India’s largest crypto change is taking on decentralized unstoppable domains
India’s largest cryptocurrency exchange, Unocoin, has launched the blockchain-based Unstoppable Domains, which simplify crypto transactions by converting blockchain addresses into readable web URLs.
The partnership between Unocoin and Unstoppable Domains announced on Wednesday – both financed by Silicon Valley investor Tim Draper – is intended to reduce transfer costs and simplify the transaction process for the exchange’s 1.2 million users.
Unstoppable Domains turns crypto addresses into decentralized websites in the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allow users to create simple URLs that end with the “.crypto” and “.zil” extensions. Domain names only need to be purchased once and are then forever on the blockchain with no renewal or maintenance fees.
The decentralized aspect of unstoppable domains should be of particular interest to Indian crypto users, especially given the excitement created by the Treasury Department’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.
A pushback against the country’s plan to ban cryptocurrency has surfaced on social media in the form of the # IndiaWantsBitcoin campaign. Despite regulatory uncertainties, Unocoin co-founder and CEO Sathvik Vishwanath sees the introduction of unstoppable domains in line with the maturation of the crypto industry in India. Vishwanath said:
“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to provide its users with the best possible experience. The integration of the .crypto domain is an important step not only for Unocoin users but also for the additional exchanges in the country to explore simpler and more user-friendly options for their users. ”
Brad Kam, co-founder of Unstoppable Domains, noted the reluctance of the Indian government to allow the cryptocurrency to spread within its borders:
“India’s population has historically been despised by cryptocurrency. Unstoppable Domains is excited to enable Unocoin users to seamlessly send and receive cryptocurrency. Our goal is to simplify cryptocurrency addresses and make legible names the domain standard for wallets and exchanges. ”
On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a general trend that has emerged in recent years as national governments attempt to curb the proliferation of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.
As reported by Cointelegraph, Unstoppable Domains was recently integrated with Cloudflare’s Distributed Web Resolver, so any web browser can now access the .crypto URL extensions.
A spokesman for unstoppable domains confirmed to Cointelegraph that the addresses and URLs created through the platform would remain untouched even if Unocoin were to shut down in the near future.