Cake Wallet Brings Readable Usernames to Its Crypto Wallets
Unstoppable Domains, a blockchain domain provider, now allows Cake Wallet users to create custom usernames for their wallet addresses.
Launched in 2018 as the first free and open-source wallet for the privacy coin monero on IOS, Cake Wallet has expanded to include android applications and support for bitcoin, litecoin, ether and Cardano’s ADA. The wallet maintains some of the fundamental features of traditional wallets such as a built-in exchange and support for “fiat view.”
Rather than use a 32-bit ambiguous string (on the visible layer at least), Cake Wallet’s 150,000 users will be able to create usernames under the [NAME].crypto format.
The domains are minted by the popular blockchain domain provider Unstoppable Domains. Their process involves creating a non-fungible token (NFT) on the Ethereum blockchain that is attached to the actual domain. This way, each domain is unique and unreplicable.
Initially launched as Bitmonero, a fork of Bytecoin, Monero has grown to a $4.8 billion market cap. Unlike Bitcoin, Monero has built-in privacy features that protect new users’ privacy by default.
According to Unstoppable Domains, while using these domain usernames in Cake Wallet, the privacy of Monero is still retained. The domain is connected to the main Monero address (Bitcoin/Litecoin/Ethereum address) that is used when sending and receiving funds.
However, in Monero, it’s the stealth addresses, which are sub-addresses that get created and used for each transaction, that get published on the blockchain.
“There’s no way to go from a stealth address to a main/sub address without the private view key,” explained Justin Ehrenhofer, creator of the Breaking Monero series.
Brad Kam, co-founder of Unstoppable Domains, said, “You can attach a static Monero address to your domain and receive money to it without having your balances exposed. Transactions associated with a particular wallet address remain 100% private. It’s the best of both worlds: public usernames, private transactions.”
He also mentioned that the system is completely opt-in and that users don’t need to create a username for their wallets.
“Cake Wallet and Unstoppable Domains share a similar goal to make it easier for people to send and receive their crypto safely and seamlessly,” said Vik Sharma, CEO of Cake Wallet. “Through this integration our users benefit from being able to transfer crypto between 50+ wallets and exchanges, all with one blockchain-based username.”Source