With the launch of the latest feature, .crypto users will be able to speedily substantiate by linking to a profile on a public social media platform, and validate the ownership of address via MyEtherWallet (MEW), which is the foremost platform that embedded the aspect.
“The authentication solution is making crypto addresses and payments more user-friendly than ever before”, said Brad Kam, Unstoppable Domains co-founder. “It is the perfect added layer of convenience and trust for peer-to-peer transactions, while still enabling a level of privacy through the use of pseudonyms or avatars.”
Crypto addresses were often the target of cyber criminals who used phishing scams to gain illegal access. Readers would not have forgotten the recent news of hacking Twitter handles of prominent public personalities such as Joe Biden, Barack Obama and Elon Musk, paving way for 400 payments being made to illegal bitcoin addresses.
Kosala Hemachandra, founder of MyEtherWallet, said “It’s time to remove fraudulent practices from blockchain payments. Adding your Twitter handle to your blockchain address provides a missing layer of transparency to make crypto safer. For the first time, anyone can use MEW to verify someone’s identity before they send them crypto.”
After eliminating the need for lengthy, complex cryptographic addresses with Unstoppable Domains [name].crypto addresses, the team is working to embed verification facility powered by Chainlink oracles that can link every .crypto address to a public Twitter username.
The authentication is carried out instantly and stored on the blockchain. So, while remitting funds from wallets, users will be informed visually as to whether the address with which they transact has been validated.
Daniel Kochis, Head of Chainlink Business Development, said “We’re excited to empower cryptocurrency users with secure and reliable information so they can transact more confidently with verified addresses. P2P payments such as Paypal, Venmo and Cash App have totaled $310 billion in 2019 and are experiencing tremendous growth. Ownership verification for crypto addresses represents a major milestone towards attracting new users to the ecosystem.”
As of date, Unstoppable Domains has enrolled more than 200,000 .crypto and .zilliqa domains that can be utilized for remitting crypto to any person without a need to provide complete addresses. Of late, blog and email functionality have also been included in the domains.