Blockchain Firm Unstoppable Domains Raises $4M USD In Series A Funding

Blockchain, Investing, News | May 27, 2019 By:

Blockchain software firm Unstoppable Domains has raised $4 million in a Series A funding round led by Draper Associates, with participation from Boost VC.

Based in San Francisco, Unstoppable Domains is using blockchain technology to build domains. The firm creates its own domain extensions (like .com or .info) and sells domains directly to consumers. It recently launched its first extension called .zil. Pre-orders for .zil domains are now open and a public auction for the most valuable domains will begin on June 20.

The firm said that the latest funding will be used to create tools so anyone can make a website that cannot be taken down by government authorities, regulatory agencies, and traditional domain providers.

“For global free speech to work, you need to be able to say what you want and you need to be able to operate a business you want,” Brad Kam, Unstoppable Domains co-founder, said in a statement.

Unstoppable Domains, which uses the Zilliqa blockchain to stores the blockchain domains in a user’s wallet just like a cryptocurrency, also aspire to make cryptocurrency more accessible with a mapping system that allows users to link their wallets to domains.

“There are 2 things that a blockchain domain can do that a regular domain can’t: The first is to place all of your crypto addresses with a single human-readable name, so you might have your bitcoin address, your litecoin address and your ethereum address all associated to one blockchain domain,” the Kam said. “The second most critical use-case is uncensorable websites, so you can use the same domain to build a website that only you can take down, the way this works is that you have the domain in your wallet like a standard cryptocurrency and you’re the only person who can move it with your private keys and your content sits on a decentralised storage network such as IPFS.”

The latest funding came after the company announced that it would remove any renewal fees for blockchain domain purchases.

“Any .zil domains registered so far and any registered going forward will have no renewal fees,” the firm said. “It will just be owned by you forever. Any domain extension we create in the future will also not have renewal fees. We are doing this because renewal fees are unnecessary on blockchains, thus they shouldn’t exist. We have already updated the design of our smart contracts.”