Interview with OKEx CEO Jay Hao and Unstoppable Domains Founder Brad Kam


Lately, OKEx built-in Unstoppable Domains into its crypto pockets system to enhance the general person expertise and allow quicker funds from peer to look. To debate the groundbreaking partnership and the way customized crypto pockets addresses will affect the way forward for the business, we’re talking with OKEx CEO Jay Hao and Unstoppable Domains Founder Brad Kam. To get began, we’d prefer to thanks for the chance to talk to our viewers concerning the integration.


Are you able to inform us somewhat bit about how the collaboration got here to gentle?

Jay Hao: OKEx has long-admired the work of Unstoppable Domains in enabling cheaper and quicker funds and making cryptocurrency extra accessible to on a regular basis folks. We additionally share in a joined perception that onboarding folks to cryptocurrency must be as simple as potential. It was subsequently a pure collaboration for us.

Brad Kam:

Thanks, Jay. Likewise, we’ve seen OKEx as a pacesetter in innovation for the blockchain business and exchanges. We felt that this was a pure slot in permitting customers to simply get onboarded to crypto. It’s vital for exchanges like OKEx to leverage human-readable names as the usual methodology of introducing new customers as a result of it removes any preliminary concern of utilizing cryptocurrencies.

How do the customized addresses Unstoppable Domains present break down limitations to crypto adoption?

Jay Hao: Person expertise remains to be one of many main limitations to mass adoption. Though the crypto business has made nice strides in enhancing this, until we are able to make sending funds so simple as utilizing a bank card or a well known fee service like WeChat Pay or PayPal, many on a regular basis customers will merely not take into account it. Nobody is in search of a service that makes their life extra difficult.

Asking customers to supply lengthy fee addresses which might be unattainable to memorize and that expire always is just too a lot of an inconvenience for a lot of customers. Furthermore, they should present completely different addresses for every completely different forex they wish to obtain. Which means that, though they obtain the advantages of near-instant fee, it could possibly take a very long time to set the fee up.

Due to our integration with Unstoppable Domains, customers can now create their very own area title, which will be quite simple, simple to recollect, and used time and again, comparable to sally.crypto or tommy.crypto. Much more importantly, they’ll use this area to obtain fee in all of the completely different currencies supported by OKEx pockets and Unstoppable Domains. This makes receiving funds infinitely simpler and quicker, thus dramatically enhancing the person expertise. It is a nice step ahead in breaking down that barrier and inspiring extra customers to transact simply with crypto.

In what methods do customized cryptocurrency domains enhance the velocity and ease of sending crypto property?

Jay Hao: Since all you’ll want to obtain any cryptocurrency supported by OKEx and Unstoppable Domains is your area title, it eliminates the difficulty of recalling a sophisticated pockets tackle and drastically accelerates the method. You too can reuse it as many occasions as you want, infinitely, so it may be saved in tackle books – not like conventional cryptocurrency addresses that expire – and you’ll obtain all currencies to the identical tackle, moderately than having to supply one for ETH, one for BTC, one for OKB, and so forth.

This additionally drastically reduces the danger of human error, both typing or copying the improper tackle or deciding on the improper tackle for a sure cryptocurrency and having it misplaced eternally. That is not a fear utilizing a cryptocurrency area.

How do these Unstoppable Domains reroute to conventional cryptocurrency addresses?

Jay Hao: I feel that Brad can clarify this higher, however basically, customers add their cryptocurrency addresses for BTC, ETH, OKB, or no matter forex they want to obtain to their .crypto area. Then, when somebody sends a fee to their area at a supporting pockets like OKEx, the pockets reroutes the fee to the proper cryptocurrency tackle.

Brad Kam:

Thanks, Jay. Merely put, a blockchain area is an NFT that lives inside your pockets like cryptocurrency. Like each ERC-721 token, it could possibly retailer several types of information contained in the sensible contract. For blockchain domains, this may be an IPFS hash, electronic mail, social deal with and likewise cryptocurrency addresses. When a person enters his area within the pockets software, a look-up occurs within the sensible contract and the area routes the transaction to the connected tackle. As a result of a blockchain area is an NFT, you may simply ship it round from pockets to pockets to vary possession. We’ve been engaged on this with a number of wallets and echanges like OKEx in order that within the close to future, you’ll be capable of use your area to ship and obtain crypto principally anyplace.

What are another advantages of Unstoppable Domains generally?

Jay Hao: One other actually large profit of making a website with Unstoppable Domains is that they’re person owned . Since they’re hosted over a number of nodes on the decentralized net, not like an everyday area on the present web that may be ceased or taken offline, the one individual that may take your crypto area offline is you. You additionally solely pay a one-off registration charge and there aren’t any ongoing renewals after that because you personal the area moderately than hire it from a centralized celebration.

Brad Kam: Yeah, past ease of use, I’d say decentralization and possession are the opposite large two causes behind what we do. The web as we all know it’s flawed as a result of a lot of it depends on centralized authorities like ICANN and GoDaddy. As we work in direction of constructing Web3, the web that’s managed by the customers, folks will be assured that their web site isn’t dictated by one other entity. See it as DNS 2.0. It has new options like funds and most significantly that customers are in charge of their domains, not corporations. Every part that they do on web3 is really of their management, whether or not they use their area as a pockets, a retail web site, an artwork gallery, content material web page, no matter, it’s all as much as them and nobody can take it away from them.

Why did OKEx select to companion with Unstoppable Domains?

Jay Hao: At OKEx, we’re always striving to enhance the person expertise and make onboarding the subsequent wave of individuals into crypto simpler and extra intuitive for all. This partnership with Unstoppable Domains for us was a logical step since we share these identical beliefs and beliefs. On prime of that, Unstoppable Domains is making nice contributions towards the event of the decentralized net and we’re at all times seeking to companion with modern pioneers within the house.

Do you suppose a totally “decentralized net” is feasible? In that case, by what yr do you mission this to occur?

Jay Hao: I firmly imagine {that a} absolutely decentralized net shouldn’t be solely potential however an absolute certainty. We now have the chance to right the errors we made when constructing the web, giving customers management of their very own knowledge once more, and making it a fairer and extra environment friendly ecosystem for all. The expertise remains to be younger, and we have to attain a spot through which blockchains can scale to undertake billions of customers and interoperate with one another.

We’re already seeing nice strides in blockchain interoperability by means of tasks like Cosmos and Polkadot, and blockchains with excessive throughput that may assist large-scale dApps and customers comparable to OKExChain, Algorand, and others. Additionally, Ethereum’s transition to ETH 2.0 shall be a watershed second in furthering this improvement. However I feel we’re nonetheless within the early days. If we examine it to the event of the web, maybe we’re nonetheless in 1995. Though the tempo of improvement of the decentralized net will definitely be quicker, I don’t suppose it’s sensible to anticipate a totally decentralized net for a number of extra years to come back.

Brad Kam: We additionally imagine that the web is inevitably heading in direction of Web3, and that’s in the end what we’re constructing in direction of at Unstoppable. You might have property rights in the actual world, however you don’t have property rights on the web. The decentralized net is all about giving customers digital property rights – you management your domains, your knowledge, and so forth. When folks start to see that they’ve the choice between a legacy system through which they don’t personal their knowledge, versus a decentralized community that gives extra safety and possession, they’ll go along with the latter each time. This clearly received’t occur in a single day as a result of it requires a variety of the principle options of the web to be overhauled onto the decentralized net, like chat, content material platforms, et cetera. It’s powerful to place a quantity on it, however we’ll get there, even when it takes 5 to 10 years. We’re in it for the lengthy haul.

Early on throughout the dot com days, there was an explosion of demand round domains. How has the demand been for the reason that launch? And has it elevated together with the final crypto market pattern?

Jay Hao: Within the early dot com days, most individuals didn’t actually absolutely perceive the worth proposition of the web and nobody may have imagined the central function that it might play in our lives. Individuals began to actually understand what a useful gizmo it might be a couple of years later and started clamoring for domains I’d say within the late 90s and up till the bubble burst in 2001. It’s nonetheless early days for the decentralized net. It’s my understanding that Unstoppable Domains has already registered over 1 / 4 of one million domains, however the first actual peak in demand has but to reach. I’ll enable Brad to elaborate additional on this.

Brad Kam: We’ve truly simply doubled that quantity with over 500,000 registered domains. There have undoubtedly been early adopters that see the long run potential of blockchain domains and claimed any names, phrases, or phrases that they imagine to be invaluable sooner or later. We’ve additionally simply began releasing what we name Premium Domains, that are quick and customary names in excessive demand. “Win.crypto” was the primary to be purchased for $100,000, breaking the file for the best value of a blockchain area ever bought. So persons are undoubtedly seeing the worth on this, and we anticipate extra to come back on board as we see the NFT house blowing up and persons are excited to get their palms on these as uncommon collectibles.

What do you need to say about comparisons between crypto and the early dot com bubble generally?

Jay Hao: I feel that we are able to draw comparisons, in the truth that new expertise shouldn’t be effectively understood at first, persons are fast to reject it, to name it a rip-off, to dismiss it. Now we have been seeing the identical factor with cryptocurrency over time – and nonetheless are, in lots of instances. It’s potential that we are actually beginning to see one thing much like the beginning of the dot com bubble when demand began rising, step by step, then all of the sudden. It will produce very excessive volatility within the markets and will push costs to unrealistic ranges earlier than they right once more.

Both manner, identical to the web, cryptocurrencies are an extended sport they usually aren’t going anyplace. There could also be a number of ‘bubbles’ on the way in which to mass adoption which can see a number of the early adopters shaken out of the markets as they’re changed by extra modern rivals. However the future course is obvious and I feel that these traders who missed out on the early days of the web and investing within the IPOs of a number of the corporations that are actually dominating our lives is not going to make the identical mistake once more this time round.

And the way else will cryptocurrencies finally intersect with different web applied sciences, a lot as they’ve with Unstoppable Domains?

Jay Hao: There may be a lot potential for cryptocurrencies to enhance all features of our day by day lives and intersect with different web applied sciences to supply us with options to guard our knowledge, enhance effectivity, remove transaction limitations, and have a considerable affect on the worldwide economic system.

We’ll see this extra in additional in many various areas from NFTs and fan interplay in sports activities and gaming, to open finance, enhancing the safety and effectivity of IoT units, rewarding content material creators and musicians, holding corporations accountable for his or her actions, enabling quick and truthful funds for sensible power… and so many extra use instances that we can not even think about at this stage of the sport. We live in very thrilling occasions and are privileged to witness a lot innovation that may enhance the lives of all people on earth.

What’s OKEx doing to mark this partnership?

Jay Hao: We’re launching a collection of incentives throughout 5 weeks to encourage extra customers to do this new characteristic and get them to share the phrase with their mates. It is a actually large step for OKEx to enhance the general person expertise for our clients and we wish to ensure the combination reaches as a lot of our customers as potential!

 

 

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