OKEx, which claimed over $15 billion of crypto trading volumes in the last 24 hours, has integrated with Unstoppable Domains, a company building blockchain domain names.
The cryptocurrency spot and derivatives exchange said the new partnership enables users to simplify deposit and withdrawal transactions through OKEx wallet. Rather than having to share a lengthy combination of letters and numbers to receive payment, users can simply provide a domain name, like jon.crypto or ema.zil.
OKEx further explained that another key benefit of this integration is that users can receive any cryptocurrency jointly supported by both firms to the same domain, instead of providing separate 40-character addresses for payment in different currencies.
Unlike with traditional domain registration, Unstoppable Domains are tied to a specific wallet but not controlled by any centralized outfit like governments or registrars of DNS domains. The .crypto blockchain domain registry enables censorship-resistant websites and simplifies cryptocurrency payments.
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Unstoppable Domains has recently teamed up with Gemini Trust Company, the cryptocurrency exchange and custodian founded by the Winklevoss twins. Engaging a qualified crypto custodian would encourage traditional domain registrars to move into blockchain with this regulated custodian option.
Blockchain Domains Are Censorship Resistant
“Unlike regular domains on the existing internet that can be taken offline, it is impossible to deplatform on the decentralized web. No one can access or take down a domain other than its owner,” the company said.
Blockchain domains use smart contracts that are built on top of the Ethereum network and stored inside a user’s wallet. Specifically, the .crypto domain is based on so-called non-fungible tokens (NFTs), which help assign the domains and look up the addresses. This mechanism eases up on crypto payments and ensures that these websites are resistant to censorship. For example, to send cryptocurrency, all you need to know is the recipient’s blockchain domain.
Popular Ethereum wallet app, MyEtherWallet, was the first reseller of .crypto blockchain domains, making it a domain registrar. Furthermore, Unstoppable Domains offers a Google Chrome extension and an integration with Opera browser, which claims to have counted over 200,000 domains to date.