San Francisco-based Blockchain.com now supports Unstoppable Domains, a domain name provider for blockchains, which are the secure and transparent digital ledgers behind cryptocurrencies. That’s a big deal because Blockchain.com is the world’s largest crypto wallet provider, and people have been stumbling around with encoded names that are impossible to remember.
And when people lose these names for their wallets or the passwords that go with them, they are often unable to recover their names. This particular deal won’t help you with your passwords, but it does help with usernames. And that helps people send money to each other more easily, with fewer mistakes.
Blockchain.com has 32 million verified users across 200 countries, and they can now send crypto to simple, human-readable usernames instead of full-length wallet addresses.
Through this integration, Unstoppable Domains and Blockchain.com are making crypto more accessible for all by removing the risk of human error when sending funds, drastically simplifying transactions between Blockchain.com users and 50-plus other wallets and exchanges supported by Unstoppable Domains.
Traditionally, sending Bitcoin, Ethereum, Doge, and other cryptocurrencies requires entering the recipient’s 25- to 42-digit alphanumeric wallet address.
If a person mistypes or miscopies a wallet address, those funds can be lost forever. That’s terrifying, and I recall it stopped me from sending a payment to someone in that way.
“If you have a typo on a blockchain transaction, the money’s gone forever,” said Gould. “It’s emotionally terrifying, which is not good because your first consumer experience is fear the first time you ever send cryptocurrency. And I don’t know if you’ve ever sent a payment in Bitcoin or something else, but you’re going to be nervous about it. This is a bad emotional experience.”
It’s also just a bad user experience design, Gould said.
“If you get a group of 10 crypto people in a room and you ask them about the barriers to adoption, better cryptocurrency UX is going to be one of the top three things that they mention,” he said.
The simple analogy here is your internet protocol (IP) addresses. For the regular internet, it’s a lot easier to remember google.com than it is to remember their IP address. It’s a lot easier to remember your name than your hex address for your cryptocurrency.
“What is funny is this is a case of history repeating itself because we did the exact same thing with computer networks in the 90s, where the very first way to look up websites was actually using IP addresses,” Gould said. “You actually had to remember long strings of numbers in order to find the very first content on the internet. And then they invented a naming service for those so that you could use .com names. It’s a very similar thing.”
Solving the problem
Unstoppable Domains solves this by introducing human-readable .crypto usernames compatible with 50+ wallets and exchanges, including Blockchain.com. Now, instead of “156i6HJfMWb1h2BEsKpfvZ2tQugqo4vs2w,” users can simply type “[YourName].crypto” to send money to others or transfer it between accounts.
Gould said that the solution is similar to payment systems like Venmo, which make it easier to send money to a friend because you can simply open an app and tap on the person’s face to send them money.
And by reducing the emotional fear and friction around sending money to an unknown address, Unstoppable Domains can make crypto more accessible to mainstream users. It gives you the freedom to send money to whoever you wish.
Gould said it’s hard to believe it is taking a while to solve the problem.
“It’s crazy to me,” he said. “You have a trillion-dollar asset class. And people are sending it around to these really long bank account numbers. And visually, it is kind of ridiculous that people are doing it. And I think that just shows how early we are. It’s really big, but the tech is still very raw. And these things are important. We need to make this easier for normal people and we need to make it so that you can feel comfortable sending these transactions without that fear or else adoption is going to be slow.”