Unstoppable Domains Review: Is It Worth It?
Unstoppable Domains Review
In this Unstoppable Domains review, we will be examining whether or not Unstoppable Domains is safe, secure, private, and overall worth your money!
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Blockchain technology has unlocked a digital, autonomous, distributed ledger that anyone from across the globe can transact on. Transacting on the blockchain involves interacting with wallet addresses. Each cryptocurrency has a wallet and each wallet has an address. Sometimes a wallet will have more than one receiving address. These addresses are complex and lengthy strings containing both numbers and letters. More than often, it is difficult to verify that you have entered the correct address before sending cryptocurrency because of the length and complexity of blockchain addresses. Also, if you accidentally send one cryptocurrency to a wallet address that belongs to a different cryptocurrency, for instance, send Bitcoin to an Ethereum address, then the funds you send will be lost forever. If only there was a way to link a readable domain name to a wallet address. This should make it easier to transact on blockchain networks since there would no longer be a need to interact with raw wallet addresses. Well, this is where Unstoppable Domains comes in. In today’s article, we will take a look at what Unstoppable Domains is and the pros and cons of Unstoppable Domains.
What Is A Blockchain Wallet?
In many ways, a blockchain wallet is similar to a bank account in the real world. Each wallet has a “bank account number” and a “password”. What makes a blockchain wallet different from a bank account is that there is no central institution that secures and maintains your bank account. A blockchain wallet is completely your own responsibility. Since there is no central institution, such as a bank, securing your wallet on the blockchain, people on a blockchain network rely on encryption to secure their funds in the network. With this being the case, the bank account number and password of each blockchain wallet are a bit more complex.
A raw blockchain wallet uses a cryptographic protocol called keys. Each blockchain wallet has a pair of keys. One key is a private key and the other is a public key. The private key is sort of like your pin for your blockchain wallet, and it proves that you are the owner of the funds in your wallet on the blockchain. Anyone with a wallet’s private key can spend the funds in a wallet. Therefore, it is important that you don’t share your private key with anyone else as you would grant them free access to your wallet. On the other hand, the public key is like your bank account number and is used to tell people where to send money to if they would like to pay you. You can share your public key with anyone that wants to send you money.
When receiving funds from someone, you would generate a receive address and share that with them. A receiving address is generated using your wallet’s public key. Some centralized cryptocurrency wallet providers give you the option to generate multiple receive addresses and add notes or payment references for record-keeping. There is no limit to how many receive addresses you can generate for a blockchain wallet.
Now that we have taken a look at how a blockchain wallet works, let’s proceed to take a look at Unstoppable Domains.
What Is It?
Unstoppable Domains was founded by Matthew Gould, the current CEO, in 2018. He saw a need to simplify the way users interact with blockchain wallet addresses. This simplification of interaction with blockchain addresses is the main aim of Unstoppable Domains. The service plans to become a sort of DNS system in the blockchain space, removing the need for users to interact with complicated blockchain wallet addresses and instead make use of readable blockchain wallet domain names or addresses.
Unstoppable Domains have succeeded in achieving their goal of simplifying the interaction with blockchain wallet addresses, and have a domain system that allows users to set up payments for 276 digital assets under a single domain name. Users are also able to use these blockchain wallet domain names for fully functioning websites that can have standalone decentralized applications.
There are a number of features that make Unstoppable Domains stand out. One of the main features is that all domain purchases are once-off purchases and there are no yearly renewal fees or monthly subscription fees. There is also the censorship resistance that comes from purchasing a domain from Unstoppable Domains since all domains are stored on a blockchain under the buyer’s address. This means that any website or decentralized application linked to a domain purchased from Unstoppable Domains cannot be taken down by anyone other than the person who owns the domain.
Domains from Unstoppable Domains also have more functionality than traditional domains because they can be used to receive payments in 1 of 276 of the supported cryptocurrencies, and the domain can also be used to create websites or decentralized applications.
Is It Safe?
Unstoppable Domains is extremely safe because once a person claims a domain, the domain will continue to exist under their blockchain wallet address. This means that the domains are secured by the blockchain itself.
Adding to the safety and security of Unstoppable Domains is that a domain cannot be blocked by anyone other than the person who owns the domain. This means that the website is never at risk of being down due to censorship. Unstoppable Domains’ website where users purchase the domains also includes an extra layer of security and is secured with two-factor authentication.
The cost of domains on Unstoppable Domains depends on two main factors.
The first factor when it comes to domain costing on Unstoppable Domains is the cost of the domain itself. This cost can range from anywhere between $20 and $1000 USD depending on the domain you want. The cost of the domain fluctuates depending on the domain type (for example .crypto) and the length of the domain. Shorter domain names generally cost more. In addition, there are also premium domains that can cost up to tens of thousands of dollars.
The next factor is the gas fee associated with using the Ethereum blockchain to claim your domain. Since the domains are stored on the Ethereum blockchain, the transactions to claim them come in ETH and are not included in the initial purchase. The gas fee that a buyer will pay will depend on the cost of ETH at the time of the purchase as well as the level of congestion on the network. Overall, a buyer should be able to get their hands on a cheap .crypto domain and claim it for under $50 total.
Unstoppable Domains Pros
One-Time Purchase of Domain
There is only a one-time purchasing fee when purchasing a domain from Unstoppable Domains. That means that there are no yearly or monthly subscription fees. Once a buyer purchases a domain, they can use it for as long as they want.
Simplifies the Interaction With Blockchain Wallets
Using a domain from Unstoppable Domains removes the need for users to interact with complex blockchain wallet addresses.
A website linked to a domain from Unstoppable Domains can not be taken down by anyone other than the person who owns the domain that the website is linked to, making the Unstoppable Domains’ service censorship-resistant.
Supports a Large Number of Cryptocurrencies
Unstoppable Domains offers support for 276 cryptocurrencies currently. This means that the same domain can be used to interact with 276 cryptocurrencies - drastically simplifying the interaction with blockchain wallets regardless of which cryptocurrency the user selects.
Unstoppable Domains Cons
Costs ETH to Claim a Domain
Users can currently only purchase domains from Unstoppable Domains using Ethereum. This leaves them at risk of paying more than they should if there is volatility in the market at the time of purchasing a domain.
Widespread Adoption is Questionable
It is still uncertain as to whether or not Unstoppable Domains will achieve widespread adoption. Only time will really tell if more and more people will find the service offered by Unstoppable Domains desirable.
Some Domains Are Still Pre-Sale Only
Since this is a relatively new service offering, some domains are still in pre-sale. Meaning that the buyer will only have access to the domain once it comes out of pre-sale. It is uncertain how long the pre-sale for certain domains will last.
Unstoppable Domains Review: Verdict
Blockchain wallet addresses are complex and lengthy strings that combine both numbers and letters. When transacting on a blockchain, a user needs to interact with these complex wallet addresses if they want to send or receive cryptocurrency - verifying that they use the correct address each time. If they enter the wrong address by mistake, they run the risk of losing the funds used in that transaction. This is where Unstoppable Domains helps cryptocurrency and blockchain users, as they simplify the interaction between users and blockchain wallet addresses. They achieve this by removing the need to use blockchain wallet addresses and instead implementing blockchain-powered domain names that can either be used for transactional purposes or for web-based decentralized applications.
If you'd like to get an Unstoppable Domain with zero renewal fees, simply follow the link below!
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