India’s largest cryptocurrency alternate, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable net URLs.
Introduced on Wednesday, the partnership between Unocoin and Unstoppable Domains — each funded by Silicon Valley investor Tim Draper — is predicted to scale back remittance prices and simplify the transaction course of for the alternate’s 1.2 million customers.
Unstoppable Domains turns crypto addresses into decentralized web sites on the Ethereum and Zilliqa blockchains. As a substitute of sending cash to a 42-character blockchain deal with, Unstoppable Domains permits customers to create easy URLs ending in “.crypto” and “.zil” extensions. Domains want solely be bought as soon as, after which exist ceaselessly on the blockchain with out requiring any renewal or upkeep charges.
The decentralized side of Unstoppable Domains ought to be of specific curiosity to Indian crypto customers, particularly amid the furor created by the Finance Ministry’s determination to ban using Bitcoin (BTC) and other cryptocurrencies.
Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin marketing campaign. Regardless of regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being according to the maturation of the crypto trade in India. Vishwanath stated:
“The cryptocurrency house is maturing. In step with the expansion of the trade, Unocoin goals to supply its customers the very best expertise. Integrating the .crypto area is a big step not just for Unocoin customers, but additionally for added exchanges within the nation exploring less complicated and extra user-friendly choices for his or her customers.”
Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian authorities to permit the unfold of cryptocurrency inside its borders:
“India’s inhabitants has been traditionally scorned from cryptocurrency. Unstoppable Domains is happy to ship the seamless sending and receiving of cryptocurrency to Unocoin’s customers. Our goal is to simplify cryptocurrency addresses, and set up human readable names because the area customary throughout wallets and exchanges.”
On Wednesday, Reserve Financial institution of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.
As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, meaning any web browser can now access the .crypto URL extensions.
A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to be shut down in the near future, the addresses and URLs created through the platform would remain unaffected.