The world of domain name registration and services has seen little to no innovation in recent years. A new venture known as Unstoppable Domains is here to change all of that. This software company is building domains on blockchains, and they have now launched their first domain extension. Users looking to obtain a .crypto domain can now get in on the action.
The Blockchain Domains
It is not uncommon to see new domain extensions pop up from time to time. In the cryptocurrency and blockchain space, that situation is somewhat different. The venture most people remember the most is Namecoin, a project which aimed to disrupt the domain registrar service at some level. It never succeeded in doing so on a grand scale yet still serves as a great inspiration for other teams to explore similar methods in 2019 and beyond.
Unstoppable Domains is not necessarily drawing inspiration from Namecoin in that regard. They have introduced the .crypto and .zil domain extensions, which can be purchased for a very low fee. The software company registers and builds domain names on blockchain, more specifically on the Ethereum and Zilliqa blockchain. This initiative can lead to a slew of new domains being registered in the future, thus further advancing the industry as a whole.
The Benefits Over Traditional Domains
It is evident that anyone in the world can easily register the domain name of their choice. Thousands of service providers will let customers do so for the right price. Blockchain domains, on the other hand, work a bit differently. They can act as a payment gateway, are not subject to censorship, and are not approved or governed by ICANN. That latter part is of great interest to a lot of users, as it also means the end user is in full control over their domain at all times.
It is also worth noting there are no domain extension renewals. Customers will pay once for the domain name they want and will get to keep it forever. They can be transferred to other users, just like one would transfer cryptocurrency funds to a different wallet. There is a trade-off, however, as users will not be able to visit these new domain extensions like they would other websites. Instead, one needs a special browser or plugin which supports displaying blockchain domains.
A Unique Concept
It is good to see companies work on services that can effectively take cryptocurrency and blockchain technology more mainstream. To this date, there has been a severe lack of effort in this particular regard. Albeit blockchain domains will be a niche service during the initial stages, the uncensorable website aspect and complete lack of ICANN involvement will undoubtedly find a crowd. Especially in this day and age of growing censorship, scrutiny, and third-party controllers exerting pressure, new solutions like these can be very valuable.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
Blockchain 101 · Crytpo Currency Market
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange