A user would pay for the Alias just once.
Will the ALS token be the only form of payment on your platform? Will fiat currencies be allowed?
The only allowed form of payment is the ALS token. No payments in fiat currencies and no payments in other cryptocurrencies will be allowed.
Where will the alias register be stored?
The alias register will be stored on the Ethereum blockchain. It will be decentralized and any interactions with it will happen only through decentralized contracts. More details about this can be found in the “Technology” section of our whitepaper.
What is the main security benefit of CryptoAlias?
CryptoAlias improves Blockchain security by eliminating spoofing scams when somebody tries to replace the original address with a fake one.
Can an alias be used for advertising? Could I make my alias identical to my company’s website so that I get more exposure?
Will the CryptoAlias team have control over the system?
Once the system is deployed, the CryptoAlias team has no control over it. The system will run independently, governed by the rules of the decentralized contracts.
There will be an “owner” address that will allow us to perform some special actions, such as adding new aliases and new blockchains. However, the “owner” address won’t be able to interfere in any way with existing aliases and won’t be able to change the existing state of the system.
Is it possible for someone to own the “Crypto” alias on the Ethereum blockchain and for somebody else to own the “Crypto” alias on the Bitcoin blockchain?
An alias is unique across all blockchains. If somebody acquires the alias “Crypto”, nobody else can acquire it. The owner of the alias “Crypto” can associate his addresses from multiple blockchains with this alias. This is one of the major advantages of CryptoAlias: it gives users a unique global identity. As a result, clients that used to reach the owner of the alias “Crypto” only on the Bitcoin network, can now reach him on the Ethereum network as well (at the same alias), without knowing his Ethereum blockchain address in advance.
The unique global identity is also the foundation for many future functionalities that we want to build on top of CryptoAlias. One of the examples from our whitepaper is the instant in-wallet exchange. To illustrate, we’ll give an example:
Jim owns Litecoins and wants to pay Bob who only accepts Bitcoin. Jim sends Litecoins from his Litecoin wallet to Bob’s alias. The system sees that Bob doesn’t have a Litecoin wallet, but has a Bitcoin wallet. After confirming with Jim, the system automatically exchanges the Litecoins in Bitcoins (at the current market price) and Bob receives the payment.
This would be very convenient and simple for the user (they don’t have to use an exchange, they don’t have to know explicit blockchain addresses, all the process takes a couple of seconds/minutes).
On a different note: the fact that aliases are globally unique, guarantees that the price of ALS will grow as more and more blockchains are added to the system (as the demand will always increase).