Blockchain domains allow you to freely receive any cryptocurrencies , as well as conventional and non-fungible tokens, since most of the services provided in this area comply with the ERC-721 standard used when issuing NFT .
There are two main tasks that domains will solve – human-readable names for sending cryptocurrencies and domain names of sites that cannot be taken away from the owner. Let’s sort them out in order.
The first task – if I want to receive cryptocurrency from someone, I have to transfer the address of my crypto-wallet . To do this, I need to copy it and forward it somehow. In this process, it is quite possible to make a mistake, and then the translation will go nowhere, without the possibility of returning it. You may have come across the fact that when transferring large amounts, you had to make a small «verification» transaction.
Having a blockchain domain, I can tell it by phone, for example. And for a person who wants to transfer funds, it will be enough to enter it in the wallet and he will see my profile with a list of wallets and social networks. And after making sure that I am really me, I will be able to transfer funds without unnecessary fears.
The second task is related to blocking and censoring the Internet. Now the registrar has the right to revoke your domain by decision (or without a court decision). In the world of the future, only you can be the sole owner of the domain.
At the moment, the evolution of the cryptocurrency industry has found a more sophisticated expression in the form of blockchain domains, seeking to improve the functionality of the decentralized network. It is an innovative kind of domain that thrives on the technological uniqueness of a specialized form of decentralized ledger technology.
Various blockchain networks enable the implementation of functional blockchain domains, for which a special solution is the RIF Name Service (RNS) developed by the RSK Infrastructure Framework. This innovation has many use cases, the most significant of which is to simplify the use of cryptocurrency addresses for digital coins or tokens, as it encourages the involvement of an uninitiated audience in the world of technological innovation.
Blockchain domains replace complex wallet addresses with a simplified and customizable naming system, making them more user-friendly. One of the main goals of RNS, as well as other similar service providers, is to stimulate the mass adoption of cryptocurrencies by providing an architecture that allows blockchain keys to be identified by their human-readable names.
While the pursuit of mass adoption through a simplified user interface remains the primary goal of blockchain domains, there are other groundbreaking use cases for this innovation.
It’s worth noting that such domain names are useful for more than just simplifying cryptographic blockchain addresses. They can also be used to launch censorship-resistant decentralized sites. With the help of the domain names you create, you can register your profile data, create a project record type and use other privacy features inherent in WEB 3.0 .
Domain name features allow them to slip out of sight of centralized internet controllers and generally contribute to the original concept of blockchain-based payments, the main goal of which is decentralization.
Blockchain domains have interoperability with all major blockchains – Bitcoin (BTC), Litecoin (LTC) and many others.
Buying a domain name typically costs less than a dollar, far less than traditional offerings promoted by similar Web2.0 providers.
The blockchain domain ecosystem works with wallets like MyEtherWallet (MEW), My Crypto, RIF on Chain, etc. In addition, domains are presented in the form of NFTs, which expands their functionality.