In our traditional banking system, we use 11-digit to 16-digit bank account numbers to represent our personal or business account that holds our funds. Unlike that, cryptocurrencies are held in digital wallets, which may contain a number of addresses for each cryptocurrency that the wallet supports. These addresses are often lengthy alphanumeric characters strung together to represent the digital space on the blockchain that keeps a record of a person’s cryptocurrency holdings.
Also, a particular cryptocurrency address, say a bitcoin address, can only hold the proof for bitcoin holdings. Hence, transferring other cryptocurrencies to a bitcoin address will result in the loss of a user’s funds. And to make things a little scarier for newbies, crypto transactions cannot be undone.
What are the shortcomings of crypto wallet addresses?
Here’s what a typical bitcoin wallet address looks like: 3Kx6o6LtszZfXGbgBb7HMjvqERXTzmmTUG
And here’s an ethereum wallet address: 0xa5a9af37da3b674bcc1ef5ad589f3fd1cdc4ef4f
They surely do not make you feel easy and comfortable.
These wallet addresses are barely readable, too lengthy, confusing and hard to remember. While most of the early adopters have turned comfortable with these addresses and consider their complexity to be a security shield for cryptocurrencies funds, they have their downsides.
Due to low readability of these addresses, it is quite easy for anyone to misplace a character or two while making a transaction. According to a survey by BlockCAT almost “94% of the crypto users are stressed about making a mistake when they are about to send the asset.”
And if that happens, we already said, it would be next to impossible to recover the funds.
Besides, if we really want the masses to adopt cryptocurrencies, there’s no way but to make these addresses “human-readable” wallet addresses.
What is a human-readable address?
Emails and Twitter usernames are so simple that you could remember your and ten of your friends’ IDs easily. That’s what human-readable cryptocurrency wallet addresses would be like: a string of characters and/or numbers which we humans find easy to read, identify and memorise.
However, we know, that at the moment, crypto wallet addresses are something no human brain would be able to make any sense of. And the fact that we’re dealing with money but we do not completely understand the wallet address we store our funds in, fears away people from cryptocurrencies.
Alacrity Network aims to change that and help users have readable wallet addresses. Users will be able to utilise Alacrity’s domain naming system (DNS) to create their unique human-readable IDs linked to their wallets, which they can then use throughout the Alacrity Network. Network participants will also be able to interact with Alacrity’s DApps using the same ID they registered on the network.
To register an ID on the Alacrity network, users will need to pay a fee in Alacrity Tokens, which would then be burned by the team to reduce the token supply.
What’s the verdict?
Basic, easy comprehension is the first step towards the adoption of a particular technology. And if we want people worldwide to use cryptocurrencies just as they use fiat, it would be important to offer them something they understand—and a human-readable cryptocurrency wallet address would be a beneficial start.