MyEtherWallet plans to offer crypto wallet domains to over one million users in association with Unstoppable Domains who owns the .crypto domain.
Crypto domains are not a new thing in 2020, and while in the past you had to purchase and register your own wallet address domain to avoid confusion when sharing your public wallet address, you can now purchase and register your domain directly through your crypto wallet.
Unstoppable Domains, which managed to sell over 30,000 .crypto domains only in the first 24h since their launch in December 2019, is now the main competitor to Ethereum Name Service (ENS) crypto domain provider, that started as an Ethereum Improvement Proposal (EIP) and is the custodian body behind the .eth domains.
In this case, Unstoppable Domains joins forces with one of the most popular Ethereum wallets out there, MyEtherWallet or simply MEW, whose users could directly purchase and activate their domain via the respective app.
In layman’s terms, crypto domains act as humane, readable, and memorable addresses, replacing the hexadecimal string that must be copy-pasted each and every time. A practical example:
Bob wants to send Sara some ETH, or an ERC contract. Instead of launching her app, from where she would be able to share a QR code, or copy-paste her hexadecimal address (0x…), Sara could ask Bob to send the Ether at Sara.eth.
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Although .eth domains are registered via ENS, .crypto domains can be purchased through Unstoppable Domains, and soon directly through MEW. It should be pretty obvious why crypto domains are essential for mass crypto adoption, but even if you don’t feel the pitch, analogize the fact that it is an unexplored domain market similar to the .com and real estate businesses and it only has a handful of registrars.
Most importantly, each domain is owned by its wallet’s owner as a smart-contract, and cannot be controlled, denied, or force bought by third parties or governments.
In an interview with Cointelegraph, Brad Kam, co-founder of Unstoppable Domains said that this partnership is just the beginning, suggesting that crypto wallets will become indirect resellers of crypto domains in the foreseeable future.
It is true that the first thing that builds a bridge between blockchains and end-users would be a crypto wallet, but that also requires cross-platform interoperability so that other wallets, and/or web3 browsers are in the loop.
That shouldn’t be a problem, considering the communication level in blockchain networks, especially in Ethereum’s case. ENS, for example, is already a standard in MetaMask, AlphaWallet, Coinbase, Coinomi, MyEtherWallet, and other popular Ethereum wallets, where you can type Sara.eth instead of the full public Ethereum address.
If you’re excited about the flowering crypto domain market, but don’t know where to start, consider reading “Registering A Domain On The Blockchain: The New Digital Estate Hustle”.