Onename introduces their Openname protocol designed to simplify the transfer of Bitcoins by means of using nickname instead of a long alpha-numeric Bitcoin address.
Essentially, the protocol is a kind of decentralized DNS (Domain Name System) storing data in Namecoin block chain. Today, the system is rapidly gaining popularity: more than 20 million users, some of them being famous Bitcoin advocates, have already created accounts on Onename.io. Why use an impossible-to-remember Bitcoin address when you can have a nickname you prefer instead?
The system can be used together with RushWallet, KnCMiner, Electrum, Pheeva, Bitcoin Authenticator and several other cryptocurrency wallets. Openname’s success can be seen from the behavior of investors – the company raised half a million dollars on their development.
Currently, the protocol enters the next stage of development. The company has enabled other services to access Onename nickname database by sharing the source code of the most important components of Openname, including the open module responsible for fast processing and display of the users’ profiles, as well as Python scripts of name registration and profile updates.
The second important news is that Openname protocol is expanded to support decentralized authentication without passwords. In the future, this method might be able to compete with authentification techniques used by Facebook or Google.
Have you already changed your Bitcoin address to a nickname?