Los Angeles startup Netki has launched its Wallet Name Service to simplify wallet naming for users of cryptocurrencies.
In the early days of the Interent, the transition from numeric IP addresses such as 126.96.36.199 to easy to remember domain names like www.allcoinsnew.com was important to the mainstream adoption of the Internet.
Netki hopes to build on this same principle by linking users’ 32-character wallet addresses to shortened, easy-to-remember Wallet Names, translating a simple name such as janedoe.bit into a wallet address like 1CpLXM15vjULK3ZPGUTDMUcGATGR9xGitv by using a combination of Domain Name Servers (DNS) and decentralized Blockchain technology.
Netki CEO Justin Newton explains:
Our Wallet Name Service makes digital currency as easy as cash. Your Wallet Name is simple, intuitive, and memorable. It’s easy to set up, easy to share and easy to use. It brings an important human touch to this cutting-edge technology.
In addition to simplifying the naming of wallets, Netki is utilizing hierarchical naming to give companies the option to auto-register users’ Wallet Names under their own custom name space.
According to Netki, one such partner is ChangeTip, a service that lets users send bitcoin tips on popular social media platforms such as Twitter, Facebook, and YouTube.
ChangeTip CEO Nick Sullivan said:
Netki is a secure, reliable service that allows not just ChangeTip, but any company in the space to provide their users with the ability to easily send money between different bitcoin services. This will help to foster more useful mass adoption.
Holy Transaction, a wallet provider that maintains digital currency accounts for its customers, is also an early adopter. CEO Francesco Simonetti says of the service:
We’re thrilled that Netki’s Wallet Name Service will make digital currency easier for our customers to use. We believe this will be a serious game changer for our industry.
Justin Newton was formerly CTO of financial software provider BlackLine Systems. Before that, Newton served as Executive Vice President – IT operations at global online media company Demand Media, senior vice president – Voice and Broadband at United Online, holding company for Internet communications services leaders NetZero and Juno. Newton has apparently participated in an advisory capacity for several Internet startups and associations including NetScaler, ISPC and ARIN.