What are Blockchain Domains?

The foundation of blockchain domains is an alternative name resolving method. Even if they are not yet ready for widespread adoption, the growth of blockchain domains promises intriguing benefits. First and foremost: Rather than renting a domain, you may buy one using blockchain domains.

The functioning of blockchain domains

The Domain Name System (DNS) makes sure that the intended website is visited when a domain is put into a browser. All domain names are controlled centrally for this reason by the ICANN registry. The IP address of the accompanying web server is provided for each registered domain. When we input the URL, the DNS looks for the appropriate IP address and shows the website.

On the other hand, blockchain domains operate decentralized. As a result, unlike with DNS, the entire system does not converge in one location. Cryptocurrencies already employ blockchain technology to keep every transaction in a ledger. This ledger, which is effectively a large list of data, is dispersed among several servers. This makes the system tamper-proof since users can follow the various transactions even over an extended period.

The concept is the same for blockchain domains. The blockchain contains information on who owns the domain. When a website is accessed, the browser may search the ledger to discover which services are connected to the domain without calling up a central database. Thus, the new technology is also known as NFT domains since blockchain domains are essentially Non-Fungible Tokens (NFTs).

The decentralized Internet, which includes blockchain, NFTs, and cryptocurrencies, is now referred to as Web3. The name is an extension of Web 2.0, which depicts how social media and e-commerce replaced the traditional Internet.

Blockchain domain use

Some of the same options as traditional domain names are available with blockchain domains, but they go beyond.

Website: You may make your website accessible using the blockchain domain, just like with conventional domains. Decentralized websites are hosted on the blockchain.

Wallet: The domain is a fantastic alternative to huge personal cryptocurrency wallet addresses. One address can have several addresses for various marketplaces.

Classic domain names are exchanged: However, because blockchain domains are inherently NFTs, trading is in their nature. The smart contract mechanism makes the purchasing and selling procedure quick and safe.

Software may be created on domains using apps: There are platforms and frameworks for building blockchain-specific applications available.

The fact that not every Internet user can directly access the domains because browsers need to support the technology means that blockchain domains and the accompanying websites aren’t yet extremely popular. Opera already has this functionality; however, you must install add-ons for Chrome and Firefox.

However, a few companies have already started to protect their blockchain domains. For instance, beer was bought by the Budweiser company. eth. It may make sense to purchase an appropriate domain now while they are still readily available at an affordable price because it is anticipated that Web3 and therefore blockchain domains will become more popular over time.

Blockchain domain registration

There are now just a few marketplaces available for blockchain domains. One of the few reputable companies is Unstoppable Domains. Trust Domains or the Ethereum Name Service (ENS) are options. Unstoppable Domains writes bought domain names to the Ethereum blockchain. This implies that you also need a wallet that supports ether. You must first establish a cryptocurrency wallet if you don’t already have one. It is necessary to buy Ether to set up and maintain the domain.

By entering your preferred domain name and checking to see whether it’s still available, you may register a blockchain domain using Unstoppable Domains. Depending on the domain name you select, prices might vary significantly. Longer and less well-known domains may be bought for as low as $20, whereas short names (first names, for instance) can be exchanged for up to $10,000. You may select from the following domain extensions via Unstoppable Domains:

• .888
• .bitcoin
• .blockchain
• .coin
• .crypto
• .dao
• .nft
• .wallet
• .x
• .zil

Different systems provide various domain extensions. For instance, the sole extension offered at ENS is. eth. Trust Domains provides.defi for Etherium and.cfx,.BnB, and. heco domain extensions. Other domain endings may progressively become accessible.

You just need to buy a domain once after you’ve made up your mind about it. The domain is registered as yours upon checkout. There are no extra yearly leasing costs. Payments may be made to Unstoppable Domain using a credit card, PayPal, or cryptocurrency.

But to utilize the domain, it must first be added to the blockchain for a charge that must be paid to the blockchain operator, just like with other NFTs. This amount is known as the “gas fee” (in the sense of gasoline costs). Every time something is created in the blockchain, this is due. The first cost for blockchain domain registration with Unstoppable Domains is not yet payable.

Final Words

However, perspective is essential. Except for those who use an obscure browser like Brave, the bulk of Web2 users cannot view blockchain domains or access real metaverses without downloading a plugin. This indicates that there is still time to make strategic registrations or take back domains that have been registered by third parties.

The rule of law will be stronger in the long run when Web3 functionality is valued and promoted by companies alongside Web2 and we are all comfortable occasionally traveling “within” the internet. A proactive approach is required right now. We provide our clients with a Recon Report so they can see how they rank across the various Web3 components (true metaverses, cloud games, NFT platforms, and blockchain domains).

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