1inch on Tuesday, 4th October 2022, sealed a partnership deal with Unstoppable Domain, an NFT Domain Name provider and a digital identity platform. The collaboration will provide 1inch Wallet users with a more user-friendly transaction process by issuing domain names in place of complex/lengthy alphameric addresses.
This new feature will enable users to input human-readable domain names when making crypto purchases. 1inch, in a blog post, said it is on a mission to encourage mass adoption of DeFi products.
How does it work?
Once a user makes a purchase, Unstoppable Domains will provide the user with a crypto wallet address name, which will belong to the holder permanently. The Domain Name is minted as an NFT on the blockchain, attracting no minting and renewal fees.
An NFT Domain provides a universal decentralized digital identity and serves as a one-of-a-kind username across applications and platforms. It can also serve as a payment address for wallets. Users can end their usernames for crypto with either NFT, Wallet, Crypto, X, DAO, etc.
For 1inch Wallet users to process a transaction with crypto, they will be required to enter an address name as a user domain. For example, the domain could be Joyce.wallet, Funds.crypto, or any other creative and simple word combinations.
Why Domain names?
Domain names will increase transaction security by careful address verification and minimize sending errors, 1inch said. According to Sergej Kunz, 1inch Network co-founder, “The issues of user experience, security and identity are still holding back Web3 mainstream adoption.”
He further mentioned that “the partnership with Unstoppable Domains will unlock opportunities for overcoming these barriers by making Web3 onboarding more fun and easy, and beneficial offering a user-friendlier way of transacting.”
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