Do you spend half an hour double-checking when you pay for cryptocurrency, fearing that you slipped your hands and entered the wrong address? Or will you try to transfer one or two coins before the official transfer to see if it can be successful?
When we make cryptocurrency payments, we dont know any information about the payee at all, and we dont even know who the other party is. Its frightening to think about!
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The blockchain domain name refers to the username of the user who receives the cryptocurrency. This is a DNS2.0 domain name. Users can store it in their own cryptocurrency wallet instead of using a domain name management platform such as Godaddy. Blockchain domain names can be used not only for decentralized websites, but also for receiving payments, like a decentralized Venmo account.
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Method 2: Oracle
With oracles, you can access off-chain data sources on-chain to verify data. Most reputation data is stored off-chain rather than in on-chain applications. Social media accounts, email addresses, and other identities are stored off-chain and must be verified. The oracle machine can solve the problem that encrypted currency addresses cannot access identity information under the chain, and enhance the security of encrypted currency payments.
Combining blockchain domain names and oracles can now allow users to bid farewell to the nerve-wracking cryptocurrency payment process. How to do it?
First link your Twitter username to the blockchain domain name, so that anyone who transfers money to you can see your account first.
First, you need to register a blockchain domain name.
Then sign a message with your private key, linking your domain name to your Twitter account.
Next, send a tweet from your Twitter account proving that the account is yours. The tweet is transmitted to the Chainlink decentralized oracle network, hashed, stored on the Ethereum blockchain, and associated with a domain name.
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What is the point of doing this?
For cryptocurrencies to become a mainstream payment method, they must first assure the payer that they are paying to the correct recipient. Are you 100% sure you are paying to the right person when you pay in cryptocurrency? Even a crypto enthusiast like me double-checks who Im paying to for mistakes before paying.
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How will the future develop?
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At that point, payments and real-world identity information will all be on the blockchain.
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