What are Blockchain Domains?

by | Nov 11, 2021

Disclaimer: Posts on the HyperTrader blog and associated HyperLinq websites are for educational and informational purposes only. These posts should not be taken as financial advice, nor are they meant to be viewed as trading advice. HyperLinq Inc. or the authors take no responsibility for any damages or losses.

As I’ve mentioned numerous times, blockchain technology is not just disrupting finance, it’s disrupting the whole world around us. We’ve been covering this series of innovations through our blog posts all the way from understanding the working of blockchain, smart contracts, oracles, IPFS, zero-knowledge proofs, and many more.

In essence, the core ideology of blockchain technology is to get rid of so-called “trusted third-party” and value-leaching intermediaries. Continuing with this effort, today, we’ll be explaining the concept of blockchain domains how they’re censor-resistant and a better substitute for traditional domains.

However, to understand the working and benefits of blockchain domains, we need to get ourselves acquainted with traditional domains first. So, let’s start with that.

What are Traditional Domains?

Traditional domains, in essence, are rented assets. Meaning these domains are centralized commodities and you don’t truly own them. The internet businesses as we know such as Google, Twitter, or HyperLinq use web domains such as .com, .net, .io, etc., which are managed by an organization called ICANN (Internet Corporation for Assigned Names and Numbers).

All of these traditional domains can only be rented for a given period of time by business entities or individuals through domain registrars such as GoDaddy. Since these centralized domains are not truly owned by businesses or individuals they can be taken down by authorities and are prone to censorship by the governments.

Until now, there was no other way around these centralized domains meaning one cannot protect their right to speech. Blockchain technology finally discovered a way around these centralized domains and opened new doors to building an open, decentralized, and censorship-resistant internet. So, how do these blockchain domains are building a decentralized and censorship-resistant internet? Let’s find out.

What are Blockchain Domains?

Blockchain domains or decentralized domains are stored and governed by public blockchain networks instead of a centralized entity. Since these domains are a suite of smart contracts, they’re hosted on a blockchain network with the owner having full control over their domain using a private key.

Since the blockchain domains are stored in a distributed ledger with multiple copies across the globe, they cannot be taken down or censored by an entity or government. Thus eliminating the need for trusted third parties or central authority such as ICANN.

It’s worth noting that these domains are stored on public blockchain networks in the form of unique tokens such as NFTs, thus eliminating the need for renewals. Since NFT domains are owned, not rented, you can buy the domain with a one-time registration fee and never have to worry about expirations or renewals again.

With blockchain domains, you can also replace your crypto wallet address with a human-readable name. Thus allowing anyone to transfer crypto tokens easily with a human-readable address.

To learn more and get yourself a blockchain domain, check out Unstoppable Domains or ENS.

Head of Content Marketing @ HyperLinq. His love for Chai and mountains precedes everything. Often wonders about things like, "why $1 earned through leverage feels 100x better than $1 earned selling your time?"

All You Need To Know About Bitcoin ETFs

Introduction to Bitcoin ETFs and their advantages & disadvantages.

Announcement: Now Trade on FTX Derivatives with HyperTrader

We, at HyperLinq, are delighted to announce the onboarding of FTX Derivatives as our newest crypto exchange to support trading on our native desktop app, HyperTrader. Thus enabling FTX Derivatives traders to supercharge their crypto trading and experience reduced...

Introduction to Blockchain Stack

What is blockchain stack and what are various layers of a blockchain stack?

How Blockchain Governance Works?

Understanding the working of blockchain governance and how incentives are aligned across various participants.

Understanding Blockchain Governance

Understanding what is blockchain governance, its benefits, and how it works?

What is Bitcoin Taproot Update?

What is Bitcoin Taproot Update?

Metaverse 101: The Future is Here

All you need to know about Metaverse.

Real-World Use-Case of Smart Contracts

What are the real world use cases of smart contracts?

What is IPFS?

What is InterPlanetary File System and how it works?

Now Trade on OKEx with HyperTrader

Announcement: Now Trade on OKEx with HyperTrader.

All You Need To Know About Bitcoin ETFs

Introduction to Bitcoin ETFs and their advantages & disadvantages.

Announcement: Now Trade on FTX Derivatives with HyperTrader

We, at HyperLinq, are delighted to announce the onboarding of FTX Derivatives as our newest crypto exchange to support trading on our native desktop app, HyperTrader. Thus enabling FTX Derivatives traders to supercharge their crypto trading and experience reduced...

Introduction to Blockchain Stack

What is blockchain stack and what are various layers of a blockchain stack?

How Blockchain Governance Works?

Understanding the working of blockchain governance and how incentives are aligned across various participants.

Understanding Blockchain Governance

Understanding what is blockchain governance, its benefits, and how it works?

What is Bitcoin Taproot Update?

What is Bitcoin Taproot Update?

Metaverse 101: The Future is Here

All you need to know about Metaverse.

Real-World Use-Case of Smart Contracts

What are the real world use cases of smart contracts?

What is IPFS?

What is InterPlanetary File System and how it works?

Now Trade on OKEx with HyperTrader

Announcement: Now Trade on OKEx with HyperTrader.

%d bloggers like this: