OKEx Taps Unstoppable Domains for .crypto Blockchain Wallets

OKEx, which claimed over $15 billion of crypto trading volumes in the last 24 hours, has integrated with Unstoppable Domains, a company building Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term.

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.