Technology
Understanding the Concept and Future of Web3 Domains
What are Web3 domains? How is it different from DNS? Web3 domain name systems are unconnected from traditional domain name systems (DNS) like ownersmag.com or penji.co. Instead of providing a human-readable set of characters as a substitute for an IP address, a Web3 domain is a human-readable address that represents your cryptocurrency wallet.
What are Web3 domains?
Web3 domains differ from standard DNS addresses. Since DNS is like a telephone directory, it only indexes public websites, and their accompanying internet protocol (IP) addresses to enable the directory.
Thenewslack.crypto is the effect of a 42-character hex string. In Web3 blockchain domain names, a person can remember a shorter phrase. Web3 is the next generation of the web’s legal, technical and monetary architecture. It includes smart contracts, blockchain, and cryptocurrencies. In addition, Web3 projects fall into several categories like digital services, decentralized finance or Defi, and collectibles.
These Web3 domain names are non-fungible tokens (NFTs) that may be traded on platforms like Solsea or OpenSea. Further, Web3 domains have Web3 domain extensions like .crypto, .dao and .eth.
The power of a Web3 domain name is straightforward. For example, “Send the salary to bob.eth,” instead of saying some hard-to-remember 42-character crypto wallet address, is easier for the sender to remember.
What is an ENS?
The primary function of the Ethereum name service (ENS) is to convert machine-readable descriptors such as Ethereum addresses to human-readable identifiers. The web started as a decentralized system based on DNS. With DNS, nobody can buy, own and manage their domain name and move it from one host to another as needed, But how does a decentralized Web3 name service work?
The community has been very much interested in ENS. The Ethereum Name Service is a Web3 blockchain system that helps users establish their own unique and easy-to-remember usernames. So, ENS intends to provide a complementary solution to DNS by utilizing Ethereum smart contracts to govern domain name registration and resolution.
A user can provide a single name to all of your wallet addresses and decentralized websites (DWebs) through the service. “alex.eth,” for example, makes you recognize and quickly locate wallet addresses in a distributed environment.
Here’s a comparison of DNS and ENS structures as illustrated by the Cointelegraph.
What Are The Uses of .eth Domain Names?
A long set of numbers can be converted into easy-to-remember words using ENS. This provides a more direct experience with fewer chances for mistakes or confusion. The owner of an ENS domain can also construct subdomains to which they can allocate other data. But, it doesn’t have to be a wallet address all of the time. Instead, it could point to a smart contract, metadata, or a transaction.
The ENS.eth domain names are in the middle of two highly impressive markets: traditional domain name investors and blockchain entrepreneurs. Sadly, only a few hundred thousand blockchain domain names have been registered even though millions of blockchain users worldwide.
There is an increasing demand for domains as blockchain users have learned that choosing a blockchain domain name makes using their applications easier. You can also rent out your blockchain domains to create brand value on your property while leaving your options open, just like conventional domains.
How To Register a .Eth ENS Domain?
If you are a crypto enthusiast and interested to learn how to get a Web3 domain name, below are the steps to register:
- Sign into an Ethereum-enabled browser
- Navigate to the ENS manager to get your desired .eth name
- Select the time interval and start the registration method
- Finish the registration process
The Future of Web3 Domain Names
Now that you’ve found the answer to the question “what are Web3 domains?” you might be curious about the future of Web3. The Ethereum Name Service hopes to make cryptocurrency transactions hassle-free and accessible, similar to how PayPal can be conveniently used to pay a friend for an item in crypto.
ENS is a step closer to making blockchain interaction more accessible. But due to its purpose and growing popularity, we may see an increase in ENS names, just as we no longer use IP addresses to access the web.
Additionally, businesses will become more transparent and user-friendly due to Web3 hostings. It opens the opportunity for blockchain, and soon, individuals, apps, and websites will use blockchain-based domains to allow individuals to access the decentralized web.