Shiba Inu Seeks Approval for “.shib” Domain to Bridge Web2 and Web3

Several crypto projects end the year on a high note by announcing new developments before the end of 2023.

The Shiba Inu team is seeking approval for a ".shib" domain, aiming to bridge the gap between Web2 and Web3 technologies. If approved, SHIB token holders could create user-friendly email addresses with a ".shib" suffix. Additionally, D3 plans to introduce "name tokens" for SHIB users to simplify digital asset transfers across blockchains.

In another development, Immutable introduced "Immutable Passport" to streamline user experiences in Web3 games, with several popular apps already integrating with the system. Alchemy Pay partnered with Worldpay to enable traditional payment methods for crypto purchases, fostering integration between traditional finance and the digital asset ecosystem. Michael Saylor also recently shared that a spot Bitcoin ETF approval could be a game-changer for Wall Street, even rivaling the importance of the creation of the S&P index in the early 1990s.

Shiba Inu Plans to Launch ‘.shib’ Domain

The team behind the Shiba Inu (SHIB) meme coin is applying for a ".shib" domain on the internet's Domain Name System (DNS). D3, a domain firm, is leading this initiative to bridge the gap between Web2 and Web3 technologies.

Web3, which is often associated with blockchain technology and decentralized applications (dApps), introduced domain extensions like ".crypto" and ".eth." These extensions do not seamlessly integrate with commonly used internet tools like web browsers and email, primarily due to their non-standardized DNS operations.

On the flip side, Web2 domains like ".com" and ".net" operate within the established DNS framework but lack native compatibility with Web3 tools, like cryptocurrency wallets and digital identity solutions. The application for the ".shib" domain is a big step towards bridging this gap. If approved, SHIB token holders would have the unique ability to create email addresses with a ".shib" suffix. What sets this apart is that these addresses would be fully compatible with conventional email applications, making it very user-friendly.

This initiative does not stop at email addresses. D3 also has plans to introduce "name tokens" for SHIB users. These name tokens would serve as a simplified way to send digital assets across various blockchains without the need for long and complicated wallet addresses. However, it is important to keep in mind that the application for the ".shib" domain is still pending approval, and regulatory considerations may come into play as well.

Immutable Passport

Shiba Inu’s domain announcement is not the only new development in the crypto space as the year comes to an end. Immutable , the well known Web3 game publisher, introduced its new wallet infrastructure known as "Immutable Passport" on Dec. 19. Immutable Passport is designed to streamline the user experience by providing multiple login options. Users can now create and recover their wallets using their Google or Apple accounts or through a traditional email address.

To kick start the adoption of Immutable Passport, five popular games and apps have already integrated this new system, including Gods Unchained, Blocklete Golf, B/R Watch 2 Earn, TokenTrove, and AtomicHub. Together, they boast a user base of more than 500,000 people.

One of the key features accompanying the launch of Immutable Passport is the introduction of a user-friendly dashboard. This dashboard serves as a centralized hub for players, providing a number of functionalities aimed at enhancing their gaming experience. Users can effortlessly discover new games, manage their in-game items, link third-party wallets, and add funds.

Immutable's Passport is not the only new development for the company during the festive season. Earlier in December, the company integrated Transak as a payment option for its games. Additionally, on Dec. 13, Immutable announced its intention to introduce a gas-free transaction option for its zkEVM platform in 2024

Alchemy Pay Partners With Worldpay

Singaporean fintech firm Alchemy Pay also recently announced a partnership with the United Kingdom-based payment processor, Worldpay. This partnership, revealed on Dec. 19, is poised to provide Alchemy Pay users with access to Worldpay's Visa and Mastercard payment channels, allowing them to purchase cryptocurrencies with their credit and debit cards. By enabling users to leverage traditional payment methods for crypto purchases, this partnership seeks to bridge the gap between conventional finance and the budding digital asset ecosystem.

Robert McCracken, Alchemy's ecosystem lead, shared his enthusiasm about the partnership, stating, "Alchemy Pay is now better positioned to assist our business partners and users in seamless cryptocurrency transactions worldwide." Nabil Manji, the head of crypto and Web3 at Worldpay, echoed these sentiments, emphasizing the alignment of Alchemy Pay's mission with Worldpay's role in fostering financial integration between traditional and digital realms. Worldpay has been actively integrating with Web3 technologies, which is evident from its collaboration with Okcoin in July of 2021 to provide infrastructure for fiat-to-crypto onboarding and the launch of a new payment engine for merchants with and Worldpay as pilot partners in Oct. of 2022.

Spot Bitcoin ETFs are the Biggest Wall Street Development in Decades

No article about crypto developments would be complete without mentioning Bitcoin ETFs. Well known Bitcoin advocate and enthusiast Michael Saylor has made a bold prediction regarding the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF). In a recent interview with Bloomberg on Dec. 19, Saylor stated that an approval could be the most significant development on Wall Street since the early 1990s, rivaling even the creation of the S&P index.

He believes that a spot Bitcoin ETF would offer a crucial gateway for mainstream retail and institutional investors who have struggled to access a "high bandwidth compliant channel" to invest in Bitcoin. Saylor anticipates that the approval of this ETF could act as a catalyst for surging demand, with a subsequent "supply shock" expected in April, coinciding with the Bitcoin halving.