MyEtherWallet becomes the first wallet to integrate the new functionality
Unstoppable Domains, a company building blockchain domain names, in partnership with Chainlink, the most widely used and secure oracle network, announced the launch of their Twitter authentication service for .crypto addresses. With this new feature, .crypto users can quickly authenticate by connecting to a public social media profile, and verify the address’ ownership through MyEtherWallet (MEW), which is the first platform that integrated the new feature.
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“It’s time to remove fraudulent practices from blockchain payments. Adding your Twitter handle to your blockchain address provides a missing layer of transparency to make crypto safer. For the first time, anyone can use MEW to verify someone’s identity before they send them crypto”
“This verification solution is making crypto payments more user-friendly than ever before,” said Brad Kam, Unstoppable Domains co-founder. “It attaches real-world information to a cryptocurrency address, while still enabling a level of privacy through the use of pseudonyms or avatars.”
Phishing scams have been a real threat for many years and crypto addresses have often been vulnerable to such attacks. A recent Twitter breach that affected famous Twitter accounts earlier this year, including Joe Biden, Barack Obama and Elon Musk, led to 400 payments being sent to malicious bitcoin addresses.
“It’s time to remove fraudulent practices from blockchain payments. Adding your Twitter handle to your blockchain address provides a missing layer of transparency to make crypto safer. For the first time, anyone can use MEW to verify someone’s identity before they send them crypto,” said Kosala Hemachandra, founder of MyEtherWallet.
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Having already removed the need for long unreadable cryptographic addresses, with Unstoppable Domains [name].crypto addresses, the team is now integrating authentication powered by Chainlink oracles, that can connect each .crypto address to a public Twitter username. The verification is instantly confirmed and logged on the blockchain. Thus, when sending funds from their wallets, users will be visually notified if the address they’re transacting with has been verified.
“We’re excited to empower cryptocurrency users with secure and reliable information so they can transact more confidently with verified addresses,” said Daniel Kochis, Head of Chainlink Business Development. “P2P payments such as Paypal, Venmo and Cash App have totaled $310 billion in 2019 and are experiencing tremendous growth. Ownership verification for crypto addresses represents a major milestone towards attracting new users to the ecosystem.”
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