Unstoppable Domains interface
Source: Unstoppable Domains Twitter

Multiple Crypto Wallet Providers Form the Wallet Alliance

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Oct. 6 2021, Published 5:36 a.m. ET

Fintech platforms such as Venmo and Cash App offer tremendous convenience for peer-to-peer transactions. You can send money to someone in a matter of seconds, just by using a simple username associated with the platform. Unstoppable Domains is one company that wants to introduce usernames for crypto wallets across the world.

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Various blockchains, such as Ethereum and Solana, offer high speeds for transactions, letting you complete a transfer, purchase, or other transaction in less than a minute. However, one tedious factor associated with crypto transactions is the crypto wallet address. Wallet addresses tend to be a random group of characters bunched together that’s difficult to give to someone just from memory. Unstoppable Domains offers blockchain domains, digital assets that can serve as a wallet address for you and are a lot easier to remember.

What is Unstoppable Domains?

Founded in 2018 and funded by investors such as Coinbase Ventures and Protocol Labs, Unstoppable Domains is a blockchain domain provider for decentralized applications. A blockchain domain is a type of smart contract or software that’s on a public blockchain, allowing users to use the domain name as a crypto wallet address with eligible wallets and exchanges.

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Source: Unstoppable Domains Twitter

The domain can also be used as a website domain for decentralized platforms. The company allows domain buyers to have full ownership and control of their domain, where it is stored on the Ethereum blockchain like a cryptocurrency, in an eligible wallet. There's only a one-time purchase fee, as opposed to recurring fees like traditional domain providers such as GoDaddy charge. The personal information of blockchain domain owners is never exposed, and people can only use the platform to search for the availability of a domain and whether a taken domain is for sale.

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If a peer wants to send you crypto, they typically need your wallet address. Crypto wallet addresses tend to be a random bunch of characters such as “3FZbgi29cpjq2.” Remembering a crypto address like that is extremely difficult, and most of the time, people have to rely on copying the address on a phone or piece of paper somewhere in order to give it to someone.

Domain names act as a wallet address and can be connected to your actual wallet. So, when someone wants to receive or send crypto, they can use a domain name like “david.wallet,” instead of “3FZbgi29cpjq2.” Unstoppable Domains also allows the domains to be used to showcase NFT collections, like a digital art portfolio.

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What wallets support Unstoppable Domains?

Because it runs on an Ethereum blockchain, Unstoppable Domains recommends using the MetaMask Ethereum wallet for easy integration. However, the platform is supported by over 50 of the top wallets, exchanges, and other applications, including Coinbase Wallet, Gemini, OpenSea, Chainlink, and Huobi Wallet.

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Websites that use domains from Unstoppable Domains can be viewed easily with the Opera and Brave web browsers, with no add-ons or extensions needed. Mozilla Firefox, Google Chrome, and Microsoft Edge can view those domains with an add-on. The platform supports more than 275 cryptocurrencies, including top tokens such as Ether and Bitcoin.

What's the Wallet Alliance?

On Oct. 4, Unstoppable Domains announced its partnership with 32 of the world's top crypto wallet providers to allow peer-to-peer crypto transactions with a .wallet NFT domain. Wallet providers such as Avalanche Wallet, Bitcoin.com, and MyEtherWallet are involved in the collaboration.

Users of the participating wallet services can use a blockchain domain of “.wallet” instead of a bunch of characters. The alliance members will begin to roll out the feature in the upcoming months, allowing current and future users to use wallet addresses such as “sarah.wallet,” instead of “88EF43TW21” for eligible transactions.

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