Web3 offers privacy, data security, and scalability powered by NFTs, smart contracts, and blockchain technology. With the gradual migration of internet users to decentralized networks, users owning web3 domains will secure their space in the new iteration of the World Wide Web.
There are three known "versions" of the internet which are web1, web2, and web3. Each version is an upgrade from the previous, offering users features beneficial to them which were absent in the last. Web1 ran from 1991-2004, and it was a read-only internet consisting of static web pages with no interaction whatsoever.
Web2 replaced web1 in the year 2004 up till now, and it was an upgrade from the consumer-only web1. With web2, there is an interaction and data exchange between web pages and web users. Web2 opened the age of targeted advertising with websites collecting user data and selling them to advertising companies.
Although web2 brought about user-generated content where algorithms produce content tailored for users, it took away privacy. Privacy and anonymity are the biggest features web3 offers users, the opportunity to take ownership of their data and decide how and when it's used. With web3, you could easily purchase products with cryptocurrency like Bitcoin without having to give up personal information.
Web3 domains are blockchain-based DNS addresses that allow users to personalize their domain names. It is also called a decentralized crypto or blockchain domain because it operates on the blockchain network. These web3 domains are digital certificates and non-fungible tokens (NFTs) that owners(users) can trade on NFT marketplaces.
Unlike traditional domains, which are rented from major companies, web3 domains are registered and owned by users. For example, if you have a website ending with .com, .org, or .net you don't own these domains; you are leasing it from a registry(that includes Facebook.com). And although ICANN regulates domain distribution, the higher powers of the internet can take down your website at any point due to centralized servers and systems.
In web2, people use custom domains that translate to IP addresses that computers can read. Similarly, in web3, domains can be human-readable addresses translated to crypto wallets, metadata, applications, files, etc. So instead of 30 alphanumeric characters as your wallet address, you could use "Maggie.eth".
Every computer on the internet has an IP address, and so does each website; both IP addresses need to communicate for information to be shared. We currently use DNS, a naming system that attaches a human-readable address to an IP address, so instead of typing "31.13.63.23," you type "Facebook.com."
Similarly to how DNS functions for web2, ENS replicates this in web3. ENS stands for Ethereum Naming System and its personalized address to human-readable forms for the web3 ecosystem. It uses multiple computers that verify "Maggie.eth" to the accompanying addresses, reinforcing the security of transactions and communications.
ENS is built on Ethereum smart contracts, decentralized with multiple servers running verifications so that owners would experience improved cybersecurity compared to conventional DNS. These domain names can have extensions like .eth, .crypto, .blockchain, .nft etc.
When you purchase a domain name, you take ownership of it until you decide to rent or sell it out. It takes away the control of domains from only major companies on the internet and allows users to control their domains
Your domain name is your brand, business, or individual digital ID. Whether you're a coder, artist, designer, or brand, your domain is minted as an NFT, which can be used as your ID to gain other web3 applications, websites, and even metaverse.
Users' details are requested for completion when registering a traditional domain name. This is different in web3 as domains can be registered anonymously, providing online privacy as users' identities aren't linked to their domains.
web3 domains are built on a decentralized network that uses multiple untraceable systems acting as servers that register and verify assets, communications and transactions. Due to its lack of a central server, it's less vulnerable to hacking, meaning your sensitive data can't be stolen, tampered with, or taken down.
As the internet gradually adopts decentralization and moves to web3, the web3 domains will become more popular. Currently, owning a web3 domain is cheaper than acquiring a traditional one. Only a few hundred thousand domains have been registered, and with millions of blockchain users globally, your acquired web3 domain name can be rented or leased to other users in the future.
Like a business name, choosing a domain name can be time-consuming and overwhelming; however, here are some tips to ease the selection process.
Think of domain names that are easy to remember; the shorter, the better. Avoid multiple numbers or words that are difficult to spell as much as possible.
Considering that your domain name is your digital identity, you could consider it your brand. As web3 would have users from web2, carrying over your brand name from web2 could help you stay consistent and credible to users.
There's never going to be a perfect domain name, be creative in your selection but waste no time on it. Create your domain and start building your space.
Yes, you can. You'd need an Ethereum-enabled browser, Ethereum Name Service that supports digital wallets, and a domain registrar. Upon selection of your domain name, you'd need a DNS record setup for your domain name.
In Web 2.0, major tech companies control user data for their benefit. With the evolution of the web to a decentralized version, users get full control, ownership, and management of their data. Also, it incorporates artificial intelligence, machine learning, and decentralized protocol technologies which improves user experience and software accuracy.
