The meme-inspired cryptocurrency Shiba Inu ($SHIB) is now accepted as a payment method for decentralized domain registration service Unstoppable Domains, which has been adding new digital assets as payment methods over time.
According to an announcement from the company, the integration means that Shiba Inu token holders can replace their SHIB address on the blockchain with a readable Web3 username. SHIB is accepted as a payment method through the Ethereum network along with various other digital assets.
Unstoppable Domains has been consistently expanding the number of purchasing options by adding a wider range of cryptocurrencies. The company has already been accepting popular virtual currencies such as Bitcoin, Ethereum, and Litecoin. In early March, it added support for another meme-inspired cryptocurrency, Dogecoin ($DOGE), and now SHIB joins the list.
This latest move by Unstoppable Domains is expected to increase the adoption of decentralized domain registration and cryptocurrency use cases. Earlier, Unstoppable Domains expanded its digital identity offerings through a new partnership with Web3 browser Opera. This partnership allowed users to access Polygon-based digital identities and use them to transfer cryptocurrencies.
Unstoppable Domains use a novel approach to domain name ownership, as they exist as non-fungible tokens (NFTs) on both the Ethereum and Polygon networks.
This innovative use of NFTs imbues these domain names with the properties of decentralization and immutability, rendering them impervious to censorship. In contrast, conventional domain names such as .com are centralized entries in registries’ databases, making them vulnerable to censorship.
As CryptoGlobe reported, Shiba Inu’s burn rate has recently skyrocketed to an insane 27,954%, with over 410 trillion SHIB tokens burned so far, i.e. permanently removed from the supply or sent to an inaccessible Ethereum address.
The cryptocurrency saw its number of holders surpass 1.3 million last month ahead of the expected launch of the project’s layer-2 scaling solution Shibarium.
Featured image via Pixabay.
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