Blockchain domains offer an alternative to long wallet addresses.
On today’s internet, owning a website domain name is a misnomer. At best, you have a long-term lease of your domain, which a registrar owns and a domain name system (DNS) regulates. So how do you get around this obstacle? In true decentralized fashion, blockchain domains—or human-readable crypto wallet addresses you can own that live on the blockchain—may provide the answer.
TL;DR
- A blockchain domain, or crypto domain, is a domain that operates on a blockchain. It’s a human-readable alternative to long, alphanumeric crypto wallet address(es).
- Blockchain domains let you seamlessly accept crypto payments and own a decentralized website domain.
- Compared to traditional web domains—which require you to pay regular fees to maintain temporary control—blockchain domains can offer perpetual ownership.
- You can claim your blockchain domain through Binance.US’ Crypto Domains feature.
What is a Blockchain Domain?
A blockchain domain is a domain that operates on a blockchain. Also known as a crypto domain or Web3 domain, blockchain domains seek to resolve the issue of difficult-to-remember cryptocurrency wallet addresses, replacing them with a human-friendly address that’s short and easy-to-remember.
Depending on the provider, blockchain domains can be compatible with both personal, non-custodial wallet addresses and custodial wallet addresses, or exchange wallets, offered by cryptocurrency platforms like Binance.US.
While blockchain domains are still evolving, they currently feature the following benefits, depending on your domain name provider:
- Simplify sending and receiving crypto: Blockchain domains make sending and receiving crypto easier. Each domain can be tied to multiple cryptocurrency wallet addresses, allowing for straightforward crypto transactions that don’t involve error-prone humans typing long strings of letters and numbers. Domain owners can accept payments in their preferred cryptocurrency, including bitcoin, Ethereum, and others.
- Establish your digital identity: Your blockchain domain can serve as a personalized Web3 profile, where you can display your wallet addresses alongside any NFTs and POAPs you’ve purchased or earned.
- Own a Web3 website domain: Traditional domains operate under a centralized DNS such as Internet Corporation for Assigned Names and Numbers (ICANN). On the contrary, individual blockchain domain owners can actually own their Web3 domain, which is resistant to censorship and tampering. Anyone can permanently claim a Web3 domain through providers like Unstoppable Domains.
Crypto Domains vs. Traditional Web Domains
What we think of as a web domain on the traditional internet is actually a replacement for a difficult-to-remember IP address. Similarly, a blockchain domain is a replacement for a long, alphanumeric crypto wallet address.
That’s where the similarities between crypto domains and traditional web domains stop.
Here are some of the most noteworthy differences between blockchain and traditional domains:
Blockchain domains | Traditional domains | |
Storage | Once a buyer purchases a blockchain domain, that domain lives on the blockchain via a smart contract. | Traditional domains live in DNS servers, such as ICANN or VeriSign. |
Ownership | The buyer owns or rents the domain in perpetuity. | On today’s internet, the buyer actually leases a domain from a registrar such as GoDaddy or Bluehost. They must pay a regular fee to maintain control of the domain. |
Regulation | As of right now, no entity regulates blockchain domains as a whole. | Traditional domains fall under the control of ICANN, VeriSign, and other organizations. |
Access | Blockchain domains may require a crypto platform, special browser, or browser plug-ins to access. Brave and Opera are two examples of browsers that let you access crypto domains. | Traditional domains are accessible across a range of Web2 browsers. |
Examples of Blockchain Domains
Here are some examples of existing blockchain domains courtesy of Unstoppable Domains, which you can access via a compatible browser:
- dead-head.nft
- brad.crypto
- ipfs-fps.crypto
If you purchase your blockchain domain through a cryptocurrency platform like Binance.US, your blockchain address may look like this:
- janesmith.BinanceUS
- satoshi.BinanceUS
- hodl.BinanceUS
Why You Should Have a Blockchain Domain
The importance of having a blockchain domain depends on your perspective. On one hand, there’s the idea that the trajectory of the web is headed towards a decentralized space, and getting a crypto domain prepares you or your brand for the inevitable shift.
On the other hand, there’s the notion that blockchain domains are crucial now. Outright domain ownership and a clear crypto wallet address can help you safely and seamlessly receive funds and operate in the crypto space.
In short, the benefits of blockchain domains exist now and in the future. Users can create human-readable names that are linked to their crypto wallet addresses, eliminating the need to use long and complicated addresses. This reduces the risk of errors when sending and receiving money and increases the reliability of crypto transactions.
With blockchain domains resistant to regulation and censorship, no centralized authority can seize or block your domain. This could change, but as of right now, it’s a resilient way to exist on the web and conduct your personal or business crypto operations. Perpetual reservation of a domain often means no renewal fees and an owned identity that you can actually call yours.
Some entities worry about the potential for bad actors in the crypto domain space. This is possible, but the transparency of the blockchain (where all blockchain domains live) allows for spot targeting in ways that transactions through centralized institutions do not.
How to Register a Crypto Domain
You can register a blockchain domain through a registry (a couple of examples include Unstoppable Domains and Ethereum Name Service, though there are others).
Select a domain name that has not yet been registered. Yes, even in Web3, domain name selection is on a first-come-first-served basis. If the domain name you want is already taken, try making a small change or choose another top level domain (TLD), aka the part that comes after the root of your domain (some examples of Web3 TLDs include .eth, .bitcoin, .crypto, and .BinanceUS).
Once registered, you’ll need to go about setting up the functionality and aesthetics of your profile or website. If you plan to accept crypto payments on your site, you’ll also want to connect your domain to your cryptocurrency wallet address. Consider the following:
- Make sure that the domain is compatible with your preferred crypto wallet so you can seamlessly accept payments.
- Protect yourself by choosing a reputable registrar and taking appropriate security measures to protect your domain and associated assets.
Blockchain Domains: The Next Step for a Decentralized Web
The potential impact of blockchain domains on the internet is huge—with a more engaging Web3 browsing experience, it only makes sense that more people would navigate towards crypto-compatible domains.
Meanwhile, the potential future developments in the field offer something that traditional web domains do not: the ability to restructure the way you operate online and, ultimately, establish your digital identity.
At its core, a blockchain domain lets you accept cryptocurrency payments and own a slice of Web3. However, the concept of crypto domains goes even deeper. They have the potential to revolutionize the way we think about online identity and asset ownership. Even with all of this potential, with the right tools, anyone can register a Web3 domain of their own today.
Claim Your Crypto Domains on Binance.US
Interested in claiming a blockchain domain for yourself? Join the waitlist in seconds and get notified when Crypto Domains officially launch on Binance.US
Can’t wait to get started? Sign up for Binance.US today and get a head start by downloading our mobile app. Once the feature launches, you’ll be able to:
- Search for your perfect crypto domain
- Check availability and pricing
- Purchase your crypto domain to claim, with premium domains starting from just $10
Stay tuned for more updates in the coming days and as always, thank you for being a part of the Binance.US community!
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