[THE INVESTOR] It would be fair to say a cryptocurrency address, consisting of 34 random digits and letters, is intimidating at best.
Unlike web or email addresses, it is extremely hard to remember the unreadable crypto address. Most users, therefore, often have to go through the hassle of storing the alphanumeric characters in, for example, a smartphone note-taking app.
IOV co-founders (from left) Isabella Dell, Antoine Herzog, Benjamin Simatos (IOV)
Individual users also have to manage different crypto addresses from different blockchain platforms in a secure manner.
But does it really have to be this way?
Benjamin Simatos, chief operating officer of French blockchain firm IOV, tends to disagree.
“It should be easy. Users should not think about addresses for every type of blockchain platform,” Simatos told The Investor in a recent interview.
To make things more user friendly in utilizing blockchain addresses on a daily basis, IOV has been working to develop what is called a blockchain name service, or BNS.
The firm’s blockchain solution changes an address into a readable form, similar to the way the domain name system helps users locate a website with a simple web address.
Instead of a complex blockchain address, for instance, 17Rts7fvY9Co2kja4DirzAbFX57j858yfx, IOV’s system helps generate an easy-to-remember address like benjamin*iov.value.
For companies like Uber, Amazon and Google, they can put their names in the middle of their own blockchain addresses.
The simplified blockchain address directs users to a certain website or allows them to access the services.
In addition, users can transfer different types of cryptocurrencies issued by various blockchain networks with the same BNS address. Such interoperability helps solve one of the biggest issues facing most big corporates when preparing to build blokchain-based solutions: Which platform should we choose?
“Big companies often ask which blockchain technology they have to choose, but that is a wrong question,” said Simatos, “They should not think of underlying technology, but applications.”
IOV Chief Operating Officer Benjamin Simatos (right) and Ryu Misang, language and investor relations manager (IOV)
Since systems like IOV’s can connect different blockchain networks, be it Bitcoin, Ethereum or Ripple, companies preparing to deploy bloakchain in their businesses do not have to waste too much time in selecting a protocol, he explained.
Touching upon regulations, Simatos, who has 10-year experience in the financial and banking sector, said governments’ efforts to implement stricter crypto rules, such as those for anti-money laundering and know your customer compliance, can make the market more transparent and fair.
“The future of blockchain is not in anonymity, rather it is in collaboration with the existing economy,” he said.
“With transparency and trust in place, everybody will be able to use a cryptocurrency because they are confident it is not related to illegal weapons deals or drug trafficking.”
By Kim Young-won (email@example.com)