Domain Name Projects On Notable Ecosystems

Domain Name is the hottest topic discussed recently. Although the cryptocurrency market and blockchain technology are growing day by day, the problems that have existed for a long time have not been completely solved. One of the main issues affecting the real potential of the blockchain space is the suboptimal user experience.

As we all know, the utility of blockchain technology is to help remove barriers to transactions on a global scale. But to transfer assets, users will need a wallet address consisting of a very long string of digits. This has created an inconvenience in remembering and checking the correctness of that wallet address. Domain Name Service has emerged to provide a solution to this problem, as well as to make Web 3.0 more user-friendly.

Ethereum Name Service – Ethereum

The Ethereum Name Service (ENS) is a naming system based on the Ethereum blockchain. With the open, distributed, extensible features, ENS’s job is to map human-readable names like ‘john.eth’ to machine-readable identifiers such as Ethereum/cryptocurrency addresses, content hashes, and metadata. 

Ethereum Name Service also supports ‘reverse solution’, making it possible to associate metadata such as canonical names or interface descriptions with Ethereum addresses. ENS’s goals are similar to the Internet’s Domain Name Service (DNS), but has significantly different architecture due to capabilities and constraints provided by the Ethereum blockchain.

Space ID – BNB Chain

Space ID is a service that supports domain name registration on the BNB Chain ecosystem. Normally, BNB Chain wallet addresses will consist of a very long string of alphanumeric characters, making it difficult for users to remember their wallet addresses. Space ID will be a simple task. Turn those complex addresses into simpler address that is easier for users to remember.

Space ID is intended to give users a unique identity for all chains. On Space ID, usernames can be associated with their identities across multiple blockchains. SpaceID will also allow users to connect their identities from the Web2 world, including Twitter, Email addresses, and Github accounts, to Web3.

Bonfida – Solana

Bonfida is known as the top infrastructure developer on Solana. This accolade has been earned from our contributions to the ecosystem by providing services and products that allow for the wider ecosystem to flourish.

Our contributions to the ecosystem include:

• Creating a new Serum Core engine, the Asset Agnostic Orderbook (AOB)
• Simplifying the way users transact with Solana Name Service
• The first perpetual swap on Solana, Audaces, to name a few. As a result of these contributions, our developers are highly respected and sought after within the Solana ecosystem.

Polkadot Name System – Polkadot

Polkadot Name System is a decentralized domain name system based on Polkadot’s Substrate technology. Similar to Ethereum Name Service, Polkadot Name System will provide domain names for Polkadot wallet addresses, smart contracts, and applications built on Polkadot.

We can use the domain “.dot” to expose smart contracts, wallet addresses, NFTs and other resources built on Polkadot. From there, investors can start building their own digital identity.

Verdict

Domain Name Projects offers a solution to optimize user experience in the blockchain space. Its goal is to simplify the user experience in interacting with Dapps, as well as to facilitate the sending and receiving of cryptocurrencies. Besides, they also asserted that it is not an alternative to DNS but just wanted to add and bring the usefulness of DNS into the space of Web 3.0 in particular and the cryptocurrency market in general.

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

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

Ares

Coincu Ventures