MyEtherWallet becomes the first wallet to integrate the new functionality
Unstoppable Domains, a company building blockchain domain names, in partnership with Chainlink, the most widely used and secure oracle network, today announced the launch of their Twitter authentication service for .crypto addresses. With this new feature, .crypto users can quickly authenticate by connecting to a public social media profile, and verify the address’ ownership through MyEtherWallet (MEW), which is the first platform that integrated the new feature.
“The authentication solution is making crypto addresses and payments more user-friendly than ever before”, said Brad Kam, Unstoppable Domains co-founder.
“It is the perfect added layer of convenience and trust for peer-to-peer transactions, while still enabling a level of privacy through the use of pseudonyms or avatars.”
Phishing scams have been a real cyber threat for many years and crypto addresses have often been vulnerable to such attacks. A recent Twitter breach that affected famous Twitter accounts earlier this year, including Joe Biden, Barack Obama and Elon Musk, led to 400 payments being sent to malicious bitcoin addresses.
“It’s time to remove fraudulent practices from blockchain payments. Adding your Twitter handle to your blockchain address provides a missing layer of transparency to make crypto safer. For the first time, anyone can use MEW to verify someone’s identity before they send them crypto”
said Kosala Hemachandra, founder of MyEtherWallet.
Having already removed the need for long unreadable cryptographic addresses, with Unstoppable Domains [name].crypto addresses, the team is now integrating authentication powered by Chainlink oracles, that can connect each .crypto address to a public Twitter username. The verification is instantly confirmed and logged on the blockchain. Thus, when sending funds from their wallets, users will be visually notified if the address they’re transacting with has been verified.
“We’re excited to empower cryptocurrency users with secure and reliable information so they can transact more confidently with verified addresses,” said Daniel Kochis, Head of Chainlink Business Development.
“P2P payments such as Paypal, Venmo and Cash App have totaled $310 billion in 2019 and are experiencing tremendous growth. Ownership verification for crypto addresses represents a major milestone towards attracting new users to the ecosystem.”
Unstoppable Domains has registered over 200,000 .crypto and .zilliqa domains that can also be used for paying someone using crypto without needing their full addresses. Most recently, blog and email functionality have also been added to their domains.
About Unstoppable Domains:
Unstoppable Domains is a San Francisco-based company building domains on blockchains. The company is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and Zilliqa Foundation. Learn more by visiting the Unstoppable Domains website.
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high quality data sources from other blockchains as well as real world data. Managed by a global, decentralized community of hundreds of thousands people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
MEW is the nexus at the center of the Ethereum ecosystem, providing unprecedented access, multi-faceted integration possibilities, and comprehensive educational resources for the Ethereum blockchain. MEW makes interacting with the Ethereum ecosystem simple – it is free, open-source, and secure. Founded in 2015, it is the original interface empowering users to maintain full control of their keys and funds at every point of interaction and does not hold, save or store any personal information. Today, MEW is committed to offering a suite of products that provide access and education to users who want to interact with the blockchain on their own terms.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice.