Overview of Unstoppable domains
San Francisco-based Unstoppable Domains uses blockchain domains to connect Web2 and Web3. The Unstoppable Domain allows you to create blockchain-related web addresses similar to URLs, such as Sample name. Crypto or Samplename.zil. Decentralized apps (dApps) and exchanges can use their human-readable names to connect with cryptocurrency wallet addresses.
To date, Unstoppable Domains has minted over 750,000 addresses, making cryptocurrency transactions on the web much more accessible. With simple web addresses, you don't have to figure out the recipient's public key address, which consists of a long and unwieldy string of characters. In addition to creating decentralized websites, Unstoppable Domains allows you to upload them to IPFS, a peer-to-peer distributed file storage, and sharing service.
Domain ownership is entirely under your control with Unstoppable Domains compared to traditional domain providers. Rather than merely renting a crypto domain, you will own it forever through Unstoppable Domains. Unstoppable Domains does not require your assistance for domain transfers, updates, and linking. Over 50 wallets, exchanges, and decentralized applications support Unstoppable Domains, including Coinbase wallet, MyEtherWallet, and OpenSea. Through a simple DNS change and our Unstoppable extension on Chrome, Firefox, and Edge, Unstoppable Domains' decentralized websites can now be viewed natively on Opera + Brave.
Unstoppable domains raise $65M Series A at a $1B valuation.
Using Web3 technology, Unstoppable Domain allows users to control their digital identities. As part of its $1 billion valuation, the company announced that it had raised $65 million from Pantera Capital.
In addition to Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, and others, the Series A funding round included a large number of investors. Draper Associates and Boost Ventures were also investors in the round. As a result of the financing, the company has raised $72 million to date.
Benefits of unstoppable domains to users
Users of Unstoppable Domains are able to control their own online identities by registering internet domain names with nonfungible tokens. The network-based token (NFT) represents digital goods, such as artwork, music, and documents, using blockchain-based cryptography.
Users can log in to apps, services, and games using Unstoppable NFTs, which represent user identities. It is possible to store NFTs in a blockchain wallet operated by the user, which is secured by cryptographic keys owned by the user at all times.
This service allows the user to sign into multiple apps and services without having to remember multiple usernames and passwords. It is also possible to have a single Unstoppable Domain that will work with all the apps that integrate.
There has been too much control over people's digital identities by companies for too long. With Unstoppable Domains, people can take back control of their domains," said Matthew Gould, founder, and CEO of Unstoppable Domains. The digital economy is becoming an increasingly imperative part of our lives, so it makes sense for people to own their online identity."
A single sign-on service such as Google, Facebook, or Twitter is also arguably inferior to this technology. Because Third parties are required to access usernames and passwords to verify an individual's identity, users' access to the single sign-on service can be revoked or modified at any time by the company that owns it. In contrast, the NFT allows the user to be in complete control of their identity, and every app and service that they access is tied to the user's identity.
Moreover, it protects users' privacy by preventing them from using big companies' single sign-on services to gain convenience. However, each app could still track the user via their sign-on. Because they are responsible for their own identity, they do not have to worry about a company monitoring them when they sign on and off apps. In the NFT model, an individual's reputation is directly coupled to their identity, which is controlled and managed by themself.
"Login with Unstoppable" is one of the benefits of Unstoppable Domain. With this feature, users can create their own username by using their wallet address. This allows them to sign in to Ethereum and Polygon apps with just one click. By using this service, users can authorize apps that are integrated with Unstoppable with a username such as "username. eth".
The concept of decentralized identity is also at the core of Web3, a peer-to-peer network application platform built on blockchain technology that is said to be the next evolution of the World Wide Web.
According to the company, they have registered more than 2.5 million domains since their launch in 2019 that users are using to access more than 150 Web3 applications. Also, it replaces lengthy wallet addresses with human-readable domains for over 80 web wallets and exchanges.
A number of Web3 companies have partnered with Unstoppable Domains, including Ethereum scaling project Polygon, crypto exchanges Blockchain.com and Coinbase, web browser Brave, crypto wallet Rainbow, and crypto payment service Moonpay.
Monday Partnership
A partnership between Unstoppable Domains and crypto payment company MoonPay was announced last month. With the deal, NFT domains will be incorporated in transactions within the platform, and Web3 will be facilitated. By collaborating with Monday, users will be able to send and receive digital tokens through their domain names, eliminating the need to remember long and complicated wallet addresses.
A DLT-based domain name provider also announced a partnership with stablecoin issuer Circle last year to replace the "long alphanumeric wallet addresses" with "simple and easily-readable" usernames.