A web3 domain is a domain name that is registered on the Ethereum blockchain and is used to access decentralized websites and applications (dApps) on the Ethereum network. These domain names are not controlled by a centralized authority, and the ownership of a web3 domain can be easily transferred using Ethereum's built-in smart contract functionality.
Similar to the likes of .com domains which are used within Web2 to point to Websites, Web3 Domains are domains which provide a variety of use-cases through Decentralized Blockchain technology. Allowing the owner to resolve their Web3 Domain to their wallet address facilitating an easy to remember domain to point to your Crypto Wallet Address and also for use with decentralized websites.
There are a few reasons why someone might want to own a web3 domain:
Decentralization: Web3 domains are registered on the Ethereum blockchain, which means they are not controlled by a centralized authority. This gives users more control over their domain names and makes them more resistant to censorship.
Security: Web3 domains use smart contracts to manage ownership, which makes them more secure than traditional domain names. Smart contracts can be used to set up automatic rules for transferring ownership, so it is more difficult for someone to steal or take control of a web3 domain.
Branding: Web3 domains provide an easy way to create a unique and memorable web address for your dApp or online presence. This can help to establish your brand and make it easier for users to find and remember your website.
Identity: Web3 domains can be used to create a unique identity on the Ethereum network, which can be used to access other dApps or services.
Additional functionality: Web3 domains can be used to create decentralized websites, and can be linked to other smart contracts, which can enable a wide range of functionality such as creating a decentralized marketplace or a voting system.
Web3 Domains through Decentraweb allow for Top-Level and Sub-Level (Subdomains) Domains to be created. The decentralized technology of Decentraweb allows for anyone to permissionlessly create any Top-Level Domain. You can easily register .yourname or .anything then register Sub-Level Domains for example im.yourname or absolutely.anything. Our revolutionary technology takes back ownership of TLDs from centralized authorities such as ICANN.
Top-Level Domains through Decentraweb require a yearly renewal fee to be paid of $50 USD in DWEB Tokens or $100 in Ethereum. For Sub-Level Domains these have no expiry and are yours forever - unless you transfer them to someone else or sell them on an NFT marketplace.
As the adoption of Web3 Domains advances we hope in the future to see Web3 Domains resolved through internet browsers, opening a whole new world of opportunity for Web3 Domains powered by Decentraweb. For now you can easily create a decentralized website using your Web3 Domain to access through Web3 browsers or via our Web2 bridge.
It is believed that web3 domains could play a significant role in the growing decentralized web (Web3) ecosystem.
Increased adoption: As more people become familiar with decentralized applications and the benefits of the Ethereum blockchain, the use of web3 domains is likely to increase.
Improved usability: Efforts are being made to make web3 domains more user-friendly and accessible to a wider audience. This may include the development of new web3 browsers, and the integration of web3 domains into existing web browsers.
More use cases: Web3 domains can be used for various purposes, such as creating decentralized social networks, marketplaces, and online gaming platforms. As the decentralized web continues to evolve, it is likely that new and innovative use cases for web3 domains will emerge.
Increased competition: As the value of web3 domains becomes more widely recognized, competition for the most desirable domain names is likely to increase.
In summary, the future of web3 domains is uncertain, but it is believed that they will play a significant role in the growing decentralized web ecosystem and it could be used in more diverse ways.
To learn more about our Web3 Domain technology please visit our Learning Centre.
