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Are you unfamiliar with blockchain domains?
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The information below covers all the essentials. As always, feel free to ask any question you may have in our Telegram channel.
Blockchain Domains Starter Guide:
What is a blockchain domain?
A domain asset on a blockchain.
What are the use cases of blockchain domains?
Blockchain domains have two unique use cases:
- Replace cryptocurrency addresses with human-readable names
Right now paying someone is like this – ask for their cryptocurrency address, they go into their wallet and copy an address, they paste it into an email, send to you, you open the email, copy/paste the address into your wallet, and pay.
With a blockchain domain name, it will be like this – Attach your cryptocurrency addresses to your domain, and tell your friend to pay by typing in yourname.zil
- Enable censorship resistant websites
Blockchain domains can be used to build censorship resistant websites. Traditional domain assets are stored on your behalf by custodians like Godaddy and Google Domains. But a blockchain domain is stored in your cryptocurrency wallet and controlled by you so no company or court order can take it.
Why are blockchain domains needed?
The current system is flawed.
- Payments are not native
Payments were meant to be a core part of the design of the internet, but at the time no cryptographically secure ways to send money existed.
Only recently, 25 years later, have tools like Stripe made it easy for businesses in the U.S. and the West to accept digital payments. Yet this infrastructure doesn’t integrate easily with other solutions around the world.
- No censorship-resistance
The current domain system is based on a singular registry, that a series of approved parties can update. Those parties are called registrars and are companies like Godaddy or Google Domains.
When you buy a domain, you buy directly from a registrar and they are the custodian of that domain for you. Because registrars are custodians, they can take the domain away from you if someone asks them to.
- Centralized entities control the internet
ICANN has full control to grant permission for new extensions. Major social media companies harvest and sell our data as the user has become the product. All of this makes the internet less free and creates a business model around exploiting the user.
- Offer a major UX improvement for payments by replacing cryptocurrency addresses with human-readable names.
- Are controlled by their owners. Your keys, your domain. Domain assets are stored in the wallets of the owners. This gives the owner full custody over their domain and enables censorship-resistant websites.
- Create a way to rebuild the internet through an experience where the user has full control.
- Allow users to use their domain for payments and as a website, at the same time.
How does a blockchain domain replace a cryptocurrency address with a human-readable name?
You control the domain so you are the only person able to associate cryptocurrencies with it. Input your cryptocurrency addresses on the blockchain itself. When someone types yourname.zil into an integrated wallet, the wallet looks up that domain on the blockchain, finds the appropriate address, and sends. It’s that simple.
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