LOS ANGELES, April 23, 2015 /PRNewswire/ -- Hailed by experts as one of the most important breakthroughs of our time, Bitcoin and Blockchain technology have captured the minds of tech enthusiasts, investors, and governments alike. While digital currency promises to fundamentally change how we engage with global finance, valid customer concerns, and the technical, cumbersome nature of current applications has prevented adoption on a wide-scale basis. Technology startup Netki (www.netki.com) has addressed a critical roadblock with the launch of its new product, Wallet Name Service. Founded by innovators who helped build core Internet infrastructure in the 1990's, Netki seeks to apply many of the same principles that helped the Internet go mainstream to the burgeoning digital currency ecosystem. Solving issues such as usability, scalability, and privacy, Netki's Wallet Name Service is poised to play a key role in helping push digital currency and related technologies toward useful mass adoption.
The transition from numeric IP addresses such as 220.127.116.11 to easy to remember domain names like www.google.com, was a key shift that helped move the Internet toward mainstream adoption. Building on this principle, Netki's service works by linking users' 32-character wallet addresses to shortened, easy-to-remember Wallet Names — translating a simple name such as johndoe.bit into a wallet address like 1CpLXM15vjULK3ZPGUTDMUcGATGR9xGitv, using a combination of Domain Name Servers (DNS) and decentralized Blockchain technology.
This leads to several important benefits, most importantly usability. Netki CEO Justin Newton explains, "Our Wallet Name Service makes digital currency as easy as cash. Your Wallet Name is simple, intuitive, and memorable. It's easy to set up, easy to share and easy to use. It brings an important human touch to this cutting-edge technology."
Individuals can easily register and share as many Wallet Names as they like, while maintaining control of their own records in a way that is resistant to tampering and censorship. Moreover, by utilizing hierarchical naming, Netki gives companies the option to auto-register users' Wallet Names under their own custom name space. This provides Netki's partners with the best approach to balance user rights, privacy, security, and scalability.
One such partner is ChangeTip, a service that lets users send bitcoin tips on popular social media platforms such as Twitter, Facebook, and YouTube. CEO Nick Sullivan said, "Netki is a secure, reliable service that allows not just ChangeTip, but any company in the space to provide their users with the ability to easily send money between different bitcoin services. This will help to foster more useful mass adoption."
Holy Transaction, a wallet provider that maintains digital currency accounts for its customers, is an early adopter as well. CEO Francesco Simonetti says of the service, "We're thrilled that Netki's Wallet Name Service will make digital currency easier for our customers to use. We believe this will be a serious game changer for our industry."
To learn more about Netki and their Wallet Name Service, visit www.netki.com.