Bitcoin Company Plans to Use Names for Online Wallets

Bitcoin company Netki proposed the use of readable names for online wallets instead of the randomly-generated string of text for addresses. For the company, one of the reasons why bitcoin adoption has been slow is the complexity of these identifiers which are not easy to remember.
In shifting to more human-friendly names for online wallets, the bitcoin company hopes that transferring cryptocurrencies would be as seamless as sending email. Netki uses a combination of the blockchain from Namecoin and a secure DNS to store names and map it to the address.
Bitcoin Company Naming Technology
‘Your base records reside in the Namecoin blockchain proving ownership, and allowing for full, censor-proof control,’ said Netki CEO Justin Newton. ‘The actual wallet name-to-address lookups occur on standard DNS records secured and authenticated using DNSSEC.’

This post was published at NewsBTC on Apr 23, 2015.