Unstoppable Domains is a blockchain company that aims to offer internet domains that can’t be censored. Their mission is now one step closer to reality with the successful completion of Series A investment round. The investors, led by Tim Draper’s Draper Associates, will inject US$4 million into Unstoppable Domains.
Blockchain Technology Can Build a Truly Free Internet
For the San Francisco-based company, internet must be and remain free. Also, it must be accessible to everyone, so that every individual can own an internet domain. Speaking of their plans in a press release, the CEO of Unstoppable Domains, Matthew Gold, said:
There are more than 350 million traditional domains registered and they’re worth more than $20 billion, but only businesses use them. Everyone needs a blockchain domain because it makes it easier to receive cryptocurrency. We think the number of blockchain domains could be more than 2 billion.
On the same note, renowned blockchain enthusiast and investor Tim Draper added:
By decentralizing domain names, Unstoppable Domains has the potential to spread free speech around the world. Get your blockchain domains and don’t let them be controlled by anyone else, ever!
What Are the Benefits of Blockchain Domains?
Internet domains built on blockchain have two key advantages over traditional domains. For one, they replace crypto addresses with a single human readable name. Thus, a domain owner can attach all their cryptocurrency addresses to their domain with just a few clicks.
Also, when making a crypto payment, users only need to type in the blockchain domain name into the wallet send field. After they check that the amount is correct, they click send and the transaction is completed.
Secondly, censorship does not affect websites with a blockchain domain. Users keep their domains in a wallet and no third party can seize them. Also, website content is stored on IPFS or other decentralised storage networks. This means that takedown requests cannot be enforced.
Thus, the only person who controls and who can take down a blockchain domain website is its owner.
A Renewed Investment for Free Internet
For Draper and his company, this is the second capital investment into Unstoppable Domains. Draper Associates also led the US$730,000 seed round in December 2018. This new investment will help the blockchain company develop their business model.
To this effect, Unstoppable Domains will create domain extensions (such as .com, .net, etc.) and sell them directly to users. The company has also launched its own internet extension – .zil.
Right now, users can pre-order .zil domains. On the 20th of June, Unstoppable Domains will open a public auction for the most valuable domains. The company has also recently announced that they would no longer set renewal fees for blockchain domains.
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin UK.