India’s largest cryptocurrency trade will use Unstoppable Domains to create and host blockchain-based URLs, regardless of the nation’s impending Bitcoin ban.
India’s largest cryptocurrency trade, 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 trade’s 1.2 million customers.
Unstoppable Domains turns crypto addresses into decentralized web sites on the Ethereum and Zilliqa blockchains. As an alternative of sending cash to a 42-character blockchain handle, 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 must 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 different cryptocurrencies.
Pushback towards the nation’s plan to outlaw cryptocurrency has emerged on social media within the type 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 in step with the maturation of the crypto business in India. Vishwanath stated:
“The cryptocurrency house is maturing. In keeping with the expansion of the business, Unocoin goals to supply its customers the absolute best expertise. Integrating the .crypto area is a major step not just for Unocoin customers, but additionally for added exchanges within the nation exploring easier 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 worked up to ship the seamless sending and receiving of cryptocurrency to Unocoin’s customers. Our intention is to simplify cryptocurrency addresses, and set up human readable names because the area commonplace throughout wallets and exchanges.”
On Wednesday, Reserve Financial institution of India Governor Shaktikanta Das reiterated the central financial institution’s intention to create its personal centrally issued foreign money, the digital rupee. This follows a typical development that has emerged lately as nationwide governments try to reign-in the unfold of decentralized cryptocurrencies and exchange them with digital variations of present fiat currencies.
As reported by Cointelegraph, Unstoppable Domains was not too long ago built-in into Cloudflare’s Distributed Net Resolver, that means any net browser can now entry the .crypto URL extensions.
A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even when Unocoin had been to be shut down within the close to future, the addresses and URLs created by the platform would stay unaffected.