Although the Bitcoin protocol has been described as a simple solution to the problems plagued by digital currencies and the traditional monetary system, some aspects of construction violate the central tenet of tech design: “Keep it simple, stupi” (often abbreviated as KISS).
Nowhere is this more evident than in the design of Bitcoin revolution addresses
Strings of 27 to 34 alphanumeric characters offer privacy and Bitcoin revolution security, but do not make it easy for users to exchange payment information. Except perhaps for the sometimes cumbersome QR code technology explained on onlinebetrug.de
Therefore, OneName is looking for a solution to eliminate this pain and replace the long Bitcoin payment addresses with leaner and social solutions. Once registered on OneName the payment becomes as easy as adding a plus sign in front of the username (e.g. +pete_rizzo_).
All users must enter their e-mail address and choose a username when registering. Many have already done so. The OneName website boasts users like Coinbase co-founder Fred Ehrsam and Dogecoin Foundation member Ben Doemberg.
Even though OneNames sounds simple at first glance, what happens in the background is much more complex. OneName is not an application or a company, but an open source protocol which is based on the Namecoin and creates its own applications.
According to developers Muneeb Ali and Ryan Shea, OneName’s goal is to give users back control of their data from centralized companies like Facebook LinkedIn, Twitter and Co.
Ali explains Bitcoin loophole
“If people use the Bitcoin loophole analogy, they’re still keeping their money in banks now. Banks or third-party providers are also companies like Facebook or LinkeIn. App developers who want to access this data can’t get past these companies.” More about it here: Is Bitcoin Loophole a Scam? Read This Review Before You Sign Up!
OneName, it seems, has one thing ahead of most Bitcoin startups: it’s looking for a way to replace these influential intermediaries.
The whole picture
With OneName, according to Shea, the user will regain control over his data and can share it with the developers if he wants to. Without the consent of a third party.
Shea says OneName has already received requests from developers like the news service Venmo to use the OpenSource system to create alternative payment systems.
“Any application based on applications like Facebook can build on OneName, but would be inherently decentralized. There are simply no limits, it’s entirely in the hands of the developers.”
Today, developers are still limited in app development because large corporations monopolize this data. Companies like Whatsapp or Snapchat, he argues, were able to grow faster because they had unlimited access to mobile phone technology and the ability to generate image data.”
Shea says it’s the best example of what the ability to have unlimited access to user data can do for companies. He reiterates that WhatsApp was recently sold for $19 billion.