Why crypto domain names could evolve into the internet's first identity system
The Scoop
The First Use Case for NFT Domains
Mac gould, founder and so at unstoppable domains. Unstoppabled domains sell sovereign identities for crypto currency wallets. Mac: We really like to think about these as use our own identities. This is a big deal, because there really isn't an identity system for the internet yet.
Unstoppable Domains allows users to register domain names via non-fungible tokens (NFTs) which can then be used to receive crypto payments, and as digital identity markers around Web3.
In July, the company raised $65 million in a Series A, successfully clinching ‘unicorn’ status at a $1 billion valuation.
In this episode of The Scoop, Unstoppable Domains’ Founder and CEO Matt Gould explains why NFT domain names are likely the future identity system for Web3, and how persistent digital identities will redefine the importance of online reputation.
As Gould explains, once people start using an NFT domain as part of their online identity, additional interactions with Web3 applications will link more information to that NFT domain name, and a digital identity begins to emerge:
“We think this is a big deal because there really isn't an identity system for the Internet yet, and a lot of people in the space think this is probably one of the big unlocks for crypto and blockchain over the next several years.”
If this new NFT-based identity system develops the way Gould anticipates, then it will also be significantly harder for people to create fake reputations on Web3 platforms.
Given bots and scammers are notorious problems on existing Web2 platforms, Gould thinks the implications could fundamentally change how we view online interactions:
“Reputation that comes from having persistent digital identities is another huge benefit — not only owning your data, but being able to create your reputation will make online interactions hopefully more pleasant.”
Episode 88 of Season 4 of The Scoop was recorded live withhe Block's Frank Chaparro and Unstoppable Domains Founder and CEO Matt Gould.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen
About Tron
TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord |
About Chainalysis
Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
About IWC Schaffhausen
IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com.
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