This is Why Blockchain is Bigger Than You Think! | G-Trade News
We all like to feel safe in the idea that we own the things that we have in our possession. If you’re a homeowner, it’s even in the title — homeowner.
But with the fashion in which things work in this world, does one truly own their house outright, when we consider certain regulatory factors? Does one truly own the car that they purchased? If we examine this, a house, even though you may have paid it in full (which is not that common), there’s still the little matter of taxes, which if one does not pay, then the government will seize your house. The car that you purchased needs to have insurance and be registered, both of which if you don’t pay for, your car will eventually leave your possession, and make its new home in an impound lot. So, what in this world do we really own?
I recently encountered a website through a channel that I follow on YouTube named Unstoppable Domains, which is a new site domain provider based on blockchain.
Here is the basic premise according to the Unstoppable Domains:
1. Launch Uncensorable Websites
The domain is stored in your wallet, just like a cryptocurrency.
No one can move it around other than you
Point your domain to content on a decentralized storage network
Blockchain domains + decentralized storage = A website only you can put up and take down
2. Replace cryptocurrency addresses with a human readable name
To send cryptocurrency, all you need to know is the recipient’s blockchain domain
Send bitcoin, ethereum, and any other cryptocurrency with just one domain
No more worrying about sending to the wrong address
Unstoppable Domains uses blockchain technology to provide .crypto domain names to its users, and once established, the user owns the site. Well, how is this different from a regular domain name? The difference lies in the fact that the user actually owns their domain name outright. This means that the site can not be taken down should some regulating body deem it applicable for it to be taken down for whatever reason.
What is behind this “unstoppable” web domain system? Well, Blockchain! The .crypto domain is an entity of the blockchain network that it is created on, which means that the entire network is in charge of the existence of that domain, and not one single unit. The site can only be altered by the owner of that site, because they have the private key — the unique code that identifies them as the owner of the site.
When you own cryptocurrencies, what you really own is a “private key.” Your “private key” unlocks the right for its owner to spend the associated cryptocurrencies. As it provides access to your cryptocurrencies, it should — as the name suggests — remain private. (Ledger.com)
Just like with cryptocurrencies, you as the owner of the private key, are the one and only one authorized to carry out the function that the private key grants you access to. Therefore, a website on a blockchain network cannot be changed or disabled without access to the private key.
If some agency wants to take the site down, they can’t — the site doesn’t exist on one server, via the framework of one sole individual. It exists on the blockchain network, and is digitally validated by the existence of the private key, thus whomever holds the private key has the ultimate say on the existence or non-existence of the domain.
The implications of such technology are endless in terms of this new world that we are rapidly involved in at the moment. Blockchain is in early stages of changing how money works, how security works, and now how domain names work. Blockchain has redefined ownership. Or rather, blockchain has implemented true ownership where the illusion of ownership was present in its stead before.
Imagine in the possibly near future, if a house were to be purchased via blockchain technology, instead of through the traditional mortgage system. The one who owns the private key to the house actually owns the house, and there, in theory, would be no legal basis by which the house can be taken over. The same goes for owning a car. You as the owner of that car have the private key, and therefore own the car outright (legally speaking).
Blockchain may have a little way to go before we reach that level, however, that future is quickly becoming a reality.
So blockchain is a lot more than just the technology behind Bitcoin. Blockchain is the building block for true freedom and ownership.
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Sources:
https://www.ledger.com/academy/blockchain/what-are-public-keys-and-private-keys
