domains hold many benefits over their traditional counterparts.
A website hosted on a blockchain domain is stored by the owner. No third party can store or seize it, and thus, purportedly uncensorable by the authorities. Furthermore, the registry is not governed by or needs approval from the Internet Corporation for Assigned Names and Numbers, also known as ICANN.
The domain registration is for life and does not have to be renewed and domain ownership can be transferred without the need for an escrow agent.
As Cointelegraph reported in May, Tim Draper’s VC company Draper Associates was involved in a $4 million funding round for Unstoppable Domains earlier this year.