Know about web3 domains
What is web3?
The web of read, write and trust, is the third iteration of the Internet, powered by smart contracts, cryptocurrencies, NFT and blockchain technology to achieve a decentralized web. This means that instead of being centrally controlled, it is distributed across a network of computers, making it more secure and resilient.
What are Web3 domains?
Let’s start with the fact that web3 domains are infrastructures conceived in a different way than the one we know in the current internet, besides the structural change there is also a change of who manages it, if we know a little of the DNS we realize that they are controlled by large companies such as Amazon, Google, Microsoft and others; a DNS in web3 would be decentralized to return the control of data and content from the users towards the users; one of the main differences is that DNS will be immersed in the blockchain being this the one that provides the necessary data and verifies the authenticity of a transaction.
Web3 refers to the next generation of legal, technical and monetary architecture of the web, including smart contracts, blockchain and cryptocurrencies. Web3 projects fit into several categories, such as digital services, marketplaces, decentralized finance (DeFi), DAOs and collectibles (NFTs).
A decentralized crypto domain is a human-readable address that serves as a surrogate for your crypto wallet, rather than offering a collection of human-readable characters like an IP address. These Web3 domain names are non-fungible tokens (NFT) or valid digital certificates that can be traded on platforms such as Solana’s Solsea or OpenSea, Ethereum’s ENS among many others. These extensions can be .crypto, .dao, .nft, .sol and .eth. Currently, there are a number of applications that are based on core technologies for Web3. In addition to the various cryptocurrencies (perhaps the most prominent example), there are also the aforementioned NFTs. However, completely new concepts, such as decentralized autonomous organizations or video games on different chains, can also be found in Web3 applications.
One of the attractions or advantages of web3 domains is how easy we can remember the associated addresses or wallets so the financial market will be more natural.
Blockchain organizations need a naming service to establish digital identities in public addresses. In addition, consumers will find it much easier to interact with a named address than a stream of arbitrary alphabets and digits. For example, a decentralized Web3 name service such as the RIF name service is a DNS-inspired hierarchical namespace. The design of RNS is intended to provide a naming convention that can be used to reference resources.
It is clear that the primary use for web3 domains is to link them to public addresses in cryptocurrency wallets; however, this is not the only thing. They can also be used to create decentralized websites, and it is even possible to configure subdomains. And it is also possible to configure them with existing DNS, in short, all web3 services fit seamlessly into the current Internet.
Basically, domains are intended to be the gateway to web3. That is to say, that people can have a sort of “user name” with the extension .eth, .sol, .crypto, .nft and many others that can be used in different services already mentioned before.
These domains are compatible with a large number of utilities in the crypto world. We are talking about wallets like Trust and Metamask, applications like Uniswap and Etherscan, and web browsers like Opera and Brave, just to mention a few. The list is very extensive in each area and promises to grow even longer.
The so-called Web3 will allow machines to interpret a much larger volume of data. This will allow us to interact much more deeply with other users from any platform, among other things.
Although blockchain security seems secure to me because of its decentralized architecture and auditability we should always be aware of security recommendations such as:
- Practice basic security fundamentals: Choose strong passwords, use multi-factor authentication, examine web domain3 and cryptocurrency addresses for cleverly hidden typos and never click on unsolicited links via social networks or email.
- Protect the seed phrase: Increasingly, cryptocurrency wallets are used for identification and personalization of users in the Metaverse. It should never be shared with anyone (especially in the form of a QR code), as losing the seed phrase means losing control over one’s identity and all personal digital belongings.
- Use a hardware wallet: Using a hardware wallet adds another layer of security to cryptocurrencies/NFTs, as you must connect the device, validate with PIN and approve/decline any transaction involving the wallet address.
- Research purchases: Before buying/mining NFTs, look up the smart contract address and look to see if the source code is published. An unpublished source code is a red flag. It is also recommended to use a newly generated wallet address that contains only the funds needed for the purchase.
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