With the development of Web 3.0, a new system will likely become an integral part of the new internet.
Jan. 2022, George
Data Source: Decentralized Domain Names
In November, decentralized domain name project ENS (Ethereum Name Service) issued its token and airdropped it to the community.
During the airdrop, nearly 138,00 addresses which holding Domain Names received about 46,000 ENS tokens, then worth about $5.5 million. It was the largest airdrop in 2021.
Just like the rush for .com domain names in the early days of the internet, many users registered .eth domains in the hope of profiting.
After ENS, domain name projects on other public chains also received attention. Many people registered domains and waited for the next explosion.
The DNS (Domain Name System) is the hierarchical orgnaization of domain names operated by ICANN (Internet Corporation for Assigned Names and Numbers) in the United States, whose main job is to manage the assignment of domain names and IP addresses.
Decentralized domain names are built on a public chain. They work by converting addresses into easily remembered and recognized characters. For example, ENS is built on Ethereum and offers Ethereum domain names ending in .eth.
The status of domain names can be found on the ENS website. For example, Vitalik Buterin, uses vitalik.eth instead of his original 42-digit combination of numbers and letters for his wallet address.
In addition to the uniqueness, convenience, and tradability of traditional domain names, decentralized domain names have the following features.
However, decentralized domain names also have some problems:
The decentralized domain name also has some problems.
Summary
With the development of Web 3.0, a new system will likely become an integral part of the new internet. As such, several decentralized domain name projects have emerged that now allow people to purchase domain names on the blockchain.
Unlike traditional domain names, blockchain domains can integrate DApps from various chains and could be more secure. However, at present, decentralized domain still cannot be accessed by most browsers, and development is at a very early stage.
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