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Bitcoin Company Plans to Use Names for Online Wallets

Avatar newsbtc 5 years ago

Bitcoin company Netki proposed the use of readable names for online wallets instead of the randomly-generated string of text for addresses. For the company, one of the reasons why bitcoin adoption has been slow is the complexity of these identifiers which are not easy to remember.

In shifting to more human-friendly names for online wallets, the bitcoin company hopes that transferring cryptocurrencies would be as seamless as sending email. Netki uses a combination of the blockchain from Namecoin and a secure DNS to store names and map it to the address.

Bitcoin Company Naming Technology

“Your base records reside in the Namecoin blockchain proving ownership, and allowing for full, censor-proof control,” said Netki CEO Justin Newton. “The actual wallet name-to-address lookups occur on standard DNS records secured and authenticated using DNSSEC.”

He added that this combination of decentralized and distributed technology should provide control and ownership of the blockchain while ensuring privacy in keeping your actual name off the public ledger. He also explained that this technology will allow online wallets to distribute names in the same manner as email companies suggest usernames.

Another bitcoin company called OneName is also adopting the same strategy, although Newton pointed out that using social identities and signatures could invalidate the privacy feature offered by the blockchain. “For us, making it easy to share your address with anyone without having to publish it to everyone is one of the keys to our service,” he explained.

Newton emphasized that privacy and anonymity are being prioritized by his bitcoin company, as he pointed out that the use of HD wallets allows for returning of a unique address every time. “The combination of HD Wallets and Payment Requests with Wallet Names increases the privacy and security of sending bitcoin, while at the same time making it more user friendly and reassuring to end users,” he said.

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