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

TL;DR

• Most folks aren’t used to the idea of sending crypto payments via ‘Web3 domain names’ – which means adoption has been…slow…and that’s a problem when the main benefit of a product is its wide reaching network.

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

• UD currently hosts a network of 3.7M Web3 domains, there are 233.6M .com domain names in existence, meaning UD just 63X’d the potential domain-to-domain crypto payment network.

Full Story

Venmo.

Send money between one another instantly – using usernames, instead of account numbers.

It’s a beautifully simple concept for an app…

But it’s not without its limitations. For example:

• It’s not available globally.

• There’re limits as 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’re allowed to use the network.

The blockchain based work-around to this is to use a Web3 domain name (e.g. web3daily.crypto) to send crypto payments between different wallets.

Which solve all of the limitations listed above!

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

Only problem is:

Most folks aren’t used to the idea of sending crypto payments via ‘Web3 domain names’ – which means adoption has been…slow…and that’s a problem when the main benefit of a product is its wide reaching network.

E.g. Folks use Venmo, because everyone has Venmo (at least in the US).

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

Here’s how that’s all being fixed:

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 buy .com domain names (the most widely adopted form of domain in the world) and use them to send/receive crypto.

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

Meanwhile, there are 233.6M .com domain names in existence (which make up 37% of the internet)…

Which means Unstoppable Domains has just 63X’d the potential domain-to-domain crypto payment network.

That’s a big brained move right there.