On-Chain Domains Expand Usability of Web2 Platforms
Just as the internet advanced with the evolution of the Domain Name System (DNS) – which turns domain names into IP addresses – the crypto sector is undergoing a similar transition with the implementation of on-chain domain names.
Sandy Carter, COO and Head of Business Development at Unstoppable Domains – a decentralized domain service provider – told Cryptonews that on-chain domains are blockchain-based domain names that provide a decentralized alternative to traditional DNS’s.“
While DNS has served the business identity market well, it falls short of addressing the broader landscape of consumer identity, which includes payment handles, social media profiles, email addresses, and phone numbers — areas in which on-chain domains offer the most value,” Carter said.
To put this in perspective, on-chain domain registrar 3DNS Founder and CEO Paul Gauvreau told Cryptonews that on-chain domain names allow crypto users to type in a name – like bob.eth for example – instead of complex wallet addresses when conducting cryptocurrency transactions.
On-chain domains may also be referred to as “digital identities.” Algorand on-chain domain builder TxnLab Inc. Co-Founder and CFO John Mizzoni told Cryptonews that users can add metadata such as an X account, Discord account, or Telegram account to decentralized domains.
Adding metadata to these can help verify that a crypto wallet address belongs to a specific individual.
“If a user has a domain that is integrated across much of the crypto space, their profile is traveling with them no matter what application they’re using,” Mizzoni said. “This is fundamentally a much better model for users, as they can take their data or identity with them across different platforms.”
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