When the blockchain came around, no one thought that a decentralized web was coming next. Maybe a few did, but quite a number didn't think so. But alas, a decentralized web driven by smart contracts, cryptocurrencies, NFTs, and blockchain technology came tagged Web3. As a result, it is more secure and resilient since it is not centralized but spread throughout a computer network. The decentralized web also introduces web3 domains to replace the traditional domain name system (DNS). Let's see the new web era's domain rapidly replacing web2.
Web3 domain names are DNS addresses built on the blockchain that let users establish and maintain their personalized domains. These addresses represent web3 users' wallets. That's why you might see someone's name with .eth; don't be puzzled, it's all about web3.
Trades in decentralized crypto domain names occur on NFT markets, where users can buy and sell NFT tokens. In the Web3 domain name system, there are extensions like .eth, .dao, .blockchain, .nft. Registration of web3 domain names necessitates utilizing an Ethereum Name Service (ENS) or Unstoppable Domains domain registrar that offers support for the service.
How can you register your Web3 domain?
When registering a web3 domain name, users must utilize an Ethereum wallet that supports ENS or utilize the unstoppable domains which employ the crypto name service, a blockchain-based solution (CNS). Unstoppable domain has these top-level domains: .zil, .x, .coin, .wallet, .bitcoin, .888, .nft, .dao, and .blockchain.
A DNS record can be set up for a domain name once registered, allowing users to utilize specific domain name search tools to find the website or application. Users can use services like ENS or Unstoppable Domains to create a DNS record for a domain once registered. Traditional domain name lookup tools can then locate the websites and applications.
Difference between Unstoppable Domains address and Ethereum Name Service (ENS).
While Unstoppable Domains is one of the top web3 domain providers, it is not the only one. One of its top competitors is Ethereum Name Service (ENS). Here are the main differences between the two services:
Pricing: Registering a domain with ENS allows you to rent the domain, which requires a renewal fee and a gas fee in the future. Unstoppable Domains has no renewal fee, and the domains purchased are for life.
Domain minting: ENS domains are automatically minted on the Ethereum blockchain, while the Unstoppable Domains are minted on Polygon. It means there is a difference in gas fees, as Ethereum gas fees tend to be very high while minting on Polygon is free.
Domain extensions: ENS domains end in “.eth” while Unstoppable Domains can have many different extensions, such as “.crypto,” “.blockchain,” and others.
What is the difference between DNS and ENS?
Existing DNS gives the user access to a resolver, which has two-way access to the root server, TLD authoritative server, and SLD authoritative server, depending on the user's instructions. A Geth node in the Ethereum network maintains the registry, resolver, and domain name addresses; the user accesses these nodes based on their instructions.
Each ENS's smart contract is responsible for registering and resolving disputes. Only one smart contract manages the ENS registry and keeps track of all domains and subdomains. A new "permanent registrar" smart contract stores a Web3 domain name with more than six characters and gives sub-domain names to users based on rules and recommendations.
The resolver saves the name-to-record mapping. Address, name, content hash, text, DNS record, Pubkey, ABI, and authorization are just a few technical records kept by public resolvers.
Which is the least talked about web3 domain address?
These web3 domain service providers were among the first to enter the market. Their goal was to make it possible for miners already mining Bitcoin to do the same for Namecoin. Namecoin relies primarily on NameID and Dot-Bit-DNS technologies.
OpenID is the authentication protocol used by NameID. It is comparable to the "Google login" feature on several websites but much less intrusive. The Dot-Bit DNS, on the other hand, functions as an online directory of internet domains. Namecoin has the advantage of not being able to force you to take down a website you registered through their service, unlike ICANN DNS.
What is the use of the Web3 domain?
Web3 domain can turn long numbers into words that are easier to recall. Direct and error-free experiences result as a result of this method of operation.
A web3 domain owner can create subdomains to which they can add additional data. However, you don't have to use a wallet address all the time. Instead of pointing to a smart contract, information, or transaction, you could utilize it.
Both traditional domain name investors and blockchain businesses have expressed interest in web3 domain names like .eth, .crypto, etc. Although millions of people use blockchain technology, just a few hundred thousand domain names have been registered.
Since blockchain users have discovered that registering a domain name for their applications makes things a lot easier, there is a lot of interest in blockchain domain names. As with conventional domains, you can lease or acquire your blockchain domains to allow others to build brand value on your property while keeping your options open.
Benefits of web3 domain name
● Privatization
Web3 domains can be owned by individuals or groups, unlike traditional domains, which major corporations or organizations typically own. You can use NFT-based identifiers to represent individuals or brands in a more personalized way.
● Affordability
Because there are no middlemen and no need for a centralized registrar, Web3 domain names are substantially more affordable than traditional domain names. .com domain names start at just $6.98 per year, whereas Web3 domains like the .hmn offered by the Cortex app are free.
● Security
Hosting sensitive data or constructing censorship-resistant services, web3 domain names are more secure because they are recorded on the blockchain and cannot be tampered with. Because there is no single point of failure, they are more resistant to hacking and other threats.
● Anonymity
Web3 domain names can be registered anonymously, which makes them more private than regular domain names. User identities will no longer be tied to their domain, allowing them to enjoy greater online anonymity.
● Relevance
Web3 domain names will rise in popularity as the internet shifts to a more decentralized paradigm.
What is the future of Web3?
What are Web3 domains? Now that you know the answer, you may wonder about the future of Web3. Like CashApp and PayPal, the web3 domains aim to simplify cryptocurrency transactions.
Web3 domains have taken a significant step toward making blockchain interaction more user-friendly. We may witness an increase in ENS/Unstoppable domain names due to their purpose and expanding popularity, just as we no longer use IP addresses to access the internet.
Web3 hosting will also help organizations become more open and accessible to their customers. Individuals, apps, and websites will soon be able to use blockchain-based domains to access the decentralized web in the future.
Conclusion
Cryptocurrencies, like Bitcoin or Ether, to mention just a couple of the thousands that have been created so far, are one of the first fields of application for the blockchain.
Therefore, having the recipient's wallet address is necessary to send cryptocurrency payments. A string of 42 characters is used to identify each wallet.
When it comes to cryptocurrency acceptance, one of the most important questions is whether these 42-character strings can be translated into an understandable name, much as the DNS was able to convert our IP addresses into domain names.
Web 3.0 domain names fill this need. First-level domains like .eth, .btc, or even .nft may be registered via systems like Ether Named Service and Unstoppable domains.
Are you looking to level up the marketing for your web3 project? Visit our website or contact us now.
