What’s a Web3 domain?
Web3 domains are crucial for development of the blockchain space and are actually linked to NFTs (sometimes, you’ll see them called NFT Domains).
To give you a comparison, traditional domains in Web2 are simple website addresses, as our defichain-domains.com. However in Web3, domains are on steroids, as they are based on blockchain technology. You own that and all data linked to it. Since it’s on the chain, anyone can see the data linked to your Web3 domain but you can still protect your privacy as an owner, because of cryptography. Plus, only you can change anything linked to your domain, nobody can stop you. Thanks to our dear blockchain technology, you are fully in control.
Advantages of Web3 domains
(Be mindful, to benefit from the advantages, we need to be integrated with the wallets you are using! We will be working on that and reaching out to the right people soon, once DMC testnet is launched).
Anytime you do anything in Web3, you need a wallet that you use to hold and transfer crypto. Length of crypto addresses is endless (abc4gw48937nfbfkdns3208u….) and impossible to memorize. We are all sweating every time we transfer between wallets cryptocurrencies or NFTs, until what you send is received on the other end. If you misspell your infinite address, you can forget about your funds/NFTs forever, you cannot recover it.
As a solution to the problem, some smart ladies and gentlemen decided to create ENS (Ethereum Name Service) and another bunch of smart people then created Unstoppable Domains (also based on Ethereum). What they proposed is a way to substitute your endless address with readable names as defichain.dfi or ilikeicecream.dfi to avoid these troubles.
Good times for Web2 are over, join the bright side of Web3 with DeFiChain getting your domain as soon as we go live! And stay tuned for new developments, as we will be working hard to integrate with as many services as possible on the blockchain.
Follow us on Twitter at @defichaindomain, drop us a tweet or a DM if you have any question.
Cheers,
The founding team
