Web3 as you must already be acquainted with by now is the new iteration of the internet. It incorporates ideas like decentralization, blockchain technology, and token-based economics. For Web3 to function as an internet, it has domains that are registered on Web3 blockchains through registrars like Freename, functioning, in the same way, as the domains of Web2, which our present-day internet does.
The major difference between Web2 and Web3 is that both domains are registered on different systems, the former being registered on the Domain Name System (DNS) and controlled by ICANN. The Web3 domains are registered on Web3 blockchains having no central control or authority that governs them.
A typical Web3 Blockchain domain has a secondary and also a Top-Level-Domain (TLD). The TLDs of Web3 domains are very different from the Web2 conventional TLDs. Examples of Web3 Top-level-domains include but are not limited to: .moon, .token, .hodl, .xxx, .free, .young, .airdrop, .chain etc
Why are Web3 domains built on blockchains?
Blockchain technology is a public ledger that records transactions and other data in an unchangeable and secure manner. The data is duplicated and dispersed across a network of computers on the blockchain which ensures that authority is not allocated centrally.
Transactions are recorded and added to blocks on the chain whenever a new transaction occurs. Blocks on the chain include transactions. Distributed Ledger Technology is the name of the decentralized database (DLT).
Web3 domains seek to harness the potentials of blockchain technology and thus create domains on it. The following are reasons Web3 domains are registered on blockchains.
- It allows for the decentralization of power. This means that instead of being centrally controlled, it is distributed across a network of computers, making it more secure and resilient.
- Additionally, the decentralized web introduces a change in domain names from the conventional domain name system (DNS) to a web3 domain name.
- It allows users to mint, create and manage their own personalized domains.
- Web3 blockchains allow users to trade their domains in Web3 platforms or marketplaces like Cloudname.
Web3 domains are built on Web3 blockchains through providers or registrars. A typical platform to mint and create your desired domain or TLDs is Freename.io. With Freename you can mint your Web3 Domains on the Blockchain you desire. Also, you can utilize your Freename Domains for your crypto wallet or for your digital identity as well as for your metaverse avatars.
There are a number of blockchains that support the idea of Web3 and the following are web3 blockchains where Web3 domains are built. They are supported by Freename.
A blockchain built by developers for developers. It combines the best of Ethereum and sovereign blockchains into a full-fledged multichain system. It is a decentralized Ethereum scaling platform that enables developers to create user-friendly, scalable decentralized applications (dApps) with cheap transaction fees without ever compromising security.
Polygon ID, one of the services rendered by Polygon is a blockchain-native identity system with programmable privacy that empowers people and enables the creation of trusted interactions with Web3 services.
Besides this service, other solutions Polygon provides include;
Polygon POS: a solution transaction system that provides speedy transactions with cost-saving utilizing side-chains for transaction processing. It also uses a decentralized network of Proof-of-Stake (PoS) validators and the dependable Plasma bridging architecture to assure asset security.
Polygon Edge: this solution allows you to manage your own blockchain network with customizable features. It gives your network Ethereum compatibility and is governed by modular architecture principles.
The first ever blockchain network to enable DeFi, NFTs, and the metaverse on top of both the Ethereum and Cosmos ecosystems. It enables developers to rapidly move applications and digital assets from other chains with minimal cost, high throughput, and quick finality, it seeks to dramatically expand the Web3 user base.
Built on the Inter Blockchain Communication (IBC) protocol, Cronos is a completely decentralized, open-source, and energy-efficient public chain with fast speed and low fees. It enables decentralized interoperability with other IBC-enabled chains, such as Terra and Cosmos Hub.
Ethermint, the technology that powers Cronos, enables quick app and smart contract porting from chains that are compatible with Ethereum and the EVM. CRO, the native token of its parallel blockchain, the Crypto.org Chain, serves as Cronos’ base settlement currency.
Aurora is a third-generation blockchain-based decentralized application platform that is committed to offering mature blockchain technology solutions for the whole sector. The Aurora Mainnet supports Web 3.0 virtual ID.
Through cost-effective transactions, Aurora offers Ethereum compatibility, NEAR Protocol scalability, and a market-first user experience.
The smart contracts on the Binance Smart Chain work with and support Ethereum dApp. As a result, the BSC network makes it simple for developers to build and transfer dApps, tools, and other ecosystem components.
There are a total of 21 validators on the blockchain, and every 24 hours, the stakes of BNB will elect new validators to assume their places.
A proof-of-stake consensus approach, specifically a proof-of-staked-authority (PoSA) paradigm, is used by the platform. Binance (BNB), the native token of BSC, can be staked in BNB in addition to taking part in network security and voting on community governance protocols.
Additionally, Proof-of-Stakes (PoS) may process transactions more quickly, giving it an advantage over networks that continue to use complete proof-of-work protocols.
With all these above-mentioned blockchains and their specific characteristics, it is intriguing to see why creating and minting your TLDs with Freename would be an unforgettable experience, also, the benefits of these blockchains allow you to carry out whatever you would like to and also do with your Web3 domains.
Other emerging blockchains on the Freename protocol are, NEAR, Avalanche, Solana and Ethereum.
The fundamentals of Web3 point to how it can revolutionize how the internet is designed and used by users. The demand for innovative decentralized solutions is evident from consumer interest in cryptocurrencies and NFTs. With Web3 blockchains and TLDs, these are possible.
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