As more exchanges start to support the simplified address format, will error-prone text-string addresses become a thing of the past?
Global cryptocurrency exchange OKEx announced Feb. 9 that it has integrated support for blockchain-based addresses from Unstoppable Domains into its customer wallets.
This means that rather than needing to provide individual wallet addresses for each token type, users can send and receive any of the many currencies supported by both OKEx and Unstoppable Domains via a single .crypto or .zil domain name.
In practice, this functionality was already available for incoming transactions. The domain owner could simply set up the redirects for each currency to their OKEx wallet addresses via the Unstoppable Domains platform.
However, OKEx wallet can now accept .crypto addresses for outgoing transactions and will redirect these to the addresses specified by the domain owner.
Simplified address formats can enhance the user experience and remove one of the remaining barriers for beginners getting into the crypto space, according to OKEx CEO Jay Hao.
Blockchain domains are also censorship-resistant, meaning that it is impossible to take down or deplatform an address on the decentralized web.
OKEx’s announcement sees it following other major exchanges such as Coinbase and Huobi in supporting the .crypto and .zil address format.
OKEx also recently announced that it would implement Bitcoin’s Lightning Network during the first quarter of 2021, providing customers with faster transactions and lower fees.