Interview with OKEx CEO Jay Hao and Unstoppable Domains Founder Brad Kam
Interview with OKEx CEO Jay Hao and Unstoppable Domains Founder Brad Kam
Jay Hao: OKEx has long-admired the job of Unstoppable Domains in enabling cheaper and faster payments and making cryptocurrency more accessible to everyday folks. We also share in a joined belief that onboarding individuals to cryptocurrency should be as simple as possible. It was therefore a natural alliance for us.
Jay Hao: Since everything you need to receive some cryptocurrency supported by OKEx and Unstoppable Domains is your domain name, it removes the trouble of recalling a complicated wallet address and greatly accelerate the process. You can also reuse it as many times as you need, infinitely, so it can be saved in address books — unlike traditional cryptocurrency addresses that expire — and you’ll be able to receive all currencies to the same address, instead of having to supply one for ETH, one for BTC, one for OKB, etc..
We are already seeing great strides in blockchain interoperability through projects like Cosmos and Polkadot, and blockchains with high throughput that can support large-scale dApps and users such as OKExChain, Algorand, and others. Additionally, Ethereum’s transition into ETH 2.0 is going to be a watershed moment in furthering this development. However, I think we are still in the early days. If we compare it to the development of the world wide web, perhaps we’re still in 1995. Although the pace of growth of the decentralized web will surely be faster, I do not think it’s realistic to expect a fully decentralized net for many years to come.
In what ways do custom cryptocurrency domains improve the speed and simplicity of sending crypto assets?
This also greatly reduces the possibility of human error, either typing or copying the wrong address or selecting the incorrect address for a certain cryptocurrency and having it lost forever. This is no longer a worry using a cryptocurrency domain.
Can you tell us a little bit about how the collaboration came to light?
Jay Hao: We are launching a series of incentives across five weeks to encourage more users to try out this new feature and make them share the word with their buddies. This is a really big step for OKEx to improve the total user experience for our clients and we want to make sure the integration reaches as many of our users as you can!
What do you have to say about contrasts between crypto as well as the early dot com bubble generally?
What’s OKEx doing to indicate this partnership?
Even more importantly, they can use this domain to get payment in all the various currencies supported by OKEx wallet and Unstoppable Domains. This makes receiving payments infinitely easier and faster, thus dramatically improving the consumer experience. This is a terrific step forward in breaking down that barrier and inviting more customers to transact easily with crypto.
Jay Hao: There is so much potential for cryptocurrencies to improve all aspects of our everyday lives and intersect with other internet technologies to provide us with solutions to guard our information, improve efficiency, eliminate transaction barriers, and have a significant impact on the global economy.
Brad Kam: We also believe that the world wide web is inevitably heading towards Web3, and that is ultimately what we’re building towards in Unstoppable. You have property rights in the real world, but you do not have property rights on the internet. The decentralized web is all about providing users digital property rights — you command your domains, your information, etc.. When folks start to see they have the option between a legacy system where they do not have their data, versus a decentralized network that provides more security and possession, they’ll go with the latter every time. This obviously won’t happen overnight as it requires plenty of the main features of the world wide web to be overhauled onto the decentralized web, like chat, content programs, et cetera.
Why did OKEx choose to associate with Unstoppable Domains?
To talk about the revolutionary partnership and how tradition crypto wallet addresses will affect the future of the market, we’re talking with OKEx CEO Jay Hao and Unstoppable Domains Founder Brad Kam. To get started, we’d love to thank you for the opportunity to talk to our viewers about the integration.
How do these Unstoppable Domains reroute to classic cryptocurrency addresses?
And how else will cryptocurrencies eventually intersect with other internet technologies, much as they have with Unstoppable Domains?
Jay Hao: In the early dot com days, many people did not really fully understand the value proposition of the web and nobody could have imagined the central role it would play in our lives. People started to really realize what a useful tool it could be a couple of years later and began clamoring for domains I’d say in the late 90s and up until the bubble burst in 2001. It is my perception that Unstoppable Domains has already registered over a quarter of a million domain names, but the first actual peak in demand has yet to arrive. I will allow Brad to elaborate further on this.
Jay Hao: I believe that we can draw comparisons, in the fact that new technology is not well understood in the beginning, people are quick to reject it, to call it a scam, to dismiss it. We’ve been seeing the same thing with cryptocurrency over the years — and are still, in many cases. It’s possible that we are now beginning to see something similar to the start of the dot com bubble when demand started climbing, gradually, then suddenly. This will produce very substantial volatility in the markets and might push prices to unrealistic levels before they correct again.
Jay Hao: Another really big advantage of creating a domain with Unstoppable Domains is they are user owned. Since they are hosted over multiple nodes on the decentralized web, unlike a standard domain on the present internet that can be stopped or taken offline, the only individual that can take your crypto domain offline is you. You also only pay a one-off registration fee and there are no ongoing renewals after that since you have the domain instead of lease it from a centralized party.
Jay Hao: User experience is still one of the significant barriers to mass adoption. Although the crypto market has made great strides in improving this, unless we can make sending payments as straightforward as using a credit card or a well-known payment service like WeChat Pay or PayPal, many regular users will not really consider it. Nobody is searching for a service that makes their life more complicated.
Thanks, Jay. Likewise, we’ve seen OKEx as a leader in innovation for the blockchain industry and exchanges. We felt this was a natural fit in enabling users to easily get onboarded into crypto. It’s important for exchanges like OKEx to leverage human-readable names as the normal way of introducing new users since it removes any initial fear of using cryptocurrencies.
Jay Hao: At OKEx, we are constantly striving to improve the user experience and make onboarding the next wave of individuals into crypto easier and more intuitive for everybody. This partnership with Unstoppable Domains for us was a logical step since we share these same ideals and beliefs.
crypto domain. Then, whenever someone sends a payment for their domain in a supporting wallet like OKEx, the wallet reroutes the payment to the correct cryptocurrency address.
Do you believe a totally”decentralized web” is possible?
Brad Kam: We’ve actually just doubled that amount with over 500,000 registered domains. There have always been early adopters that see the future potential of blockchain domains and claimed any names, words, or phrases that they believe to be valuable later on. We’ve also just started releasing what we call Premium Domains, which are brief and common names in high demand. “Win.crypto” was the first to be bought for $100,000, breaking the record for the highest price of a blockchain domain purchased.
What are some other benefits of Unstoppable Domains generally?
Thanks, Jay. To put it simply, a blockchain domain is an NFT that lives inside your wallet like cryptocurrency. Like every ERC-721 token, it can store various types of records inside the intelligent contract. For blockchain domains, this can be an IPFS hash, email, social manage and also cryptocurrency addresses. When a user enters his domain name in the wallet application, a look-up occurs from the intelligent arrangement and the domain routes the transaction to the attached address. Because a blockchain domain is an NFT, it is easy to send it around from pocket to pocket to change ownership. We’ve been working on this with several wallets and echanges like OKEx so that in the not too distant future, you will have the ability to use your domain name to send and receive crypto essentially anywhere.
How do the habit addresses Unstoppable Domains provide break down barriers to crypto adoption?
We will see this more in more in many diverse areas from NFTs and fan interaction in sports and gaming, to open fund, improving the security and efficiency of IoT devices, rewarding content creators and musicians, holding companies accountable for their actions, enabling fast and fair payments for smart energy… and so many more use cases that we cannot even imagine at this stage of the game. We are living in very exciting times and are privileged to witness a lot of innovation that will improve the lives of all individuals in the world.
Released at Tue, 30 Mar 2021 14:54:14 +0000
Either way, exactly like the world wide web, cryptocurrencies are a long game and they are not going anywhere. There might be several’bubbles’ on the way to mass adoption which might see some of the early adopters shaken from the markets as they’re replaced by more innovative competitors. But the future direction is clear and I believe that those investors who missed out on the early days of the internet and investing in the IPOs of a few of the companies that are now controlling our lives won’t make the same mistake again this time around.
We now have the opportunity to correct the mistakes we made when constructing the world wide web, giving users control of their own data , and making it a fairer and more efficient ecosystem for everybody. The technology is still young, and we need to reach a place where blockchains can scale to embrace billions of users and interoperate with one another.
Early during the dot com days, there was an explosion of need around domain names. How has the need been since the launch? And has it increased along with the general crypto market trend?
Asking users to offer long payment addresses that are impossible to memorize and that expire constantly is simply too much of an inconvenience for many users. Moreover, they need to supply various addresses for each different currency they want to get. This means that, though they get the benefits of near-instant payment, it can have a while to set the payment up.
Brad Kam: Yeah, beyond ease of use, I would say decentralization and possession are another big two motives behind what we do. The internet as we know it is faulty because much of it depends on centralized authorities like ICANN and GoDaddy. As we work towards building Web3, the internet that is controlled by the users, individuals can be confident that their site isn’t dictated by another entity. It has new features like payments and most importantly that users are in control of their domain names, not companies. Everything they do on web3 is truly in their control, whether they use their domain name for a wallet, a retail site, an art gallery, articles page, whatever, it is all up to them and nobody can take it away from them.