Onename, a Y Combinator-Backed Company Gets $1.5 million in seed funding

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Onename, a Y Combinator-Backed Company Gets $1.5 million in seed funding

Founded by Ryan Shea and Muneeb Ali, and backed by Y Combinator, Onename gets $1.5 million in seed funding. The company says that with the funds it wants to make Bitcoin transactions easier by replacing the long wallet addresses and QR codes with a simple name that users or customers pick.

Also, the users have to use Onename-compatible wallet, which currently includes RushWallet, KnCMiner, Electrum, Pheeva, Bitcoin Authenticator, and a few others. The founder Ryan Shea says that currently users have to verify their identity through social media when creating an account, which sounds a bit counter to the anonymity of Bitcoin that many appreciate.

However, he says that it’s just necessary in order to transact with people whose identity, not anonymous wallet number, the user knows. On the other hand, when the user connects his various accounts to his Onename profile, he is proving to others that the owner of that profile is in fact his.

This according to him becomes especially important when someone wants to send him Bitcoin or a private message, and wants to make sure they’re sending it to the right Kia and not an impersonator. Thus, according to him this is going to be a pleasing experience for Bitcoin users when they have an account with Onename.

The Company is Open-Sourcing

The company says that with the new openname directory it is open-sourcing and anyone can display Openname profiles on their website. Ryan Shea admits that his company is hosting one such directory at openname.org. Also, the team is open-sourcing some of the server-side tools it’s using on the backend.

Additionally, according to him the company has announced Openname Auth wherein it is trying to put decentralized, password-free authentication that requires only an Openname to log in and approve authorization requests. Thus, the entire effort on the part of Openname is to provide easy and user-friendly service.

To ensure easy process the company says that it is promoting Openname Auth as a potential alternative to social media logins for anything, not just for Bitcoin and cryptocurrency-related authorizations needs. Shea says that the company’s goal is to be an alternative to login with Facebook and Twitter.

Nonetheless, as login with Twitter and Facebook mean users are back in control of the information they release to applications, and one in which users are free from third parties tracking them all over the web, the company realizes the users will have an edge.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com