Current Domain Platforms – The race is not over in 2022

Current Domain Platforms – The race is not over in 2022

Today, the Internet is as familiar as having a daily meal, and going to the web to find information about individuals, companies or other information has gradually become familiar. The fact that websites must have easy-to-remember Domain names has long been important to the business world to attract customers. And with blockchain technology, having a domain name is also becoming more and more important for every user and business to enter the Web3 world.

What are domains? And current Domain platforms

With Web 2

Domain, also known as a domain name, is understood as the name of a website operating on the internet, it acts as a physical address. You can understand it more simply like a home address or a zip code address. You may not know that initially, computers use IP addresses as a sequence of numbers to access a certain website. However, these ranges of IP address numbers are difficult for us to remember. Therefore, domain (domain name) was born to replace these difficult-to-remember IP address ranges.

With Web 3

NFT Domains (NFT domains) are Domains on a public blockchain and give users complete ownership of their stored data. The main benefits of owning a Domain NFT are the simplification of cryptocurrency transactions by replacing wallet addresses with Domain names and the ease of creating and hosting web pages on Web 3.

NFT domains are essentially a set of smart contracts, which is a fancy term to describe software written on a public blockchain. This means that instead of a company controlling your data online, power is transferred back to you as the user. And by being built on the blockchain, anyone can view the data stored there, creating the highest level of publicity and transparency.

On top of that, there’s the benefit of enhanced security – only you have the authority to make updates to your NFT domain, which minimizes worries about servers being hacked or domains stolen.

The advantages of NFT domains can be summarized as follows:

• Simplify crypto transactions by replacing all your complicated wallet addresses with your domain name as your username.
• Sign in to applications using your domain name as your Web 3 username.
• Unlike traditional domains, fully own and control your domain name. You buy it once, you own it for life!
• Easily create and host websites, from personal websites to NFT galleries.

Current Domain Platforms

With the outstanding advantages of NFT Domain, layer 0, and layer 1 blockchains all have NFT Domain construction projects. Let’s take a look at the current outstanding domain projects.

On the Ethereum system

Up to now, projects on Ethereum have been the leading projects in the industry, starting a new trend, and The Ethereum Name Service (ENS) project is the leading project of the Domain NFT array.

Ethereum Domain Services (ENS) is a distributed, open and scalable naming system based on the Ethereum blockchain.

The job of ENS is to map human-readable names like ‘Alice.eth’ to machine-readable identifiers like Ethereum addresses, other crypto addresses, content hashes, and metadata. ENS also supports ‘reverse resolution’, making it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses.

The project has issued tokens with the code ENS.

On the Polygon system

After ENS launched on the Ethereum blockchain, a prominent project in the same industry, Unstoppable Domains, also led the Domain trend on Polygon.

You can choose hundreds of domain types for yourself, in addition to Polygon, Unstoppable Domains also works on many other blockchains.

The project has not issued tokens yet.

On the BSC system

Space ID is the leading project in the Domain segment on Binance Smart Chain.

SPACE ID is a generic name service network that seamlessly connects people, information, assets, and applications in the digital world. It is chain agnostic, decentralized, censorship-resistant, and open source.

Your SPACE ID (SID) will not only be a name, it will be your multi-chain identity in the metaverse: trading crypto, lending tokens, minting NFTs, and buying tickets or even buying houses in the world future highly decentralized easier using just one ID.

The project has not issued tokens yet.

On the Flow system

Flow is a layer 1 project specializing in NFT, gaming, sport, social, metaverse…

The Flow platform currently has 2 projects working on Domain NFT: ‘.find’ and Flowns.

Users can buy domain names of .find and Flowns, and use them on the Flowns ecosystem similar to ENS domains on the Ethereum ecosystem.

The project has not issued tokens yet.

On the Evmos system

Evmos is an EVM project on top of the Cosmos ecosystem. The Evmos Domain project is the first project of the Domain array on Evmos.

Evmos Domains allows you to register your human-readable .evmos domains that link or “settle” to addresses on the Evmos blockchain.

Since this resolution system works with any data, not just addresses, you can also associate your name with your profile picture, social media links, IPFS asset hashes, and even other names.

The good news is that the project has announced the release of tokens and airdrops for users who own the domain name ‘.evmos’.

On the Solana system

Solana is the project with the strongest growth rate among Layer 1 projects in 2021. The Name Service array project on Solana has also received a lot of attention from the community, which is Bonfida. Bonfida’s sale of domains named ‘.sol’ has also been very popular in the community.

Solana Name Service (SNS). SNS has a simple mission to provide a logical and hierarchical way to map domains (represented as .sol ) with on-chain data. Where on-chain data can be anything from Solana (SOL) addresses to IPFS CIDs, images, text, and more.

The Bonfida project has issued tokens with the code FIDA.

Verdict

With blockchain technology, Domain NFT has now become more user-friendly and useful than the traditional domain of Web 2.

With the current Domain building blockchain platforms, more and more Web 2 users are attracted and switch to using Domain NFT. This is a great stepping stone to bringing non-crypto users into the world of Web 3.

In the not-too-distant future, blockchain technology becomes popular, the era of Web 3 dominates the world, and Domain NFT is an indispensable part of Web 3 users. At that time, Domain platforms will be the real money machine.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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