Ever try to send money to someone through a payment application and felt nervous? If you switch positions, the cash will not be transferred to your friend Bart, but will be transferred from Dayton to Gary. It feels even more dangerous to send cryptocurrency with its long address and the immutability of the blockchain.
However, Unstoppable Domains and Chainlink have been working on it.
Today, the two firms announced a new feature that enables users of the .crypto domain of Unstoppable Domain to verify their addresses through Twitter.
Chainlink is a network used to link payments and other data to smart contracts. San Francisco-based Unstoppable Domains builds a blockchain-based domain services to realize an uncensorable web. It raised $4 million in a 2019 Series A led by Draper Associates, and has since launched a steady stream of integrations and products.
It introduced the .crypto domain in Feb., which is hosted on Ethereum, so domain name services such as GoDaddy cannot close URLs that use it. (That was, most browsers do not support .crypto addresses, although Unstoppable Domains' own browser does and users can download browser extensions.)
The .crypto domain also has a built-in payment function. Owners can send Ether, Bitcoin, LINK or other tokens to the domain name instead of an alphanumeric address string.
But remember the whole uncensorable part? Since anyone can bid on and buy a .crypto domain name (if the domain name is not a protected name like satoshi.crypto), they may not know whether they’re sending money to the real Chef Nomi of SushiSwap fame, to Gary from Dayton, or even to Chef Gary from Applebees.
The verification process can help that. Users will know whether the address has been verified before they send money, which increases comfort. This latest innovation can alleviate the pressure of P2P payments while still allowing transactions under pseudonyms.
"With traditional payments like Paypal and Venmo, you have some identifying information about who you're sending to," Unstoppable Domains co-founder Brad Kam told Decrypt. "This is what makes you comfortable sending. Crypto is missing this. That's why we built the Twitter verification feature."
In a press release, Kosala Hemachandra of MyEtherWallet stated, "For the first time, our users have a way to verify the identity of someone they want to send crypto to before sending". Since April, MEW has been a reseller of the .crypto domain.
Considered its track record of releases, this may not be the last innovation of the Unstoppable Domains team. Kam said: "We're constantly working to improve the UX of crypto. This is just one step toward that goal."