Business

@Unik-Name is Humanizing our Payment Addresses

If you ever wondered why does that address where you are receiving your cryptocurrencies has to be so long and impossible to remember, @Unik-Name is giving you the answer – it doesn’t!

Human-Readable Basics

The main focus of the @Unik-Name is to simplify the complicated addresses used by the blockchain for transactions.

The company has given an example on their official website of how manipulating public addresses such as 1EBHA1ckUWzNKN7BMfDwGTx6GKEbADUozX makes blockchain transactions unsafe and hazardous, especially if we are familiar with the irreversibility of the blockchain technology.

Therefore, @Unik-Name has come up with the solution.

Simple System

Upon the full launch of the platform, users (individuals or companies) will be able to directly apply through the @Unik-Name platform and get their own user-friendly address.

One of the use cases is the company conducting a cryptocurrency crowdfunding campaign through the ICO.

To avoid such misfortunes when investors accidentally send funds to the wrong addresses, the company will be able to obtain its easy-to-remember address where investors will send funds through the @Unik-Name platform.

Here is the example of such addresses:

  • Company – @corp:oliviaunlimited#ICO
  • Private – @olivia.smith#gift

The Integration of the System

According to the company, “the system is designed to be integrable on both wallets and exchanges, as well as on crypto-services (payments, booking, tracking…), which is vital for the adoption of the system.

The very system is based on decentralized technologies as the foundations of the @unik-name network which provides access to a registry of public addresses safely and efficiently.

It is accessible by human-readable identifiers called @unik-names.”

There are three aspects of the @Unik-Name ecosystem:

1. SafeTypo

SafeTypo is an algorithm to build human-readable identifiers that are communicable safely regarding typo squatting risks.

Users have the guarantee that their @unik-name cannot be counterfeit.

That means, no errors due to complicated characters, accents, homonyms, separators or not, character inversion, international charset, etc.

Every @unik-names are built with SafeTypo for peerless user experience.

2. Unik-Address

Every user can name his addresses with serious or fancy labels. They can then transmit with their @unik-name once and for all.

There is no need to resend the address when it is changed, nor when the new kind of crypto is accepted.

3. AddressChecker

Address Checker is an algorithm that calculates the risk of potential errors associated with any public addresses, in their various formats and networks.

When doing a transaction with a @unik-name, you’re guaranteed the public address is a valid one and corresponds to the targeted crypto.

User Friendliness as the Basis for the Wider Adoption

The company claims that, with the use of their technology, the era of losing funds because of missing a character, or because one sent Ether to a non-compatible ERC20 address during an ICO, has come to an end.

At last, how many of us would send emails if addresses would be complicated as the ones we use when we make crypto transactions?

@Unik-Name is looking to make our lives easier by finally allowing us to remember our own wallet’s address.

The project holds much potential, and it will be interesting to see if the end product will live up to the simple but ingenious idea.

Luka Kapetanic

An ex-restaurant business owner turned cryptocurrency fanatic, with over 12,000 followers on investfeed.com. Miner, Investor, trader and, above everything else - a writer, with coinlive.io, and cryptodigest.com in his jobs portfolio.

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