The dawn of the age of the internet brought with it several opportunities and morphed pre-existing options into better-looking and viable ones. Businesses could scale and reach a larger audience with the push of a button; news could reach the ends of the earth in seconds. It all seemed like a dream come true.
While the adoption of the internet can be described as quiet but fast-spreading and far-reaching, the jostle for digital real estate soon became the major attraction. If your business didn’t own a website, it certainly didn’t have the market appeal of digitalization. These days there are over a billion websites. And thanks to the decentralized domain system (DNS), we have been able to keep track and catalog these web addresses.
DNS can store, track, and identify web addresses to ensure they are unique and rid of duplicity. This way, you can’t register a pre-existing domain name or have any two URLs (universal resource locators) looking alike. Before now, the most popular TLDs (Top-Level Domains) were the generic types: .com, .org, and .net. Then it grew to include country codes for variety sake. And now, TLDs can be a combination of any letters or can be your business name.
The Internet Corporation for Assigned Names and Numbers, ICANN, the new regulators of DNS since 2016, approved the use of custom TLDs in 2011. The approval meant businesses, or anyone, could come up with any set of letters for a TLD. There was, however, one problem. Application for a custom TLD costs about $185,000 and a subsequent $25,000 yearly (or $6,250 per quarter) charge if the domain is approved. To put this in perspective, the TLD .dot was once auctioned for a colossal $700,000.
While the frenzy went on for a while, the question that crossed the lips of domain experts was: “is the money worth it?”. The viability of the business couldn’t be questioned as they, ICANN, held the key to a door only they knew its location. However, since blockchain technology began its onslaught on centralization, no industry has remained untouched. Even the heavily-controlled domain name system saw changes. One of the game-changers in this space is Decentraweb.
If you were interested in owning a TLD, say a .medicine, you would have to wait for a while before the domain would be approved. With the guidelines for approval still sketchy and hoarded. It is no wonder Decentraweb created a framework that allows the permissionless ownership and storage of TLDs on the Ethereum blockchain.
Decentraweb is an ostensive representation of what the integration of the DNS layer protocol into the Ethereum blockchain will look like and how it would work. This union will ultimately revolutionize how we create and own TLDs in a more unique and people-oriented way.
As has been demonstrated here, the integration of blockchain technology is mostly about simplification, and security of the entirety of the process. It solves the problems of the sudden ban and deletion of websites as well as removal of the digital footprints of organizations for flimsy reasons. The storage of TLDs on the Ethereum blockchain makes it impossible to erase or modify them.
The domains issued by Decentraweb can be minted as Ethereum-based non-fungible tokens (NFTs) and tradeable on popular marketplaces like OpenSea. The ability to trade and exchange domain NFTs in any cryptocurrency of your choice is sure to convince many to give it a shot. This is particularly true when you consider today’s NFT boom and increased interest in having crypto investments.
To see that their commitment to taking back the internet one layer at a time succeeds, Decentraweb assembled a team of experts turned industry leaders. One was a chief technology officer (CTO) at GoDaddy, an internet domain registrar and web hosting company. There’s another interesting fact about this project. While many startups are folding up for reasons such as financial constraint, Decentraweb is already cash-flow positive, with 80% of DWEB (Decentraweb’s native token) sale going back to stakers.
Even though it has a seemingly static and centralized framework, the internet has mainly been dynamic in its growth. Thanks to the innovative services that have popped up over the last two decades. These innovations caused minor changes in every layer of the internet which in turn made complete decentralization of the internet almost impossible by just one startup or corporation. Hence, the most efficient way out is to tackle each layer at a time. This is why there are other blockchain solutions like DFINITY, ThreeFold, Handshake, etcetera.
As the decentralization of the internet is becoming a reality, you must become conversant with the growth in the industry or your business plans may become obsolete sooner than you imagined. With ThreeFold changing the way we interact and DFINITY how we build web applications, Decentraweb intends to simplify how we create, store, and transfer TLDs ownership. The $25,000 annual fees on the centralized network dwarfs Decentraweb’s $50 to $100 renewal fee. How about that for the inclusivity of the different socioeconomic classes of our planet? Delaying or hesitating any further may leave you with the “crumbs.” Now is the time to get started. Join Decentraweb’s Telegram group now to get more details.
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