Domain names on the blockchain represent a new class of assets that belong to you, and not to a third party or central authority. You manage the private key of your own domain, so it is totally under your control, and for life.
This is how the domains on the blockchain constitute a set of smart contracts that associate these names with the addresses of their owners. For example, Ethereum developers have created the Ethereum Name Service (ENS), which allows you to register, in a decentralized way, domain names ending in .eth. These work on the Ethereum blockchain and can interoperate with your applications (wallets, exchanges, storage systems, etc.).
On the Bitcoin blockchain (BSV), for their part, they have developed Paymail, a new identity protocol that removes Bitcoin addresses from the user experience. Instead of addresses, Paymail uses "human-readable" names, just like email addresses. It is a free protocol for any application that is developed on the Bitcoin blockchain (BSV). These addresses are fully compatible and complementary to email addresses: MoneyButton.
What is the objective and what do these types of domains solve?
- They are more convenient to carry out transactions than traditional cryptocurrency addresses, those long alphanumeric strings that are very difficult to remember and susceptible to confusion. For a person who wants to transfer funds in cryptocurrencies, simply enter a domain name or email address related to the wallet.
- Being located within the immutable registry of the blockchain, these are domains that cannot be hacked, in addition to being much more resistant to censorship than traditional domains.
Three examples of Blockchain Domains
You are developing an exclusive blockchain for domain names (.zil and .crypto names can now be registered) outside the ICANN system. To send cryptocurrencies, you only need to know the recipient's blockchain domain, being able to send various cryptocurrencies to a single domain. In addition, it allows the creation of incensible web pages. The domain will be stored in your wallet, where only you can move it, being able to point it to a decentralized storage network (like IPFS) to create a web page that only you can put and remove.
Advertises itself as a decentralized naming system for the new Internet. Their goal is to create a decentralized autonomous organization (DAO) that replaces the DNS system and changes the economics of domain ownership, wresting governments of central control of the Internet to create a durable and uncensored network. Names live on the blockchain forever and no one can take them away from you. Aside from ASCII characters, Butterfly supports Chinese characters (like 商业) and even emojis (😀).
The name can be associated with a website, or used to send money and secure messages. These, in addition, can be sold when you no longer need them. You just have to install an extension in the browser to access this new dimension of the Internet. Each name constitutes an ERC-721 token and can easily create ERC-223 tokens, which can be used as the basis for game and other application development.
Built on the BSV blockchain, uses a decentralized design to store the domain information on all Bitcoin nodes, which gives it high security and speed, allowing to test the domain ownership cryptographically. Furthermore, all the data stored in the blockchain is accessible from all over the world, not requiring any permission to access your query. They also offer a global identity system owned by users and an updateable data warehouse on the blockchain. It is the perfect complement to Maxthon, whose version 6 constitutes the first browser developed on the original Bitcoin blockchain (BSV).
In short, the domains on the blockchain, still in the initial phase, will soon become part of our lives, replacing the old Internet with a new more secure, robust and efficient network, with multiple functionalities to directly manage our money, our data and our identity.
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