1inch Will Launch Blockchain-Based Domain For Saingi ENS

1inch and Unstoppable Domains collaborate to create blockchain-based domain name services. (Photo; Doc. 1inch)

JAKARTA 1inch, aggregator of decentralized crypto exchanges has collaborated with NFT domain name provider Unstoppable Domains. This partnership has the potential to rival leading blockchain-based domain provider Ethereum Name Service (ENS).

1inch officially announced its partnership with Unstoppable Domains on October 4 yesterday. This collaboration marks the transition of domain names to decentralized spaces. Currently, blockchian-based domain names are dominated by ENS.

Based on the official statement of the 1inch Network, this collaboration allows users of the 1inch Wallet digital wallet to easily transact digital assets in changing wallet addresses. The reason is, currently the wallet address is composed of a combination of random numbers and letters.

If the user accidentally deletes one of the letters or numbers in the wallet address, then the digital asset sent will be lost. Therefore, easy-to-read domain names to replace the wallet address will play an important role for the users. A similar meaning is also offered in other domain names, including ENS.

Meet the most unstoppable announcement this week! 1inch is pleased to announce a partnership with @unstoppableweb, an NFT domain name provider and digital identity platform," wrote a statement from the official Twitter account 1inch Network, @1inch, October 4, 2022.

Unstoppable Domains Achievements that Don't Have ENS

For information, Unstoppable Domains produces a name that users can read easily by printing it as an NFT so that the owner can keep it forever. This is different from ENS which must always be updated regularly, similar to the domain name in general.

Launching CryptoPotato, this platform also offers different usernames for cryptocurrencies that can have endings, including NFT, Wallet, Crypto, Bitcoin, Blockchain, 888, and DAO. Users can interact with their 1inch Wallet with names like Andy.wallet or money.crypto. While the domain name ENS, everything must end with.eth.

According to Unstoppable Domains, these names can also be used as digital identities. When searching for domain names on the platform, CryptoPotato found that the highest price was $10.000 for popular domain names like Andy. Wallet and even higher prices for rare domain names, most of which have been taken.

Sergej Kunz, co-founder of network 1inch, said that user experience, security and identity issues still hold back the mainstream adoption of Web3.

"Partnerships with Unstoppable open up opportunities to overcome these obstacles by making onboarding Web3 more enjoyable and exciting," he added.

Unstoppable Domains claims to have registered 2.6 million names and integrated with 453 other platforms including Trust Wallet, ShapeShift, OpenSea, Coinbase, and Brave browsers. In comparison, ENS has 2.17 million registered names and more than 500 integrations.

Selailn 1inch and Unstoppable Domains which have the opportunity to become rival ENS, Blockchain.com has also distributed the name domain ending.blockchain and has the potential to become a competitor to ENS. Even so, 1inch and Unstoppable Domains offer advantages that are not owned by ENS as mentioned above.