Unocoin, India’s largest cryptocurrency exchange, has announced that it has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs, Cointelegraph reports.
The partnership between Unocoin and Unstoppable Domains – both funded by Silicon Valley investor and veteran bitcoin advocate Tim Draper – is expected to cut remittance costs and simplify the transaction process for the exchange’s 1.2 million users.
Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.
The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the controversy created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.