Confused about what Web3 domains are and how they differ from standard DNS? Don't worry, we've got you covered:
A decentralized crypto domain is a human-readable address that serves as a stand-in for your crypto wallet, rather than offering a human-readable collection of characters as an IP address. These Web3 domain names arethat may be traded on platforms like Solana's Solsea or OpenSea. Moreover, Web3 domains have Web3 domain extensions like .crypto, .dao and .eth.
Blockchain organizations need a name service to establish digital identities across public addresses. Furthermore, consumers will find it much easier to interact with a named address than a stream of arbitrary alphabets and digits. For instance, a decentralized Web3 name service like the RIF name service is a DNS-inspired hierarchical namespace. RNS's design aims to provide a naming convention that can be used to refer to resources.
The registry, the registrars and the resolvers are three kinds of smart contracts in ENS, as explained in the sections below.A single smart contract runs the ENS registry and keeps track of all domains and subdomains. The system purposefully has been kept basic, and its sole purpose is to link a name to the resolver that is accountable for it.
On May 4, 2017, the ENS team released a smart contract implementing a Vickrey auction to register names longer than six characters. The Vickrey auction is a sort of sealed-bid auction in which buyers bid without knowing how many other bidders have bid, and the auction winner is the highest bidder who only has to pay the second-highest amount.
Bids in an English auction are open to the public, and bidders can place numerous bids. The highest bidder will get the name, and the number of deposits will be the first-year registration fee, which is considerably different from the Vickrey auction period.The name-to-record mapping is saved in the resolver. The"public resolvers" implemented by the ENS team have preset eight categories of records , but ENS can hold any records.
There is now a significant pent-up demand for domains as blockchain users have learned that choosing a blockchain domain name makes using their applications easier. Additionally, you can rent out your blockchain domains or even set up a lease-purchase agreement to enable others to create brand value on your property while leaving your options open, just like conventional domains.Web3 domain ideas can be turned into reality with the ENS service.
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