India’s largest cryptocurrency exchange, Unocoin, has adopted blockchain-based Unstoppable domains, which simplify cryptocurrency transactions by converting blockchain addresses into readable URLs.

The partnership between Unocoin and Unstoppable Domains, funded by Silicon Valley investor Tim Draper, was expected to reduce translation costs and ease the transaction process for the exchange’s 1.2 million users.

Unstoppable Domains Crypto addresses shift to decentralized sites on the Ethereum and Zilliqa blockchain. Instead of sending coins to the 42-character blockchain address, Unstoppable Domains allow users to create simple URLs that end with ‘.crypto’ and ‘.zil’ extensions. Domain names only need to be purchased once and will always be on the blockchain without renewal or maintenance fees required.

The decentralization aspect of unstoppable domains should be of particular interest to Indian cryptocurrencies, especially in the midst of the anger over the Finance Ministry’s decision to ban Bitcoin (BTC) and other cryptocurrencies.

Opposition to the state’s plan to ban cryptocurrency has surfaced on social media in the form of the #IndiaWantsBitcoin campaign. Despite the uncertainty from the regulators, Unocoin co-founder and CEO Satwik Vishwanath believes that adopting unstoppable areas is in line with the development of the crypto industry in India. Viswanath SA:

“The cryptocurrency space is gaining momentum. In line with the growth of the industry, Unocoin strives to provide users with the best possible experience. The integration of the crypto domain is an important step not only for Unocoin users, but also for more exchange in the country and exploration of simpler and more user-friendly options.”
Unstoppable Domains co-founder Brad Cam mentioned the Indian government’s reluctance to allow cryptocurrencies to spread within its borders:

Historically, cryptocurrencies have mocked the population of India. Domains that cannot be stopped boast of seamless sending and receiving of cryptocurrencies to Unocoin users. Our goal is to simplify cryptocurrency addresses and create human-readable names as the industry standard for wallets and exchanges. ”
On Wednesday, Reserve Bank of India Governor Shaktikanta Das confirmed the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows the general trend that has emerged in recent years as national governments try to regulate the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.

According to Cointelegraph reports, Unstoppable Domains have recently been integrated into Cloudflare’s Distributed Web Analyzer, which means any browser can now access encrypted url extensions.

A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin shuts down in the near future, addresses and URLs created with the platform will remain unchanged. It remains to be seen how the Indian authorities will respond to the use of this technology in the event of a complete ban on the cryptocurrency.

Source: CoinTelegraph