Making cryptocurrency payments more accessible and trustworthy is a big hurdle to overcome. Chainlink and Unstoppable domains have come up with a potential solution. Users can now verify ownership of their cryptocurrency addresses through Twitter.
A Different Approach to Cryptocurrency Payments
It is interesting to see how new initiatives may pave the way for broader crypto adoption. Trusting random wallet addresses over the internet is very difficult. These addresses have no identity attached to them. That situation will come to change in the near future, with the help of Chainlink and Unstoppable Domains. Both teams are collaborating on a new Twitter authentication service.
Through this service, users can authenticate ownership of their addresses through a social media profile. An intriguing approach, albeit one that further erodes any shimmer of privacy. The first solution to integrate this new feature is MyEtherWallet. It is still one of the most prolific Ethereum wallet services on the market today.
MEW Founder Kosala Hemachandra adds:
“It’s time to remove fraudulent practices from blockchain payments. Adding your Twitter handle to your blockchain address provides a missing layer of transparency to make crypto safer. For the first time, anyone can use MEW to verify someone’s identity before they send them crypto.”
At its core, this collaboration will make cryptocurrency payments more user-friendly. Attaching real-world information to a crypto address is a very risky move, though. It is not something everyone will use or see merit in. Many people use crypto to mask their real-world identity, rather than sharing it publicly.
Chainlink Oracles to the Rescue
Given the core business model of Unstoppable Domains, this seems a logical next step. Removing the need for lengthy crypto addresses has been a key selling point. Integrating authentication – with the help of Chainlink oracles – is the next big step. For average users, this may prove beneficial. Die-hard enthusiasts, however, will steer away from this option altogether.
For Chainlink, this is another feather in the cap. Its decentralized oracles can connect every crypto address to a public Twitter username. The oracles will verify the information instantly and record it on the blockchain. The impact of this new service on cryptocurrency payments remains to be determined. For businesses, this can make a very big difference. Everyone else, however, can determine whether it is worth exploring this option or not.
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