Innovative Domain Solutions: Building the Future of Web Presence Across Blockchains

TL;DR:

• Freename has introduced a decentralized platform that diverges from the traditional, centralized domain management model. This decentralized approach enhances security against cyber threats and prevents any single failure point, a common risk in centralized systems.
• Freename enables users to create their own personalized, blockchain-based Top-Level Domains (TLDs). This feature is a significant departure from traditional domain registration, where users are limited to selecting domains from a predefined list of available TLDs.
• By utilizing Freename, users gain full ownership of their domains, free from the constraints of ongoing renewal fees that are typical with traditional domain registrars. This model reduces not only long-term costs but also provides potential financial benefits. Users can monetize their unique TLDs by selling subdomains to others.
• Typically, blockchain transactions involve lengthy and complex addresses that are prone to errors during manual entry. Using standardized Web3 usernames, Freename makes these transactions as straightforward as sending an email, thereby reducing errors and improving efficiency.

Web3 domain services and Top-Level Domain (TLD) infrastructure are integral components of the blockchain and cryptocurrency ecosystem, providing a foundational layer for decentralized web navigation, identity management, and asset ownership.

This means they combine blockchain technology with domain name services to offer a new way of registering domains that aren’t controlled by one authority. By using blockchain, these services give users better security, protect against outside control or censorship, and let users fully own their online names and identities.

The internet connects web pages in a complex network, enabling easy navigation for users. This connectivity depends on a system that uniquely identifies each site. Internet domains, such as academy.youngplatform.com, serve as these unique ‘labels,’ ensuring web pages are easily identifiable and accessible.

These domains often double as cryptocurrency wallet addresses, simplifying transactions and interactions within the decentralized web (Web3) ecosystem. However, they face a few key challenges.

1. Blockchain addresses are long and hard to remember, making mistakes easy and turning people away because they’re tricky to use.
2. The traditional way of registering domains involves ongoing fees and is controlled by a central authority, which goes against the idea of decentralization that blockchain technology supports.
3. Everything must work smoothly across different blockchain technologies so users can have a smooth experience regardless of which blockchain they use.
4. The traditional system for registering domain names is challenging and expensive because of its strict rules, technical challenges, and high costs. This problem keeps the market small, with only a few big companies involved, limiting new ideas and competition.

Solving Web3 Domain Issues

Freename is a Web3 platform that offers domain registration and management services, leveraging blockchain technology. It allows users to purchase and own decentralized domain names, also known as Web3 domains, used for various purposes such as website hosting, cryptocurrency wallet addresses, and more.

Better Solutions

Freename leverages blockchain technology to offer decentralized, customizable, and financially empowering user solutions. Some of these are:

• Decentralization of Power: Freename makes it easier and safer to use Web3 domains because it works independently from the central organization (ICANN) that usually manages internet domains.
• Customizable Domains: Users can create and manage personalized domains, breaking free from the constraints of traditional domain name systems.
• Ownership and Financial Freedom: Freename gives users complete domain authority without recurring renewal fees. Users also earn a 50% passive income for every domain purchased on their TLD.
• Enhanced User Experience: The platform simplifies cryptocurrency transactions by standardizing Web3 usernames, making payments more efficient and user-friendly.

How it Works Freename allows you to mint Web3 domains on various blockchains, such as Polygon, Aurora and Binance Smart Chain. It plans to expand to others, such as Ethereum and Solana. This means you can pick where to mint your domain based on your preferred blockchain ecosystem, offering a range of applications and flexibility.

Unlike traditional domain registration, where you’re limited to existing Top-level Domains (TLDs), Freename lets you create and own unique TLDs. This feature boosts your visibility online and enables you to earn royalties whenever someone registers a domain with your TLD after a one-time activation fee of $50.

Domain names provide a more accessible alternative to IP addresses. Instead of typing “172.217.10.14” in your browser’s address bar, you simply type “Google.com” and hit enter. Your browser automatically discovers that the website “Google.com” is hosted at the IP address above.

Freename also safeguards domains related to well-known brands or individuals. If you want to register a trademarked TLD, Freename can help protect your name legally with the Swiss Federal Institute of Intellectual Property after you’ve provided the necessary proof. This service prevents unauthorized use of your brand name globally for six months.

It also resolves any Web3 domain directly on any browser with the Web3 DNS developed by Freename. This tool enables you to use your Web3 domain and navigate the web hassle-free. This approach democratizes domain registration, making it more accessible and rewarding for users while ensuring the protection and recognition of your digital identity.

Freename has recently partnered with Metamask Institutional (MI) to simplify Web3 accessibility for organizations for those daunted by the complexities of Web3. MetaMask is a non-custodial hot crypto wallet that allows users to manage their cryptocurrencies without needing a physical device. It enables users to easily buy, sell, swap, and stake cryptocurrencies directly and supports NFTs on its mobile application.

Web3 Domains Market Landscape

The domain registration industry is vital in the global digital economy, serving as the gateway for businesses and individuals to establish their online presence. The transition to Web3 is expected to expand the industry’s scope further, integrating blockchain technology to enhance security, transparency, and user control.

The latest edition of The Domain Name Industry Brief Quarterly Report, published by DNIB.com, shows that as of the end of the fourth quarter of 2023, 359 million domain names were registered across all top-level domains (TLDs). Representing a growth of 0.6 million, or 0.2%, from the third quarter of 2023. Additionally, domain name registrations have risen by 8.9 million compared to the same period last year, marking a 2.5% increase year over year.

Domain Name Industry Brief Quarterly Report — Q4 2023 — Verisign Blog

Currently, the ten most popular types of domain names, known as top-level domains (TLDs), include three general and seven country-specific types. Some new TLDs joined the top 10 list in the past year, while others fell off. The .com domain, which makes up over 43% of all domain registrations globally, experienced yet another increase in registrations, continuing its growth trend since the 1990s. Most .com websites are based in the USA (55.2%) and China (11.5%).

Web3 domains are becoming increasingly popular as they provide several advantages over traditional domain names. The shift to blockchain-based platforms opens new possibilities for how individuals, applications, and websites interact with the internet. In the future, blockchain-based domains provided by services like ENS will facilitate access to a decentralized web, where users can engage with content and services on their terms, free from centralized control.

The Team Behind Freename

The team has extensive finance, marketing, and technology expertise and is committed to advancing the crypto and Web3 sectors. Freename’s CEO, Davide, has a background in finance and crypto investments from his tenure at 21shares, where he focused on simplifying crypto investment processes. Mattia, the COO, previously founded PXR, a marketing consultancy specializing in the financial mass market and Web3 sectors.

Concluding Thoughts

Freename offers a user-friendly platform that empowers individuals to take full ownership and personalize their digital identities with Web3 domains. Allowing users to create and mint unique domains on their preferred blockchain, establishing their own personalized online presence.

With its blend of easy domain customization and the potential for generating income, Freename stands out as a practical solution for anyone aiming to establish and monetize their digital identity. The recent partnership with MetaMask, a digital wallet trusted by millions and known for its reliability, will further boost Freenames’ credibility, and it will be interesting to see the impact this partnership will have on the Web3 space’s future.

References

This is a repost of Pione3rs — Issue #11 written by Aly Madhavji on Medium on May 22, 2024.