A software company called Unstoppable Domains that is building domains on the blockchain has announced that it has raised $4 million in Series A funding, led by prominent Bitcoin (BTC) proponent Tim Draper’s Draper Associates.
With a blockchain-based domain name tool, websites cannot be taken down, the press release states.
Tim Draper, managing partner of Draper Associates, emphasized the fact that such a website could not be taken down,
By decentralizing domain names, Unstoppable Domains has the potential to spread free speech around the world. Get your blockchain domains and don’t let them be controlled by anyone else, ever!
Unstoppable Domains recently launched its first domain name extension. .zil. Pre-order for these names are now available and a public auction for the most valuable domain name will be held on June 20.
Matthew Gould, Unstoppable Domains CEO, said,
There are more than 350 million traditional domains registered and they’re worth more than $20 billion, but only businesses use them. Everyone needs a blockchain domain because it makes it easier to receive cryptocurrency. We think the number of blockchain domains could be more than 2 billion.
Unstoppable Domains tools offer two immediate benefits. Firstly, users can easily send or receive cryptocurrencies by simply asking for “username”.zil, whereupon they simply use the wallet send field and hit send. Secondly, the decentralized nature of the owning and storage of the domain name makes it uncensorable.