India’s largest cryptocurrency exchange, Unocoin, has adopted blockchain-based unstoppable domains that facilitate cryptocurrency transactions by converting blockchain addresses into readable URLs.
Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains, funded by Silicon Valley investor Tim Draper, is expected to reduce transfer costs and simplify the transaction process for the exchange’s 1.2 million users.
Domains Unstoppable brings crypto addresses to decentralized sites on Ethereum and Zilliqa blockchain. Instead of sending coins to a 42-character blockchain address, unstoppable domains allow users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names only need to be purchased once and then remain permanently in the blockchain with no renewal or maintenance fees.
The decentralization aspect of unstoppable domains should be of particular interest to Indian cryptocurrency users, especially in the midst of the turmoil caused by the Ministry of Finance’s decision to ban bitcoin (BTC) and other cryptocurrencies.
Opposition to the government’s plan to ban cryptocurrency has surfaced on social media in the form of the #IndiaWantsBitcoin campaign. Despite uncertainty in the regulators, Unocoin co-founder and CEO Satwik Vishwanath believes that the development of non-stop sites is in line with the maturity of the crypto industry in India. Viswanath sa:
“The cryptocurrency industry is in its infancy. In line with the growth of the industry, Unocoin tries to give users the best possible experience. The inclusion of a .crypto domain is an important step not only for Unocoin users, but also for further exchanges in the country to explore simpler and more convenient alternatives. ”
Brad Cam, co-founder of Unstoppable Domains, noted the Indian government’s reluctance to allow cryptocurrency to spread within its borders:
“The people of India have historically despised cryptocurrencies. Unstoppable domains are burning to offer seamless sending and receiving of cryptocurrencies to Unocoin users. Our goal is to simplify cryptocurrency addresses and make human-readable names an industry standard for wallets and exchanges. ”
On Wednesday, the Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its centrally issued currency, the digital rupee. This follows a general trend that has emerged in recent years as national authorities try to control the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.
Domains Unstoppable has recently been integrated into Cloudflare’s distributed web analytics, which means that any browser can now access encrypted URL extensions, reports Cointelegraph.
A spokesman for Unstoppable Domains confirmed to Cointelegraph that although Unocoin will be closed in the near future, the addresses and URLs generated through the platform will remain unchanged.