THELOGICALINDIAN - Recently OKEx chip Unstoppable Domains into its crypto wallet arrangement to advance the all-embracing user acquaintance and accredit faster payments from associate to associate To altercate the groundbreaking affiliation and how custom crypto wallet addresses will appulse the approaching of the industry were speaking with OKEx CEO Jay Hao and Unstoppable Domains Founder Brad Kam To get started wed like to acknowledge you for the befalling to allege to our admirers about the integration
Can you acquaint us a little bit about how the accord came to light?
Jay Hao: OKEx has long-admired the assignment of Unstoppable Domains in enabling cheaper and faster payments and authoritative cryptocurrency added attainable to accustomed people. We additionally allotment in a abutting acceptance that onboarding bodies to cryptocurrency should be as accessible as possible. It was accordingly a accustomed accord for us.
Brad Kam:
Thanks, Jay. Likewise, we’ve apparent OKEx as a baton in addition for the blockchain industry and exchanges. We acquainted that this was a accustomed fit in acceptance users to calmly get onboarded to crypto. It’s important for exchanges like OKEx to advantage human-readable names as the accepted adjustment of introducing new users because it removes any antecedent abhorrence of application cryptocurrencies.
How do the custom addresses Unstoppable Domains accommodate breach bottomward barriers to crypto adoption?
Jay Hao: User acquaintance is still one of the above barriers to accumulation adoption. Although the crypto industry has fabricated abundant strides in convalescent this, unless we can accomplish sending payments as simple as application a acclaim agenda or a acclaimed acquittal account like WeChat Pay or PayPal, abounding accustomed users will artlessly not accede it. No one is attractive for a account that makes their activity added complicated.
Asking users to accommodate continued acquittal addresses that are absurd to acquire and that expire consistently is artlessly too abundant of an aggravation for abounding users. Moreover, they charge to accommodate altered addresses for anniversary altered bill they appetite to receive. This agency that, although they accept the allowances of near-instant payment, it can booty a continued time to set the acquittal up.
Thanks to our affiliation with Unstoppable Domains, users can now actualize their own area name, which can be actual simple, accessible to remember, and acclimated over and over, such as sally.crypto or tommy.crypto. Even added importantly, they can use this area to accept acquittal in all the altered currencies accurate by OKEx wallet and Unstoppable Domains. This makes accepting payments always easier and faster, appropriately badly convalescent the user experience. This is a abundant footfall advanced in breaking bottomward that barrier and auspicious added users to transact calmly with crypto.
In what means do custom cryptocurrency domains advance the acceleration and artlessness of sending crypto assets?
Jay Hao: Since all you charge to accept any cryptocurrency accurate by OKEx and Unstoppable Domains is your area name, it eliminates the agitation of abandoning a complicated wallet abode and abundantly speeds up the process. You can additionally reclaim it as abounding times as you need, infinitely, so it can be adored in abode books – clashing acceptable cryptocurrency addresses that expire – and you can accept all currencies to the aforementioned address, rather than accepting to accommodate one for ETH, one for BTC, one for OKB, etc.
This additionally abundantly reduces the accident of animal error, either accounting or artful the amiss abode or selecting the amiss abode for a assertive cryptocurrency and accepting it absent forever. This is no best a anguish application a cryptocurrency domain.
How do these Unstoppable Domains reroute to acceptable cryptocurrency addresses?
Jay Hao: I anticipate that Brad can explain this better, but essentially, users add their cryptocurrency addresses for BTC, ETH, OKB, or whatever bill they ambition to accept to their .crypto domain. Then, back addition sends a acquittal to their area at a acknowledging wallet like OKEx, the wallet reroutes the acquittal to the actual cryptocurrency address.
Brad Kam:
Thanks, Jay. Simply put, a blockchain area is an NFT that lives central your wallet like cryptocurrency. Like every ERC-721 token, it can abundance altered types of annal central the acute contract. For blockchain domains, this can be an IPFS hash, email, amusing handle and additionally cryptocurrency addresses. When a user enters his area in the wallet application, a look-up happens in the acute arrangement and the area routes the transaction to the absorbed address. Because a blockchain area is an NFT, you can calmly accelerate it about from wallet to wallet to change ownership. We’ve been alive on this with several wallets and echanges like OKEx so that in the abreast future, you’ll be able to use your area to accelerate and accept crypto basically anywhere.
What are some added allowances of Unstoppable Domains in general?
Jay Hao: Another absolutely big account of creating a area with Unstoppable Domains is that they are user endemic . Back they are hosted over assorted nodes on the decentralized web, clashing a approved area on the absolute internet that can be accomplished or taken offline, the alone being that can booty your crypto area offline is you. You additionally alone pay a one-off allotment fee and there are no advancing renewals afterwards that back you own the area rather than hire it from a centralized party.
Brad Kam: Yeah, above affluence of use, I’d say decentralization and buying are the added big two affidavit abaft what we do. The internet as we apperceive it is awry because abundant of it relies on centralized authorities like ICANN and GoDaddy. As we assignment appear architecture Web3, the internet that’s controlled by the users, bodies can be assured that their website isn’t dictated by addition entity. See it as DNS 2.0. It has new appearance like payments and best chiefly that users are in ascendancy of their area names, not companies. Everything that they do on web3 is absolutely in their control, whether they use their area as a wallet, a retail website, an art gallery, agreeable page, whatever, it’s all up to them and no one can booty it abroad from them.
Why did OKEx accept to accomplice with Unstoppable Domains?
Jay Hao: At OKEx, we are consistently appetite to advance the user acquaintance and accomplish onboarding the abutting beachcomber of bodies into crypto easier and added automatic for all. This affiliation with Unstoppable Domains for us was a analytic footfall back we allotment these aforementioned ethics and beliefs. On top of that, Unstoppable Domains is authoritative abundant contributions against the development of the decentralized web and we are consistently attractive to accomplice with avant-garde antecedents in the space.
Do you anticipate a absolutely “decentralized web” is possible? If so, by what year do you activity this to happen?
Jay Hao: I durably accept that a absolutely decentralized web is not alone accessible but an complete certainty. We now accept the befalling to actual the mistakes we fabricated back architecture the internet, giving users ascendancy of their own abstracts again, and authoritative it a fairer and added able ecosystem for all. The technology is still young, and we charge to ability a abode in which blockchains can calibration to accept billions of users and interoperate with anniversary other.
We are already seeing abundant strides in blockchain interoperability through projects like Cosmos and Polkadot, and blockchains with aerial throughput that can abutment all-embracing dApps and users such as OKExChain, Algorand, and others. Also, Ethereum’s alteration to ETH 2.0 will be a watershed moment in furthering this development. But I anticipate we are still in the aboriginal days. If we analyze it to the development of the internet, conceivably we’re still in 2024. Although the clip of development of the decentralized web will absolutely be faster, I don’t anticipate it’s astute to apprehend a absolutely decentralized web for several added years to come.
Brad Kam: We additionally accept that the internet is accordingly branch appear Web3, and that’s ultimately what we’re architecture appear at Unstoppable. You accept acreage rights in the absolute world, but you don’t accept acreage rights on the internet. The decentralized web is all about giving users agenda acreage rights – you ascendancy your domains, your data, etc. When bodies activate to see that they accept the advantage amid a bequest arrangement in which they don’t own their data, against a decentralized arrangement that provides added aegis and ownership, they’ll go with the closing every time. This acutely won’t appear brief because it requires a lot of the capital appearance of the internet to be overhauled assimilate the decentralized web, like chat, agreeable platforms, et cetera. It’s boxy to put a cardinal on it, but we’ll get there, alike if it takes bristles to ten years. We’re in it for the continued haul.
Early on during the dot com days, there was an access of appeal about area names. How has the appeal been back the launch? And has it added forth with the accepted crypto bazaar trend?
Jay Hao: In the aboriginal dot com days, best bodies didn’t absolutely absolutely accept the amount hypothesis of the internet and no one could accept absurd the axial role that it would comedy in our lives. Bodies started to absolutely apprehend what a advantageous apparatus it could be a few years after and began clamoring for domains I would say in the backward 90s and up until the balloon access in 2024. It’s still aboriginal canicule for the decentralized web. It is my compassionate that Unstoppable Domains has already registered over a division of a actor area names, but the aboriginal absolute aiguille in appeal has yet to arrive. I will acquiesce Brad to busy added on this.
Brad Kam: We’ve absolutely aloof angled that cardinal with over 500,000 registered domains. There accept absolutely been aboriginal adopters that see the approaching abeyant of blockchain domains and claimed any names, words, or phrases that they accept to be admired in the future. We’ve additionally aloof started absolution what we alarm Premium Domains, which are abbreviate and accepted names in aerial demand. “Win.crypto” was the aboriginal to be bought for $100,000, breaking the almanac for the accomplished amount of a blockchain area anytime purchased. So bodies are absolutely seeing the amount in this, and we apprehend added to appear on lath as we see the NFT amplitude alarming up and bodies are aflame to get their easily on these as attenuate collectibles.
What do you accept to say about comparisons amid crypto and the aboriginal dot com balloon in general?
Jay Hao: I anticipate that we can draw comparisons, in the actuality that new technology is not able-bodied accepted in the beginning, bodies are quick to adios it, to alarm it a scam, to abolish it. We accept been seeing the aforementioned affair with cryptocurrency over the years – and still are, in abounding cases. It’s accessible that we are now starting to see article agnate to the alpha of the dot com balloon back appeal started rising, gradually, afresh suddenly. This will aftermath actual aerial animation in the markets and may advance prices to unrealistic levels afore they actual again.
Either way, aloof like the internet, cryptocurrencies are a continued bold and they aren’t activity anywhere. There may be several ‘bubbles’ on the way to accumulation acceptance which may see some of the aboriginal adopters annoyed out of the markets as they are replaced by added avant-garde competitors. But the approaching administration is bright and I anticipate that those investors who absent out on the aboriginal canicule of the internet and advance in the IPOs of some of the companies that are now assertive our lives will not accomplish the aforementioned aberration afresh this time around.
And how abroad will cryptocurrencies eventually bisect with added internet technologies, abundant as they accept with Unstoppable Domains?
Jay Hao: There is so abundant abeyant for cryptocurrencies to advance all aspects of our circadian lives and bisect with added internet technologies to accommodate us with solutions to assure our data, advance efficiency, annihilate transaction barriers, and accept a abundant appulse on the all-around economy.
We will see this added in added in abounding altered areas from NFTs and fan alternation in sports and gaming, to accessible finance, convalescent the aegis and ability of IoT devices, advantageous agreeable creators and musicians, captivation companies answerable for their actions, enabling fast and fair payments for acute energy… and so abounding added use cases that we cannot alike brainstorm at this date of the game. We are active in actual agitative times and are advantaged to attestant so abundant addition that will advance the lives of all individuals on earth.
What is OKEx accomplishing to mark this partnership?
Jay Hao: We are ablution a alternation of incentives beyond bristles weeks to animate added users to try this new affection and get them to allotment the chat with their friends. This is a absolutely big footfall for OKEx to advance the all-embracing user acquaintance for our barter and we appetite to accomplish abiding the affiliation alcove as abounding of our users as possible!
