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Web3 Just Took a Big Step Backwards (In the Best Way Possible)

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TL; DR

  • Most people aren’t used to the idea of ​​sending crypto payments via ‘Web3 domain names’ – which means the adoption…slowly…and that’s a problem when the main advantage of a product is its broad network.

  • Unstoppable Domains (UD), one of the largest providers of Web3 domain names, now offers users the ability to purchase .com domain names (the most widely used domain form in the world) and use them to send/receive crypto.

  • UD currently hosts a network of 3.7 million Web3 domains, 233.6 million .com domain names exist, meaning UD only has 63x the potential domain-to-domain crypto payment network.

Full story

Venmo.

Send money to each other instantly – using usernames instead of account numbers.

It’s a beautifully simple concept for an app…

But it is not without limitations. For example:

  • It is not available worldwide.

  • There are limits to how much you can send/receive.

  • Venmo is owned by a third party (PayPal), which means they get to decide whether or not you can use the network.

The blockchain A solution to this is to use a Web3 domain name (e.g web3daily.crypto) to send crypto payments between different purses.

Which solves all the limitations mentioned above!

It uses a global payment network, with no send/receive limits, and no one can stop you from using it.

The only problem is:

Most people aren’t used to the idea of ​​sending crypto payments via ‘Web3 domain names’ – which means the adoption…slowly…and that’s a problem when the main advantage of a product is its broad network.

For example, people use Venmo because everyone has Venmo (at least in the US).

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No one will switch to a web domain-based payment system if the network effects aren’t there (i.e. if almost no one uses it, no one will want to join it).

Here’s how that’s all solved:

Unstoppable Domains, one of the largest Web3 domain name providers, just took a BIG step backwards – in the best way possible…

The site now allows users to purchase .com domain names (the most widely used domain form in the world) and use them to send/receive cryptocurrency.

For context: Unstoppable Domains currently hosts a network of 3.7 million Web3 domains.

Meanwhile, there are 233.6 million .com domain names in existence (making up 37% of the Internet)…

That means Unstoppable Domains only has 63x the potential domain-to-domain crypto payment network.

That’s a smart move.

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