As a seasoned researcher with extensive experience in the blockchain domain, I find this partnership between Unstoppable Domains and Cake Wallet to be a significant stride towards enhancing user-friendly experiences in the world of cryptocurrencies. The introduction of .xmr domains is a game-changer for Monero users, offering them the convenience of human-readable addresses instead of the traditional alphanumeric strings.
Unstoppable Domains, a company specializing in blockchain domain provision, has teamed up with the open-source Cake Wallet to introduce a unique domain extension tailored for Monero users, as per their recent announcement.
Unstoppable Domains has announced that new .xmr domains will enable Cake Wallet and Monero (XMR) users to transfer tokens using easy-to-read, alphabetical addresses instead of complicated, numerical sequences. The company anticipates this update to foster broader adoption of Monero by streamlining the user experience.
Through this collaboration, Cake Wallet will enable .xmr username usage within its system, empowering users to establish distinctive digital personas for their blockchain transactions. Now, instead of handling long conventional wallet addresses, users can conveniently utilize .xmr addresses for their financial dealings.
Providing Monero users with more privacy
The announcement also mentioned that .xmr domain users can manage assets and interactions across various networks, including Ethereum Virtual Machine (EVM) and non-EVM chains.
According to Sandy Carter, the company’s Chief Operating Officer, this partnership transcends just streamlining the onboarding process. In her statement, she explained…
“It’s about providing Monero users with the privacy and security they expect while giving them greater control over their digital identities,”
.xmr domain offerings seek to ensure user confidentiality during financial transactions and minimize mistakes, as stated by Carter. He explained that integrating .xmr domains into Cake Wallet will boost privacy, convenience, and control, particularly for the Monero user group.
Regulatory hurdles for the Monero token
As a passionate crypto investor, I’m always on the lookout for digital currencies that prioritize privacy, and Monero (XMR) certainly fits the bill. At the moment, it’s trading around $164, with a massive market cap of over $3 billion. However, it’s important to note that its popularity hasn’t shielded it entirely from regulatory scrutiny. Some prominent platforms have chosen to discontinue their support for XMR due to these pressures.
By October 2nd, the cryptocurrency exchange Kraken ceased to provide services for Monero within the European Economic Area, due to regulatory and compliance requirements.
In various regions, it is now forbidden to utilize cryptocurrencies that prioritize user privacy due to recent updates in laws and regulations. For instance, within the European Union, crypto service providers are not allowed to create accounts for unidentified users, nor can they deal with privacy-centric coins such as Monero.
2018 saw Japan forbid the use of anonymity-boosting tokens, while South Korea followed suit in 2020 by banning trading platforms from dealing with privacy coins. In 2023, the government of Dubai outlawed both the issuance and activities associated with anonymity-enhanced tokens.
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2024-11-08 12:16