Decentralized Internet With Unstoppable Domains


Two topics that are talked about a lot with regards to Ethereum these days are ETH 2.0 and decentralized finance (DeFi for short). It makes sense that ETH 2.0 is such a hot topic lately though. After all, the coin will be moving from a proof of work (PoW) algorithm  to a proof of stake (PoS) algorithm. This means that you will no longer need hardware devices to mine the coins. If you're not sure what staking is, I've written a post about it that you can check out here. As for DeFi, there have been recent events with Compound Finance releasing their governance token "COMP" which is why there have been a lot of posts about this along with yield farming recently. 

This excitement over DeFi is definitely not unwarranted as it certainly has the potential to disrupt the future of finance by cutting out retail banks. Just as Compound Finance is putting finance on the blockchain, a company called Unstoppable Domains is putting the internet on the blockchain. The company's vision is to allow people to create websites where the creator remains in full control over it as that's meant to be the case in crypto.

Before I continue on about Unstoppable Domains, let me first address what a domain name is in the first place. A domain name is the text that you type in the web address bar in your web browser. Examples of domain names are: facebook.com, youtube.com, or even publish0x.com. Essentially it's the address of the homepage you'd like to go to.

So now that you know what a domain name is, let's take a look at why getting a crypto domain name matters. On Unstoppable Domains's website, they highlight two reasons why you should get a domain. Instead of writing it out, I'll illustrate it to you with some photos taken directly from their website as they say "a picture is worth a thousand words."

Instead of this:

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You get this:

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In addition to that, instead of this:

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You get this:

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The first set of photos is all about remaining in full control over your domain name. With regular .com or .ca or .net domains, they can be seized. However with the domains offered on Unstoppable Domains, you remain in full control over the website as long as you own the private keys to it. Depending on how you look at it, this can be a good or bad thing.

The pro is that you have full ownership as discussed. However, the con is if you lose the private key to that domain name, you can never make changes to that domain again. There's no one to contact to reset your password. This is why learning to secure your assets are such an important aspect to crypto. I've addressed and stressed the importance of safely securing your crypto in my post here.

This also makes me wonder what would happen if someone wanted to create a website where they promote illicit things such as with Ross Ulbrict's "Silk Road" marketplace website though. Silk Road was essentially an online black market where people primarily bought and sold illegal drugs using Bitcoin to stay anonymous. If a site like this goes live, this means that government officials can't shut it down. This can be scary stuff in my opinion as you wouldn't want the whole crypto web to be filled with "darknet" websites. I guess to each their own though. Decentralization gives people free speech in that sense. But I digress. 

With the second set of photos, having your own crypto domain name allows you to receive crypto that you've assigned a wallet address to for whatever supported crypto you have selected. There are currently several wallets that have this feature implemented in it but I'm sure that the list will continue to grow. Here's a list of wallets where the sender of the crypto can use to enter your crypto domain name:

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From the list, I would say that the most popular wallets are MyEtherWallet (MEW), Coinomi, Trust, and Atomic. I personally have never heard of the rest of them prior to coming to this website. 

As an example, here's what happens when I type in my crypto domain name in MEW when sending:

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The Ethereum address that I linked to that domain name automatically pops up. I've changed the address and linked a bunch of different wallet addresses to my crypto domain name.

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To buy a domain, just go to Unstoppable Domains's homepage and you'll be presented with a search bar where you can type in a desired domain name you'd like. They will then let you know if it's free and how much it costs. If it's already taken, they'll give you a couple of alternatives and the cost. If you decide to buy the domain, they have different payment options. Here's how you can pay for your domain:

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As you can see, you can pay by credit card, PayPal, crypto, or through Crypto.com. For crypto, you can pay in Bitcoin, Bitcoin Cash, Ethereum, Dai, Litecoin, and USD Coin. Lastly, one thing that's different about owning a crypto domain name is that there are no recurring payments unlike with regular domains. This means that there's just a one time fee and that's it, it's yours for life.

Before ending this post, I just wanted to share some of my thoughts on my experience with Unstoppable Domains. I've had nothing but a great experience with them so far whether it's with purchasing a domain name or with needed support. Whenever I had a question, someone would respond in the support chat box within a couple of minutes to help with my inquiry. The person responding to my inquiries were always knowledgeable and very helpful.

While talking with the support, here are some things that I learned that may be able to help you should you decide to buy a domain name for yourself:

1) You don't need to have a wallet with any of those wallets or applications in order to receive the crypto under your domain name. Only the sender needs to have a wallet with one of the supported applications in order for him or her to send crypto to your domain name. I thought that the receiver had to have a wallet with one of those applications.

2) If you choose to store your domain name on a hardware wallet, you'll have to pay for the transaction fees when you want to make changes to your domain, whether it's with your website or with your wallet addresses. However, if you leave your domain name in your Metamask wallet, Unstoppable Domains will pay the transaction fees. This may be better for those who are new to the crypto space. You're however, giving up some security so that's something to take in consideration. 

3) Unstoppable Domains has a chrome extension and their own browser that allows you to then access these domain names on your computer. If you were to type these ".crypto" or ".zil" endings in a regular browser, it won't work. In addition, the Opera Browser on Android has integrated the capability to access these domain names in the app. If you have the extension or browser and type in my domain "cryptoforcanadians.crypto" in the url address bar, you can see a simple homepage I've set up; it's pretty bare bones.

In closing, I hope that I have been able to show you why one should get a blockchain domain name, and how to get one. If you're thinking of getting a domain name, here's a link to get $10 off your first purchase worth $40 or more.

Get $10 off your first purchase worth $40 or more

For those of you who already have a domain name, leave a comment down below with what it is as I'd like to check out your page!

Here's a YouTube video for those who like videos:

If you liked this article, please give it a thumbs up or share it with others! You can check out my other posts here: https://www.publish0x.com/@Cryptoforcanadians.

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If you have any questions or comments, please feel free to leave them down below as I will respond. You can also contact me at [email protected]. You can also message me on Telegram @cryptoforcanadians or feel free to join my Telegram group where we talk crypto: https://t.me/crypto4canadians.

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cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.


cryptoforcanadians
cryptoforcanadians

Educating Canadians, and others, about crypto.

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