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Blockchains are at their zenith shortly, and the applications they give birth to are countless and amazing. Even though the most effective application of blockchains seems to be the development of cryptocurrencies, many more applications are still in their nascent stage.
One of these technologies in its nascent stages is the blockchain domain names.
What are blockchain domain names?
Traditional domain names are becoming obsolete as the internet evolves. Many people are already discussing the possibility of using blockchain domains despite their infancy.
Blockchain domains are new domains owned by the owner, not a third party or central authority, as with crypto assets. The domain owner possesses a private key to ensure that their domain is completely under their control.
An extensive collection of smart contracts makes an operating blockchain domain possible. The domain zone has no central authority. On the Ethereum blockchain, it can connect with other decentralized applications and resources the domain was built on the Ethereum smart contract.
Blockchain domain addresses are easier to use than standard wallet addresses for transactions. A typical wallet address is now 35 characters long, making it difficult to memorize and get mixed up. One only needs to input the domain name of an associated wallet and send cryptocurrency to it directly to transfer cryptocurrency funds.
The second benefit is primarily related to the content. Domains on the blockchain can’t be filtered or blocked. As a result of direct court rulings, your domain’s registrar now has the authority to cancel your registration. This may happen even without a court ruling. With blockchain-based domains, this will be nearly impossible in the future. Your domain name is a valuable asset. You own it outright and can do whatever you want with it.
This is possible because you don’t need a server to store domains on the blockchain. They’re accessible to the general public via blockchains in the public registry.
There is high transparency and openness because anyone can access the records. It’s also worth noting that each user has access to the domain name, so they don’t have to worry about their servers being hacked or their domain names being stolen.
How are they different from conventional domains?
First, conventional domain names are stored in servers and controlled by the registrars. This brings in elements such as censorship and a constant overseer, which do not exist in blockchain domain names. This brings a sense of openness and individual ownership to the Blockchain domain names that the conventional domain names cannot replicate.
Another important point is the amount of functionality that the blockchain domains produce. They can be developed to portray multiple applications on web pages. They also provide untraceability and privacy elements that are unavailable when using conventional domain names.
The only shortcoming would be that blockchain domain names are in their infancy and, therefore, cannot be applied everywhere. For instance, you will not be able to access blockchain domain names directly from a conventional browser. You will need to install an extension to your browser that allows it to browse blockchain domain-backed sites, or you will need to download a completely new browser that supports blockchain domain names.
Flaws of conventional domain names
Payments were expected to be an important part of the internet’s design, but there were not many secure ways to convey money at the time. A few innovative applications lately have made receiving digital payments easier for companies in the United States and Western Europe. However, this infrastructure is difficult to integrate with other worldwide solutions.
This is not the case with blockchain domain names, as they will be built on smart contracts and provide feasible and secure payment transfer methods.
It’s possible only for an approved set of parties to make changes to the existing domain registry, which is the backbone of the current domain registration. Examples are GoDaddy or Google Domains. Your domain name’s overseer will be the registrar that you purchased it from. Custodianship gives registrars the power to revoke your domain’s registration.
This does not exist in blockchain domain names owing to the decentralization that blockchains bring about.
What will be Quik.com’s role in pushing Blockchain domain names forward?
A while after the launch of Quik.com to the general public, blockchain domain name listings shall be introduced to the platform. Soon Quik.com will introduce six new TLDs of domains, which can be minted by anyone and claimed for life without a renewal fee.
With this step, Quik.com will push towards the futuristic possibility of a decentralized web. A network of blockchain-based smart contracts creates a wave of secure, transparent, private websites with a distinct element of individual ownership