In the world of Bitcoin, there are a lot of innovations underway and many more to come over the next few years. At the same time, we struggle with some of the most simple concepts, such as making it easier for people to remember their Bitcoin wallet address. An alias feature would be a welcome solution and Netki is working on exactly that.
Netki: A Long History in the World of Technology
Whilst most of our readers have probably never heard of Netki (which is not unusual, don’t worry) the people running this company have a long standing history in the world of technology. Netki’s founders entered the industry of technology in the 1990’s, when they helped build core internet infrastructure, back in the day.
It is exactly those principles that Netki is now bringing to the world of digital currency. Bitcoin and other digital currencies are often being compared to when the Internet started peeking around the corner. Many people didn’t believe that the internet would become an integral part of our daily lives, yet, look where we are right now.
By applying the same core principles of the 1990’s to Bitcoin and digital currency, Netki hopes to make these currencies go mainstream. The first step on the long road to achieving mass adoption comes in the form of their Wallet Name Service. To put it briefly, you will be able to name your online digital currency wallet anything you like to make it easier to remember and share with others.
The same “naming” concept has been proven to be a success in the history of the Internet, as well. Once people figured out a way to stop remembering IP addresses and use domain names instead, mainstream adoption was only a few clicks away. But, can the same be done for Bitcoin and other digital currencies?
Easy-to-remember Wallet Names
For most Bitcoin enthusiasts, sharing your wallet address has become such a mundane task that we don’t give it a second thought anymore. But, for novice users who want to get involved with Bitcoin, they see a long string of digits and letters – both uppercase and lowercase – which turns away quite a lot of potential users.
Netki will be tackling this issue by making use of the decentralized Namecoin blockchain and distributed DNSSEC. Some of our readers may find the choice of using the Namecoin blockchain a bit strange, but it shouldn’t come as a surprise. After all, Namecoin is the digital currency that lets you register .bit domains [even though accessing them is a different matter entirely].
By combining distributed DNSSEC at the edges and the Namecoin blockchain at its core, Netki gives users full control and ownership of the blockchain. However, this solution also maintains a level of financial privacy for all users. On top of that, by using Netki’s Wallet Name Service, you can share your digital currency wallet ID without using the public ledger that is the blockchain.
The best is yet to come, for companies and services, that is. Netki uses hierarchical naming. This means that any company or service can register users under their custom namespace. In turn, this makes it more convenient for novice users to try out new services, as most of the steps of the onboarding process can be skipped.
At the time of publication, several partner integrations were being discussed between Netki and companies such as HolyTransaction, Gem, BitQuick, ChangeTip and Coinprism [to name a few]. And by the look of things, more digital currency companies will be “chomping at the bit” to integrate Netki’s Wallet Name Service into their platforms.
“This leads to several important benefits, including making transactions more seamless and user-friendly. Now, receiving digital currency is as easy as saying, “Send it to me at justin.holytransaction.com. Your Wallet Name becomes simple, intuitive, and memorable. It brings an important human touch to this cutting-edge technology.” – Netki CEO Justin Newton
Source: Press Release via email
All images courtesy of Netki