Cryptocurrency domains could revolutionize online user identification

Matt Gould, the founder of Unstoppable Domains (UD), one of the largest cryptocurrency domain platforms, said that his company will allow customers to register domain names both as NFTs and as personal identification. Customers will be able to use the tokens to make cryptocurrency payments — the domain will also serve as a cryptocurrency wallet address. Gould suggested that cryptocurrency domain names are likely to be the future user identification system of the Web3 world.

The UD CEO explains that once people start using crypto domains as a way to identify themselves, interaction with Web3 applications will become much easier. If the new NFT-based identification system develops as Gould expects, it will be much harder for attackers to create fake profiles and misappropriate other people’s intellectual property and finances on Web3 platforms.

«The reputation that arises from a user’s constant digital activity online is a huge value and advantage. Therefore, it is important not only to own your personal data, but also to be able to build your reputation and protect the right to it online,» Gould said.

It is worth noting that this is not the first discussion about cryptocurrency domains in recent times. Before The Merge, Ethereum co-founder Vitalik Buterin organized a poll on the fair price of cryptocurrency domains. The developer asked his Twitter followers what price the community considers adequate to register and retain ownership of the 5-letter .eth address for 100 years. The survey involved 91,130 Buterin followers. Half of the respondents (49.8%) believe that the fair price should be less than $ 100. The votes for the other options were almost equally divided:

• from $ 100 to $ 999 — 18.4%
• from $ 1,000 to $ 9,999 — 12.8%
• above $ 10,000 — 18.9%.

Recently, we talked about the fact that the cryptocurrency exchange Binance introduced a new product to the community — Binance Account Bound (BAB) identification tokens. They can be created by all Binance customers who have registered and passed KYC verification. The token will store credentials in the BNB network, which will allow users to seamlessly use all products of the decentralized cryptocurrency ecosystem. BAB will also allow users to participate in the creation of special projects and receive rewards for this.