Currently used web domains are inefficient.
I am exploring blockchain domains, and they are much better.
Not to forget that though blockchain domains are not fully ready yet still, there is a fair share of excitement in the blockchain space about it.
Sensing that I believe you have also looked-up for blockchain domains and you are here on TheMoneyMongers. I welcome you, and I must say you are in the right place.
So let’s straight get to the meat:
Unstoppable Domains Review: What Are Blockchain Domains?
Blockchain domains are web domains but on the blockchain. (aka Blockchain Domain Names)
You can consider them as new web extensions such as (.zil or .eth) launched on decentralized blockchain networks such as Ethereum or Zilliqa.
They are a new asset class and owned by the owner in a real sense of words just like you own your cryptocurrencies with your private keys.
So here also just like your cryptocoins, you will own the private keys of your domain, and it will be totally in your control what do you use it for.
Your Keys, Your Domain
It can be for publishing uncensorable content or something else. I will get to the possible usecase of blockchain domains further in the article.
But before that, let’s see how do they work?
How Do Blockchain Domains work?
Blockchain Domains are nothing but a bunch of complicated smart contracts referring to a human-readable web address which are hosted on blockchains.
And we all know, smart contracts on public blockchain networks like Ethereum or Zilliqa are autonomous contracts which execute automatically when required set of conditions are met.
It is a human-readable and recallable web address hosted on Zilliqa blockchain.
You just won’t be able to put this up in your browser and go to the website because nothing is yet hosted. Also, for now, you might need extra plugins to access this before web browsers become compatible enough to navigate to blockchain domains.
Look at this short video introducing you to Zilliqa Name Service (ZNS) for registering your blockchain domains. Zilliqa name service is being developed by Unstoppable domains- a company pioneering the blockchain domains tech.
- why do we need .zil or .eth extensions which are on the blockchain?
- Why can’t we simply use .com or .net domains?
Well there are many problems associated with existing domains, and that’s what we are going to discuss in the next section:
Challenges With Current Domains
There are these threefold reasons as to why current domains that we have in the market cannot serve all users on the internet.
- Aren’t Censorship Resistant
When you buy .com or .net like domains in today’s world, you buy it from domain registrars like Godaddy or Google Domains. They are people who control your domain and are the custodians of your domain.
They can anytime take away a domain from you or choose not to give a particular domain to you. This is not new; we are already aware of stories like this where your registrar can take your website down by taking the domain.
- Payments Aren’t Native
Payments don’t freely flow across the internet. It is absurd. After so many years of inception of the internet when we have to pay some online company, we have touchpoints like Visa, Mastercard, Paypal, etc. like entities.
But now with blockchain-based payments internet is genuinely becoming natively supportive of digital payments without these touchpoints.
Leveraging this tech of blockchain peer to peer payments are possible with different online entities with the friction that we have now in payment at a much lesser cost.
- Centralized Entities Control The Domains
ICANN is another centralized entity responsible for bringing new domain extensions in the market. It is quite slow and unreliable in those terms also.
Plus it can simply decide not to release particular type of domain extensions or continue to exercise the exclusive authority of newer domain extensions. It can also take down sites, ultimately censoring the free speech on the internet.
Usecases Of Blockchain Domains: How Blockchain Domains Will Fix All These
#1. Payments Become Native
Payments will become natively internet-friendly if we use blockchain domains because these blockchain domains can be connected to public addresses of different currencies using smart contracts.
When this happens, instead of giving people your bank account number or lengthy alphanumeric addresses, you can simply tell them to send payments on blockchain domains like yourname.zil or themoneymongers.zil
Also, for individuals or businesses which run totally on donations need not be required to set up or integrate extra features to be able to accept donations because their domains itself will serve as their payments address.
#2. Choose Blockchain Domain Extensions Freely
Which blockchain domains you need not take permission from ICANN and you can launch get pretty much any extension you want. But it won’t be that easy because regulators will not just leave you just like that, but it wouldn’t be harder as it is now to get new extensions.
Like for example, Unstoppable Domains is right now working on .zil extensions on Zilliqa blockchain and in future, plans to launch .crypto extensions over Ethereum blockchain.
#3. Ending Censorship Of Websites
Imagine a website that regularly publishes about the blunders of the US or UK government on a blockchain domain that is hosted on IPFS like infrastructure.
- Have you thought about its consequence?
Well, when this happens which I bet you will see in the next 2-3 years, there will be true freedom of speech and freedom of publication on the internet. Nobody will be able to take down the piece of content that you will publish on these domains because you will be controlling these domains with your private keys
This will happens through domains which Unstoppable Domains as a company is making. And right now I believe they are making blockchain TLDs on Zilliqa blockchain after getting inspired by ENS, i.e. Ethereum Name Services that provides .eth domains.
Buy Blockchain Domains: They Can Be A Bigger Deal Than Current Web Domains !!
It doesn’t stop here:
Blockchain domains are a big deal, and from the comment of founders of Unstoppable Domains it looks, it will be even more significant.
Matthew Gould, the Unstoppable Domains CEO, says:
There are more than 350 million traditional domains registered and they’re worth more than $20 billion, but only businesses use them. Everyone needs a blockchain domain because it makes it easier to receive cryptocurrency. We think the number of blockchain domains could be more than 2 billion.
So that’s where the blockchain domain industry is going !!
If you are interested in buying some blockchain domains you can do so from Unstoppable Domains.
Plus point, these domains don’t have annual renewal or maintenance fees like the traditional domains. So once a blockchain domain is yours, it will be yours forever !!
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Hey there! I am Sudhir Khatwani, an IT bank professional turned into a cryptocurrency and blockchain proponent from Pune, India. Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.