Sirwin
Sirwin

Blockchain Domains: UD, FIO, ENS

By Notum DeFi App | Notum DeFi App | 12 Jul 2022


What Is a Blockchain Domain?

A blockchain domain reminds an email address. It is supposed to be an easy-to-memorize address for sending and receiving crypto.

The matter is that a usual crypto address is far too long and complicated, and it looks like bc1qw505436qejxtdg4y3r3dsrvary0c5xw7fb6f3t4 you can type in a blockchain domain like ada.crypto, reducing a possibility of sending your crypto to the wrong address. 

Why Is the Technology So Helpful?

The leading blockchain domain advantage is the absence of regulation from centralized authorities. The habitual domains running on DNS technology are regulated by ICANN, an organization responsible for coordinating domain names and IP addresses.

The wallet addresses, smart contracts, and decentralized apps (or Dapps) are recorded as a long line with many symbols. This kind of domain is quite tricky to perceive and memorize, which often causes misprints and losing one’s cryptocurrency. To simplify the process for blockchain users, there an opportunity was launched to substitute a long string of symbols with a domain name.

A crypto wallet user can buy a domain name in the Ethereum network. For example, ”buterin.eth” will be used as a wallet address indicator within the blockchain and accept payments.

A crypto wallet user can buy a domain name in the Ethereum network. For example, ”buterin.eth” will be used as a wallet address indicator within the blockchain and accept payments.

The Most Interesting Projects

1. Ethereum Name Service (ENS)

The ENS was created in 2017 under a xoogler, Nick Jonson’s guidelines. The protocol partners with ICAAN and aims to broaden the current DNS technology instead of creating a competitor network. ENS was built based on Ethereum technology but currently supports various blockchains. At the end of 2021, the service registered about 552 000 domain names.

2. Unstoppable Domains (UD)

The project was launched in 2018 by an American company Unsoppable Domains Inc. In 2019 the project got investigations from venture capital pioneer Tim Draper. The technology utilizes ENS architecture and uses smart-contract containing users’ domains and wallet addresses. It allows passing a domain name to another user without losing control of your wallet.

3. Foundation for Interwallet Operaability (FIO)

FIO connects the leading wallets, exchanges, and crypto transaction systems. The central concept is to simplify interaction with cryptocurrency and quicker worldwide adoption. An easy process of attribution and perception of wallet’s names perfectly fits the aim of cryptocurrency popularization. Some blockchain developers have already started to join the project. 

Blockchain technology development might lead to an increased demand for domain names in the future. Considering the undoubtful necessity of a unified standard in this field, one of the projects can become such a standard for all users and gain a firm foothold as a market leader.

The blockchain domain as a universal user’s authentication in the websites and messengers will allow refusing from a usual registration routine via email and a smartphone. The following function will help to protect users’ personal data. In this scenario, using domain names within the blockchain will be way more perspective technology than just an excellent wallet address.

Today, the technology is in its earliest stage, with some safety, integration, and price formation issues to solve. 

 

💚  Try out a SimpleHold mobile wallet app. 📱

💚  Find us on Twitter, Telegram, and Reddit. See u around! 👋🏻

How do you rate this article?

52


Notum DeFi App
Notum DeFi App

We struggled to find the best platform for crypto investing, so we've created our own. Meet a cutting-edge app to buy, swap, stake, and enter the crypto market with ease today! 👉 https://notum.ai/


Notum DeFi App
Notum DeFi App

We struggled to find the best platform for crypto investing, so we've created our own. Meet a cutting-edge app to buy, swap, stake, and enter the crypto market with ease today! 👉 https://notum.ai/

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.