Will Ethereum Control Domaine Names in Web3.0? What Does That Mean for Eth…

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Web3 is also known as the read-write trust web. It is the 3rd version of the internet powered by cryptocurrency, smart contracts NFTs, and blockchain technology in order to create an uncentralized web. It is a decentralized web, meaning that rather than being managed centrally the web is distributed over computers on a computer network that makes the web more safe and durable. Furthermore, the decentralized internet introduces a change to domain names, from the traditional DNS (DNS) to the web3 domain name.

Web3 domains are DNS addresses based on blockchain which allow users to build and control their own customized domains. These are addresses that represent users’ wallets. The crypto domain names that are decentralized are NFTs that can be traded through NFT marketplaces. Web3 extension extensions for domain names include .eth, .crypto, .dao, .blockchain, .nft, and so on. The registration of a web3 domain requires a domain registrar which supports the service such as Ethereum Name Service (ENS) and Unstoppable Domains.

How do I register a web3 domain name?

Users must use the Ethereum wallet that can support ENS to register the domain name web3. After the domain has been registered, the user can create a DNS record for the domain. This allows people to locate the application or website by using the traditional domain name search tools.

It is recommended that users choose wallets that support ENS that can meet their requirements for example, such as MetaMask. MetaMask is a well-known browser extension that lets users manage and store their Ethereum and ERC20 tokens.

After users have selected the Ethereum wallet to use, they have to sign up their domain’s name using a smart contract that is on the Ethereum blockchain. This is done with an extension like the MetaMask extension or by using a service such as MyEtherWallet. After the domain has been registered, the user can create the DNS account for it using services like ENS (also known as Unstoppable domains). Users can find sites and applications using the traditional domain name search tools.

The ENS system and how it functions

ENS domains function similarly to traditional domains however, with the internet 3.0 technology, they are able to develop decentralized websites and applications as well as store data and documents on the blockchain.

The ENS is a new domain name system that is built on the Ethereum network. It allows users to design memorable and unique usernames or addresses. It makes use of Ethereum’s smart contracts to provide additional services that complement the standard DNS and also manage DNS registration as well as resolution. It allows users to establish an identical account for all their wallet addresses, applications that are decentralized as well as websites within an ecosystem that is distributed.

ENS uses three kinds of smart contracts that include the registry, the resolvers, and the registrars.

The Registry It is the top contract for the ENS that is responsible for storing all domain names as well as their resolvers smart contracts. It also sets the guidelines for establishing and maintaining the .eth domain, like who can register one as well the duration of its existence, and when it can be renewed as well as others.

The registry is a registrar type of contract that permits the users to manage and claim .eth domains. It manages domain names and allows users to subdomain their domains according to specific criteria. The permanent concept of registrar controller and registrar lets name holders transfer their domain names. There are two types of registry companies: auction and open.

A resolver– It is the type of contract that creates the connection between the Ethereum address and the .eth Domain name. When users input the username or address into their wallet or browser it will be returned by the resolver the correct Ethereum address. The resolver contract is implemented by the owner of the domain and is updated to alter the mapping. In essence, the resolver records the mapping from name to record.

What are the advantages of domain names that are web3?

  • It gives full control over the online identity of the user In contrast to traditional domains that large corporations or groups typically have, web3 domains may be owned by groups of individuals. They allow users to use their domains to portray themselves or their business in an individual way by using unique identifiers, which are in the form of NFT.
  • They are significantly less expensive in comparison to traditional domain names-for instance, Web3 domain names don’t require a central registrar they do not have a middleman which makes them cost-effective. A typical domain name starts at $6.98 and Web3 domain names such as Cortex application’s .hmn are absolutely free.
  • It is more secure since they’re stored on the blockchain, and the domain names of web3 can’t be altered or removed by anyone, which makes them the ideal choice for hosting sensitive information or for creating applications that are censorship-resistant. They also stand up better to hacking attacks and other types of attacks since they don’t contain a central security point.
  • They’re more private unlike traditional domains, which are usually associated with personal data Web3 domain names may be registered in a non-public manner. Users’ identities will not be tied to their domain name, which gives the user greater privacy online.
  • They are secure for the future as the internet shifts towards a distributed model web3 domain names are likely to increase in popularity.

Use Cases for ENS

  • Digital wallets for crypto: Trading and storing crypto wallets is done through the ENS because it is compatible with all cryptocurrencies.
  • Webs and applications that are decentralized: A dApp or website may utilize an ENS domain for its URL, which is similar to a normal URL but with no DNS servers.
  • Censorship-resistant message: A user can send encrypted messages to another user using an email address registered with ENS. The message is stored on the blockchain and will only be decrypted once the recipient has received it.
  • Token swaps Two tokens may be exchanged between two users without centralized exchange because each token is symbolized in their individual ENS name domains.
  • Registration of names: Every name (company name or brand name.) is able to be registered on ENS the same way as the registration of a domain name however, it is in the Blockchain.
  • Identity management This ENS can be utilized to manage digital identities or avatars. It works in a way that is decentralized to let users manage their own personal data.
  • Systems for Reputation: A decentralized reputation system could be developed on the ENS to let users evaluate each other on the basis of their interactions.
  • Certificates in HTML0: The ENS could be utilized to validate and grant certificates in a distributed manner to let users verify that the certificate is authentic. certificates without the need for an authority central to the process.

Closing Thoughts

ENS plays a significant role in reducing the technical complexity that is involved in blockchain technology by replacing the inconvenient alphanumeric codes with human-readable names for users. Additionally, a simpler user experience will lead to increased acceptance of the technology as well as the introduction of web3.0.

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