Indian Crypto Exchange Takes Over Unstoppable Domains
Bitcoin Enthusiast – Kenny
India's biggest Cryptocurrency exchange, Unocoin, has implemented Blockchain-based ‘Unstoppable Domains’, which streamline crypto transfers by translating Blockchain addresses to readable site URLs.
Confirmed on Wednesday, the alliance between Unocoin and Unstoppable Domains—both backed by Silicon Valley founder Tim Draper, is anticipated to minimize remittance costs and ease the transaction phase for 1.2 million exchange users. Unstoppable Domains transforms crypto addresses into decentralised Ethereum and Zilliqa Blockchains.
Rather than sending coins to a 42-character Blockchain address, Unstoppable Domains enables users to create basic URLs with "crypto" and "zil" extensions. Domain names can be bought once and remain indefinitely on the Blockchain without needing any renewal or maintenance payments.
The decentralised features of Unstoppable Domains should be of considerable concern to Indian crypto users, particularly if the Ministry of Finance determines to prohibit buying Bitcoin (BTC) and investing in cryptoassets.
Pushback against the country's attempt to block cryptocurrency trading has appeared on social media platforms such as #IndiaWantsBitcoin. Despite policy confusion, the co-founder and CEO of Unocoin, Sathvik Vishwanath, claims that the adoption of Unstoppable Domains is in accordance with the growth and development of the crypto industry in India.
Unstoppable Domains co-founder Brad Kam referred to the Indian Government's refusal to encourage cryptocurrency, to expand within its borders.
On Wednesday, Indian Reserve Bank Governor Shaktikanta Das affirmed the Central Bank's plan to establish its own centrally controlled currency, the digital rupee. This follows a widespread pattern that has arisen in recent times as national governments seek to analyse decentralised cryptocurrencies and substitute them with digital copies of established fiat currencies.
As announced, Unstoppable Domains has recently been merged into Cloudflare's Distributed Network Resolver, ensuring that every web explorer can now access .crypto URL extensions.
The Unstoppable Domains spokesperson clarified that even if Unocoin were to be shut down in the near future, the addresses and URLs generated by the network would remain unchanged. It remains to be seen how the Indian authorities will react to the use of such technologies in the event of a complete ban on crypto.