Web3 Domains
Last updated
Last updated
Web3 Domains are a new type of domain name that exists on blockchain technology. Unlike traditional domain names managed by centralized organizations like ICANN, Web3 Domains are decentralized. This means they are registered on a blockchain, which offers several unique benefits. Firstly, once you purchase a Web3 domain, it's yours perpetually without the need for annual renewals. Secondly, these domains can act as both a website address and a cryptocurrency wallet address, simplifying transactions. They are resistant to censorship and can be integrated with decentralized applications (dApps), making them a key component in the emerging Web3 space, which emphasizes a decentralized internet.
Considering that Web3 Domains are not organized and coordinated by a central entity like ICANN, it means that they may differ in standard of technology used, features but most importantly they can have naming collision, enabling different owners of a web3 domain to collide between each other in deciding which one has the right to be resolved.
Web3 Domains are registered on blockchain networks. Once registered, they are associated with a public wallet address rather than being managed by traditional DNS servers. This integration with blockchain technology allows for direct peer-to-peer interactions, decentralized hosting, and can facilitate crypto transactions.
Benefits include enhanced security against domain hijacking, censorship resistance, simplified cryptocurrency transactions (using the domain as a wallet address), and complete control over the domain without reliance on a central authority.