If you own a website today, you only have access to it as long as your domain provider allows it. One company decided to do something about this. Essentially, they allow you to own a website over which you have total control. Additionally, it serves as your cryptocurrency address.
The Idea has Been Well Received
Unstoppable Domains aims to create websites that are outside the control of even the most ruthless regimes in the world. In May this year, the idea received $4 million in a Series A funding round that was led by Boost VC and Draper Associates. With the funds, the company has been able to hire some of the best talents to help it implement its ideas.
Some of the reasons that may have inspired the creators are Russia’s attempt to control the internet within its borders as well as China’s increasing surveillance of its people. As a result, they felt it was important to make it easier to create a tool that promotes free speech globally as well as making it easier to use crypto.
How It Works
The company uses the Zilliqa blockchain to create “.zil” domain extensions, which are stored inside a crypto wallet. This crypto wallet addition is what makes it resistant to takedown requests by any agency in the world. In essence, the user will maintain control of the domain using his or her private key. Unless you voluntarily give up the private key, no one else can take down that domain.
Later on, the company announced the “.crypto” domain extension. This extension runs on the Ethereum blockchain. The obvious reason was that Ethereum is used to run a significant number of cryptocurrencies. It is also quite popular and has a huge development team.
The sites created using Unstoppable Domains will utilize the InterPlanetary File System IPFS or decentralized networks to store content. The combination of decentralized network and web domains secured using a private key will ensure total freedom online, according to them.
There is the risk that while most people will use it for good things, a small group of criminals might decide to use it for other nefarious activities. However, Mathew Gould, the CEO of unstoppable domains is confident that will not happen.
He noted that when Bitcoin was launched, this was the same argument that was made. However, only a small group of people has attempted to use it for this purpose. In that time, law enforcement has been able to devise ways to find them while still being unable to shut down the BTC blockchain.
While criminals can use technology, good people will also be using it. It is also worth noting the aim of decentralization was to put power back in the hands of the people, which can seem a bit scary. However, having all the power concentrated in the hands of governments is also scary. The CEO of the firm also noted that he is a firm believer in global good and the vast majority of the technology will be for good courses.
History of Development
Unstoppable Domains has been developing its technology since 2017. However, the team behind this project had an interest in crypto much earlier than that. The CEO claims they have been looking into crypto since 2012. He noted even then, they could tell that crypto payments were too complex to gain mass adoption. In his opinion, Unstoppable Domains are bringing change similar to what happened to IP addresses when they were replaced with the DNS system. This is why they began working on creating human-readable crypto addresses. With Unstoppable Domains, users can store their ETH or BTC to a “domain.zil” website and crypto address. Other crypto wallets will be able to send funds to this crypto address.
In the current situation, the user sending payments usually has to copy a lengthy wallet address and send it to the party sending funds. If they get even one letter wrong such as by mistakenly pressing their keyboard, they could forever lose those funds. It is usually nearly impossible to get crypto back when it goes to the wrong person. For one, there is no way to send them a message or contact them in any way. With a human-readable address, you can use an easy-to-remember phrase that is hard to mistype. This will reduce the rate of error, which can discourage newbies looking for where to store altcoins from remaining within the crypto space.
Some of the Top Benefits of Unstoppable Domains
One of the main benefits is that once you pay for a domain, you never have to pay a renewal fee. Even a newbie will be able to afford the small fee charged for the domain and dive into the crypto sector.
It is also worth noting that these domains using an alternate root, which means ICANN’s approval is not required when you purchase one of these domains. When using this service it is worth noting that an escrow agent is not required. You can securely exchange funds or domains in just a minute from any place in the world.
You Can Send Funds to a Hardware Wallet
If you wish to store funds offline, you can send them to a hardware wallet. This ensures that your funds are fully out of the control of any bad actors online. It also ensures you have access to your funds at all times, even when the internet is shut down. One of the popular options is the Ledger Nano S wallet. This wallet has various advantages such as the ability to store a diverse amount of coins. It is also discrete; you can fit it in your pocket just like a USB.
Unstoppable Domains is an excellent tool that will play a crucial role in the mass adoption of crypto by simplifying crypto addresses. If you are new to crypto, you can get up to date by reading ‘The Cryptocurrency Master Key’ written by Louis Navellier. With this simple e-book, you get to understand simple concepts like how long to send Ethereum.