What are web3 domains?

What is a web3 domain? A domain asset on a blockchain.

web3 domains:

  • Offer a major UX improvement for payments by replacing cryptocurrency addresses with human-readable names.
  • Are controlled by their owners. Your keys, your domain.
  • Domain assets are stored in the wallets of the owners. This gives the owner full custody over their domain and enables decentralized websites.
  • Create a way to rebuild the internet through an experience where the user has full control.
  • Allow users to use their domain for payments and as a website, at the same time.

How does a web3 domain replace a cryptocurrency address with a human-readable name?

You control the domain so you are the only person able to associate cryptocurrencies with it. Input your cryptocurrency addresses on the blockchain itself. When someone types yourname.crypto into an integrated wallet, the wallet looks up that domain on the blockchain finds the appropriate address, and sends. It’s that simple.

What are use cases of web3 domains?

web3 domains have two unique use cases:

  1. Replace cryptocurrency addresses with human-readable names

Right now paying someone is like this – ask for their cryptocurrency address, they go into their wallet and copy an address, they paste it into an email, send it to you, you open the email, copy/paste the address into your wallet, and pay.

With a web3 domain name, it is like this – Attach your cryptocurrency addresses to your domain, and tell your friend to pay by typing in your domain name (for example; yourname.crypto).

  1. Enable decentralized websites

web3 domains can be used to build decentralized websites. Traditional domain assets are stored on your behalf by custodians like Godaddy and Google Domains. But a web3 domain is stored in your cryptocurrency wallet and controlled by you so no company or court order can take it.

Ways to surf the decentralized web:

Additional Resources

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