Oct 05, 2021 09:05
NFT domain provider Unstoppable Domains and an alliance of 30 of the top crypto wallet has formed an alliance aiming to establish “a new global standard” for blockchain transactions, meant to replace the impossible to memorize and lengthy alphanumeric wallet addresses we use today.
Calling it the 'Wallet Alliance' the group includes Trust Wallet, imToken, BRD Wallet, MyEtherWallet, Birdchain, Litewallet, Klever, CoinFlip, 1inch, Nimiq Wallet, OWNR Wallet, Digifox, Bitcoin.com, and others.
The 'Wallet Alliance' Represents 40 Million Users...
That's enough users to answer the question 'will people adopt it?' with a likely yes.
“This alliance of wallets is taking this unparalleled user experience a step further” said Matthew Gould, founder and CEO of Unstoppable Domains.
They also claim the custom wallet addresses will also work with 275 different digital assets at launch.
Since the beginning people have pointed out that current wallet addresses intimidate the average user...
Countless transactions over the years have gone to addresses containing a typo that went unnoticed - often with the sender promising they double checked, but still missed the error.
The proposal suggests a system where a custom .wallet address such as "johndoe.wallet' would be owned by someone and configured to route transactions to the wallet of their choosing - so setup would still require working with the long wallet addresses we have now. But once that's done they may never need to again.
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.
“This collaboration brings us closer to making wallets the standard for peer-to-peer crypto payments globally” said MyEtherWallet founder Kosala Hemachandra.
Not Yet Mentioned - The Price Tag...
There's currently no information on how much a custom address will cost, and just like domains names you can expect prospectors to snatch up any predictably desired addresses to re-sell at a higher price.
The current system with it's $0 per wallet price and the freedom to create as many as you want won't be replaced anytime soon, but think of this as an option to make things easier.
I could see this becoming standard when a crypto based business is facing the general public, and everyday people as the address they put on their website/social media.
There is no specific launch date yet - but we're told the wait 'won't be too long' and people can expect to see a rollout 'in the coming months'.
---------------
Author: Justin Derbek
New York News Desk
Subscribe to GCP in a reader
World Crypto Global
