By now every crypto trader has experienced the anxiety of sending funds from one wallet address to another. You first copy paste the long string of letters and numbers, then double check five times to make sure you don’t send it to the wrong address and gift a random stranger with a nice weekend present.
The all-too-familiar problem of h address format is now being challenged by a simple solution: human-readable addresses.
“One of the main problems facing mass adoption of cryptocurrency usage is the difficult nature of making token transactions,” says Isabella Dell, Founder, and CTO of IOV (Internet of Value). “When it comes to actual end-users, blockchain platforms have failed to solve the user experience problem around wallet addresses in particular.”
Global Decentralized Blockchain Address Registry
IOV has created a blockchain name service application (BNS) that allows users to input their public keys and register a human-readable value address.
Essentially IOV envisions addresses changing from this:
These new addresses will be shorter and easier to manage for non-technical people getting into the crypto space as they look similar to email addresses, which everyone is already familiar with.
Blockchain Wallet Interoperability
IOV plans to make things even easier for cryptocurrency adopters by solving the problem of Blockchain wallet interoperability (managing multiple cryptocurrencies across different Blockchains).
The majority of Blockchains currently exist in silos, where you can only interact within a blockchain ecosystem by sending your cryptocurrencies to a centralized exchange, trading them for another coin, and then sending those funds to a new wallet that supports said coin…