Enhancing Crypto Safety with Web3 Domains
By Matt Gould, CEO and Co-Founder, Unstoppable Domains
Within the earliest days of constructing Unstoppable Domains, we prioritized utilizing Web3 domains to ship and obtain crypto. Whereas the utility of Web3 domains has since exploded, sending crypto stays an necessary use case. Right now, with 169 wallets built-in with Unstoppable, it’s by no means been simpler to ship and obtain crypto utilizing Web3 domains. However even nonetheless, some degens proceed to depend on lengthy, alphanumeric crypto pockets addresses for his or her day-to-day crypto wants.
Right here’s why sending crypto to a unadorned deal with isn’t a good suggestion.
To begin, I’ll state the plain: It’s too straightforward to make a mistake when sending to an alphanumeric crypto deal with. In contrast to Web3 domains like matt.crypto, crypto pockets addresses are practically unimaginable to memorize. With one mistyped letter or quantity, your funds are gone endlessly. That is exacerbated by the truth that many individuals have a number of crypto addresses to maintain monitor of throughout the totally different cash they use. Because of this, most individuals will use copy/paste to make sure they enter to the right deal with.
However current malware assaults have made the necessity for Web3 domains much more pressing. A clipboard stealer, or “clipper,” reported in November 2022 acknowledges once you’re pasting a crypto pockets deal with and modifications it, diverting fee to the attacker. Since most individuals don’t have their crypto deal with memorized, it’s troublesome to establish whether or not that lengthy string of letters and numbers you simply pasted belongs to you – or to a hacker.
Straight away, the funds you meant to withdraw or ship are misplaced endlessly.
With Web3 domains like matt.crypto, you’ll be able to keep away from these assaults. It’s a lot simpler to identify an issue in the event you attempt to paste in “matt.crypto” and as an alternative see an unrecognized crypto pockets deal with – supplying you with an opportunity to appropriate the problem earlier than you hit ship. Shorter, human-readable Web3 domains are additionally way more memorable, so you’ll be able to kind in and ensure your pockets deal with with out having to depend on copy and paste.
Whereas it’d nonetheless be potential for a hacker to attempt an analogous assault concentrating on Web3 domains, the boundaries to entry are extra cumbersome – they’d have to purchase and configure a site identify, then goal customers that had an analogous Web3 area to themselves with a purpose to have an opportunity at success.
Web3 domains additionally give senders the power to lookup more information to ensure they’re sending it to the precise individual. As an illustration, you’ll be able to verify the consumer’s Profile and see whether or not the Twitter account related to that area is the precise one. This acts as an extra verify when sending crypto.
Better of all, with Unstoppable domains, you get a single deal with that you should utilize to ship 310+ totally different cash or tokens, so that you solely have one identify to memorize.
Briefly, there are numerous ways in which Web3 domains and the blockchain could make the Web and cash safer. Sending crypto with Web3 domains isn’t simply handy – it provides an necessary layer of safety for customers.
