A quick 3min read about today's crypto news!
Made up of the non-fungible token (NFT) domain name provider Unstoppable Domains and 30 of the world’s crypto wallets, a freshly formed alliance is aiming to establish “a new global standard” for crypto transactions without lengthy alphanumeric wallet addresses.
Dubbed the Wallet Alliance, the new group of wallet providers said they will develop the wallet address standard by using Unstoppable Domains’ more easily readable “.wallet” domains.
Other members include Trust Wallet, imToken, BRD Wallet, MyEtherWallet, Birdchain, Litewallet, 1inch, Nimiq Wallet, OWNR Wallet, Digifox, Klever, CoinFlip, Bitcoin.com, and others. All members together represent 40m users.
Unstoppable Domains is a domain name provider launched in 2018 that offers domain extensions tailored to the crypto space, including extensions like .crypto, .bitcoin, or .nft.
The changes are set to take place “in the coming months,” the announcement said, adding that it will be implemented across “most major wallets,” covering more than 275 different digital assets.
“By establishing .wallet as the username of choice for peer-to-peer payments, this alliance of wallets is taking this unparalleled user experience a step further,” Matthew Gould, founder and CEO of Unstoppable Domains, said in the announcement.
Further, he also emphasized that simplifying addresses and having them work across all wallets globally will “take the fear and risk out of spending crypto” for a lot of users, and in particular for new crypto users.
“We are confident that this collaboration brings us closer to making wallets the standard for peer-to-peer crypto payments globally,” said founder and CEO of MyEtherWallet, Kosala Hemachandra.
According to the announcement, many of the participating wallet providers will “soon” add the option for their users to create a .wallet username directly from within their apps. However, a more specific timeline for when the new feature may be available for users has not been provided.
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