When a new industry is created, the first movers are the pioneers. They set up the basic infrastructure and tools for the next generation of creators. For the longest time, blockchain technology and web3 have focused on creating infrastructure for wealth instruments and finance. We called it DeFi. In the last few years, DeFi has given us tools that took the crypto industry from a $5 billion valuation in 2015 to $1 trillion today in 2023 (and we are in a bear market!).
The crypto industry is at a juncture where we can move away from solely focusing on tech and finance. We are mature enough to build customer-facing tech. One such arena that needs pioneering is blockchain identity.
We all have crypto wallets here. But copy-pasting that long string of characters isn’t intuitive. No one wants to triple-check all 42 characters of an Ethereum wallet before sending a transaction. 0x123abc is redundant and we should change it with simple and easy-to-understand domain names. After all, no one uses IP addresses to log in. A simple google (dot) com works well!
We already have Blockchain Domain Name Services
A lot of blockchains have their own domain name services. Web3 domains are already a thing in the wider crypto economy. The number of people who are moving away from 0x123abc is already on the rise. Case in point: during the bull market run of 2021–22, the domain Paradigm.eth sold for an enviable $1.51 million. Just for one domain!
But progress has been. There is still room for immense growth in this sector of the blockchain industry. And DotNames aims to be the torchbearer for this change.
Here’s how we are going to change the blockchain domain industry:
- One domain for ALL blockchains: Most domains are limited to their blockchain of origin. Your domain on the Ethereum network might not guarantee identity on the Polygon network.
A person browsing YouTube needs to remember just YouTube dot com. The URL doesn’t change if they switch their search engine. But this is how the infrastructure is in web3. There is very little cross-chain interoperability among different blockchain domains and their respective networks.
- One place for ALL domains: Aggregation of domain name services is a big headache if you go scouting for domains. ‘Will this domain be present on that network?’ ‘Do I need to bridge my funds for this transaction?’ ‘Why are there so many hurdles for a simple web3 domain?’
Aggregators in web3 have always been successful. 1inch (DeFi) and OpenSea (NFT) have both been integral parts of the web3 ecosystem. And as more web3 users opt for domain names, the need for a domain name aggregator will arise. And DotNames is ready to take up the challenge!
- One domain for ALL Dapps: But why stop at just getting your blockchain identity? DotNames allows you to easily navigate the web3 world with our Software Development Kit (SDK). Here is what’s happening behind the scenes:
- Suppose you go to any Dapp (we used Uniswap as an example), and connect your wallet. It shows your wallet address. But you can have multiple wallet addresses. And as we have established, wallet addresses aren’t easy to remember. You want to do a transaction in wallet 1, but you connected wallet 2. Understandable mistake. But enough to make you panic about all your funds!
This is where DotNames comes in! When the Dapp integrates our SDK, it allows the Dapp to display your domain name in place of the wallet address. Domain names are an easy distinguisher between all the different wallets you own. And having names for all your different wallets WILL make the web3 browsing experience a LOT more smoother.
The SDK also allows you to do the same on blockchain explorers like Etherscan. All you need to do is to remember your domain name!
Forget copy-pasting and checking your wallet name for every transaction you do. Web3 doesn’t need to be hard. With DotNames, your blockchain identity can care for your universal identity, on-chain reputation and much more.
Don’t miss out. Secure your on-chain identity now: dotnames.me