30/08/2022
Why Web3 Domains?
Web3 domains differ from standard domain name system (DNS) addresses such as Instagram.com or Google.com. A DNS is similar to a telephone directory, only it indexes public websites and their accompanying internet protocol (IP) addresses to enable the directory.
Thenewslack.crypto is the result of a 42-character hex string. However, in the case of Web3 blockchain domain name systems, one can simply remember a shorter phrase. Web3 refers to the next generation of the web’s legal, technical and monetary architecture, including smart contracts, blockchain and cryptocurrencies. Web3 projects fit into various categories like digital services, decentralized finance (DeFi), and collectibles.
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 are nonfungible tokens (NFTs) or digital certificates of validity that may be traded on platforms like Solana’s Solsea or OpenSea. Moreover, Web3 domains have Web3 domain extensions like .crypto, .dao and .eth.
The attractiveness of a Web3 domain name, which symbolizes a blockchain address, is straightforward. For instance, “Send the salary to bob.eth,” rather than reciting some impossible-to-remember 42-character crypto wallet address, is considerably easier for the sender to remember and do.
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NOTE: This post is not financial advice for you to buy the crypto(s)/NFT(s)/domains mentioned. Do your own research and invest at your own will if you want. This also applies to crypto(s)/NFT(s)/domains, which you see in our stories. Thanks for reading Namer! 💙
Credits 📝 : cointelegraph.com
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