If you have ever traded in cryptocurrency, you have probably experienced the anxiety of sending your funds from one wallet to another – did you make a mistake? Did it go through? Have all your coins ended up in the wallet of some random on the other side of the world?
First of all, you have to copy and paste the long and complex string of letters and numbers, then you need to double and triple check you got it right, then you have to be totally sure that you sent it to the right address, then you cross your fingers and hope for the best.
The issue of Bitcoin address formats is a rather familiar one but there is no hope in sight as the possibility of human-readable addresses could be a reality.
“One of the main problems facing mass adoption of cryptocurrency usage is the difficult nature of making token transactions,” says Isabella Dell, Founder, and CTO of IOV (Internet of Value). “When it comes to actual end-users, blockchain platforms have failed to solve the user experience problem around wallet addresses in particular.”
IOV has worked hard to create the first blockchain name service (BNS) application which allows an individual user to input their own public keys and then to register a human-readable value address. This will change BTC addresses from long strings of letters and numbers to something simple such as emma*iov.value.
Idiot proof design
These new addresses are designed to be easier, shorter, and essentially idiot proof. They are aimed at those who are not particularly comfortable with technology as well as those that have just ventured into the world of cryptocurrencies. Designed to look like email addresses, the familiarity that they offer will help encourage more and more users to dabble in this exciting new market.
IOV also has plans in the pipeline to make it even easier for crypto-adapters to solve the issue of Blockchain wallet interoperability (a big word for managing multiple crypto coins across different blockchains).
At the moment, most blockchains exist in a solo where you are only able to interact with that blockchain system by sending your coins to a centralised exchange, trading them for a different coin and then sending them to a supporting wallet. This process is cumbersome, open to losses and human area, as well as taking up a lot of valuable time.
Cross-chain atomic swaps
By using cross-chain atomic swaps, the IOV plans to make moving funds from one blockchain to another, considerably easier as well as a P2P experience.
“With a cross-chain atomic swap, we actually have the transactions in the chains, yet they are only claimable by the two parties,” Dell explained.
This ground-breaking work from IOV earned them first place at this years TechCrunch Startup Battlefield Europe Event.
By launching the use of BNS and cross-chain atomic swaps, the IOV team is laying the foundations for a future where thousands of different cryptocurrencies are all able to service a unique purpose within their ecosystem, yet they will allow their holders to switch between them as easily as you do with your browser tabs.
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