The third version of the internet, known as Web3, is supported by blockchain technology, smart contracts, cryptocurrencies, NFTs, and other decentralized technologies.
This makes it more safe and more self-reliant because it is shared across a system of computers rather than being governed centrally. Additionally, a switch from the traditional domain name system (DNS) to a web3 domain name is brought about by this decentralized web.
What is a Web3 Domain?
Users can get decentralized crypto domains through the Web3 domains service. These blockchain-based domain addresses are the Web3 equivalent of a Domain Name System (DNS) address, which is how we normally access websites such as Safu.com on the internet.
Blockchain technology is used by Web3 domains, also referred to as NFT domains, to make registering domain names and resolutions entirely on-chain. Users can register distinctive, simple-to-remember domain names that can take the place of their wallet addresses and decentralized websites (DWebs). A registrar like Ethereum Name Service (ENS) or Unstoppable Domains would be required to register a Web3 domain.
Types of Web3 Domain Extensions
Web3 domain name extensions are the suffix in a URL, such as john.eth, which has the .eth extension. The extensions that are available on Unstoppable Domains are geared toward specific communities.
For example,.nft is intended for the NFT community, whereas bitcoin is intended for Bitcoin users. However, you can register a domain with whichever extension you like.
Here are some examples of popular Web3 domain extensions:
What are the benefits of Web3 domain names?
Web3 domains, in contrast to conventional domains, can be owned by both individuals and groups, as opposed to big businesses or organizations. It enables the users to show themselves as well as their brand more personally by using their web address and distinctive identifiers in NFT form.
Because there are no intermediaries and no need for a centralized registrar, Web3 domain names are inexpensive. Regular domain names begin at $6.98, while Web3 domain names, such as the .hmn extension used by Cortex app, are totally free.
Web3 domain names are perfect for hosting sensitive material or creating censorship-resistant apps because they are collected on the blockchain and cannot be altered or taken down by anybody. Since they lack a single point of failure, they are also more resistant to cyber-attacks and other types of attacks.
Web3 domain names allow for anonymous registration, in contrast to traditional domains, which frequently require personally identifiable information. Users will have more confidentiality because their identity won’t be connected to their domain.
Web3 domain names will grow in popularity as the internet transitions to a more decentralized model.
Uses of Web3 Domains
The Web3 domain is mainly used to transform crypto addresses or metadata to a relatively short domain like “john.eth”.
Long, hexadecimal-coded wallet addresses, like those for Ethereum, are typical. The issue with this is that since the wallet address is 42 characters long and difficult to recollect and constantly type correctly, it must be copied and pasted in order to receive cryptocurrencies like ETH. The money won’t be forwarded to the right wallet if an alphabet or number is missed.
Web3 domains can correct this. In essence, web3 domains have easy-to-read human-readable names like “john.eth”. Users can link their crypto digital wallet to this relatively short domain, which makes sending wallet addresses much simpler.
Other than that, decentralized websites (DWebs) could also be modeled to web3 domains, which enables users to easily link to their web3 domain to grant access to their DWeb address. The benefits of using a web3 web address over a DNS domain include decentralization, increased security, and future-proofing. Additionally, since they can create an account anonymously, it gives website owners so much privacy.
Where to Buy Web3 Domains
You can use the ENS App to look up ENS names or addresses before registering an ENS web address. If the address you want is available, click Request to Register, pay with your MetaMask wallet, and then confirm the transaction.
On Unstoppable Domains, the procedure is the same: just check the availability of your desired domain name, add it to your cart, and then go through the checkout process. You will then have the choice to link your wallet and continue with the payment process.
Each domain registrar will provide guidelines on how to set your new domain as your wallet address. To use your new domain, simply connect your old address to your current ENS domain using a public DNS record that you set up.
Unlike ENS domains, NFT domains purchased through Unstoppable Domains only charge a one-time registration fee.
Are Web3 Domains NFTs?
In summary, Web3 domains can be bought and sold similarly to NFTs on any platform that provides NFTs, like OpenSea.
Web3 domain name extensions are .eth, .crypto, .dao, .blockchain, .nft, etc. You must use a domain registrar that supports Web3 to register a domain name, such as Ethereum Name Service (ENS) or Unstoppable Domains.
Web3 domains are ERC-721 tokens that are present on blockchain technology and can therefore be traded like NFTs.
The Ethereum Name Service (ENS) or Unstoppable Domains significantly contributes to lowering the technicality associated with blockchain technology by substituting bulky alphanumeric codes with human-readable user names. Additionally, streamlining the experience for users will encourage greater technology acceptance and the launch of Web3 domains.