Web3 is the next generation of the Internet. Blockchain technology, cryptocurrencies, artificial intelligence, and machine learning all fall under this umbrella term, which was coined after the emergence of the Internet, Web 2.0, and social networking. In particular, the cryptocurrency industry appears to be entering a golden age. What are Web3 domains associated with Web3? We will discuss all the details of the Web3 domain in the article below. Read on!

What are domains?

IP addresses, such as “206.71.50.230,” are used to recognize certain computers and other devices online. Most users, or people that are connected to a network via a device such as a computer or a smartphone, also have their unique IP addresses.

Furthermore, the IP address of a server is a unique number that allows computers on the Internet to locate and communicate with it to retrieve data from the server hosting a certain website. It is not the IP address itself that the user enters or sees, but rather the domain name. The IP is a string of numbers that, yes, is difficult to remember and recognize.

Moreso, It goes without saying that each domain must be distinct to point to a certain website. The Domain Name System (DNS) is what enables every IP address in the public sphere to be associated with its distinct website. This system transforms IP addresses into domain names with the help of special servers (name servers).

The Domain Name System (DNS) is hierarchically made up of various top-level domains (TLDs) and lower-level domains (subdomains). We’ll use .com as an example of a top-level domain (TLD) and cloudname.com as its subdomain. Website creation typically necessitates the use of a centralized domain registrar, such as Google Domains. Internet addresses, or “domain names,” can be purchased here.

What are Web3 domains?

Domains in the Web3 space function in the same way as .com and .org websites. Web3 domain names, on the other hand, are not controlled or confiscated by force like traditional domains regulated by the multinational company ICANN, and only exist in the blockchain.

Web3 domain names function like regular cryptocurrency wallets in that only the owner of the wallet’s private key may access and manage the domain. Domains on the blockchain confer autonomy to users, just as Bitcoin does.

In addition, there are two main purposes that Web3 domains serve. It aids in streamlining the use of human-readable addresses in cryptocurrency transactions. It can also be used to build a blockchain-based, decentralized, ad-free website.

Why do we need readable crypto addresses?

Our experience over the previous decade has shown that blockchain technology has vast potential applications. However, it is mostly employed to safeguard crypto assets held by investors. This is because, like a bank, the blockchain stores a ledger of all crypto wallets.

With the help of blockchain technology and digital currencies, we may soon see a global economic system that is vastly superior to the one we have now.

Furthermore, the process of creating crypto wallets is the first issue that needs to be addressed. To open a new bank account, you need to only present your identification to the bank. Each “account” on the blockchain, or crypto wallet, consists of a string of unrelated numbers and letters. These lengthy crypto addresses are a hassle for most users because they are difficult to see and can easily lead to errors. 

What are the major benefits of Web3 domains?

Web3 Domains is focused on offering censorship-resistant decentralized websites in addition to its goal of making it easier for the general public to handle and manipulate multiple cryptocurrencies.

Censorship-resistant websites are entirely owned and controlled by domain owners, as opposed to traditional websites, which are kept and operated by several companies like ICANN and Google.

However, this carries significant risk for the end user, just like cryptocurrency. No one, not even law enforcement or unstoppable domains, can manage or view domain content without the private key.

This also ensures the privacy of the domain and its contents up to the point where the owner chooses to make them public. With the right measures in place, it can be extremely challenging to identify the individuals behind the information provided by a website.

Conclusion

The introduction of Web3 domains will induce a shift in the industry as a whole because once registered, no one can restrict or prohibit access to your domain. Your website, domain name, content, and configurations are safe from unauthorized access. 

In addition to the obvious advantages of blockchain for hosting decentralized websites, the proliferation of blockchain domains is giving rise to several novels and intriguing methods of transferring and receiving cryptocurrency.