Categories: Bitcoin Politics

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

Click here to view original web page at
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 customer spick.

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 is 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 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

Also, the users have to use Onename-compatible wallet, which currently includes RushWallet, KnCMiner, […]


Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by
Tags: wallet

Recent Posts

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

4 hours ago

Are Whales Behing Bitcoin’s Latest Dips?

A reason for the recent up-and-down behavior of bitcoin may have been uncovered. It’s being reported that several whales moved… Read More

4 hours ago

Bitcoin Drops Below $10,000 as Support Wears Thin

Bitcoin (BTC) has once again found itself caught in the throes of a choppy trading range that has provided little… Read More

4 hours ago

Bitcoin Bottomed at $9,080, BTC to Rally Into End of 2019

Once again, Bitcoin (BTC) has stagnated, finding a foothold around $10,000 for the umpteenth time in a matter of weeks.… Read More

4 hours ago

Cresio CIO Comments, New ‘Satoshi’ and BTC Games: This Week in CT Spain

As many of our readers probably know, Cointelegraph has a number of non-English branches, each covering news from different parts… Read More

4 hours ago

VeChain Attends Shanghai International Blockchain Week 2019

SHANGHAI, Aug. 24, 2019 /PRNewswire/ -- From September 14-18, 2019, Shanghai International Blockchain Week 2019, the largest and most influential… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More