Crypto Domain Chronicles: Latest News and Shifts in the Market
Crypto domains continue to grow in popularity. It’s not just private businesses investing in this aspect of Web3, either. National governments around the world are discovering the value and security offered by decentralized identities. It goes far beyond Ethereum domains, too. In this article, we’ll explore some of the latest news and shifts in the crypto domain market you should know about.
Shiba Inu Wants to Offer .shib Domains
You likely remember Shiba Inu from its introduction of Dogecoin and its beloved mascot. And, if you’re like most people, it probably dropped off your radar after a certain point. It’s back in a big way. The Shiba Inu team is working with the firm D3 to enter an application and secure the .shib Internet domain. That push comes as part of a broader push to get involved with identity-related crypto projects.
If successful, the team will win the rights to resell all the domains within the .shib suffix and become one of the initial Web3 networks to offer its own DNS namespace. Currently, Shiba Inu offers its own Shib Name Service. If the application for .shib is successful, that will transition to D3’s existing infrastructure.
Despite Crypto Ban, China Joins the Crypto Domain Push
Once, Chinese crypto miners were among the most successful in the world. Then the government stepped in and banned cryptocurrencies. However, it did not eliminate the underlying networks or ban Web3 technology. As a result, NFT trading continued in virtual backrooms and networks. However, China is about to make big waves in the Web3 world as the world’s second-largest economy plans to enter the digital identity sphere. China’s state-operated Blockchain-based Service Network (BSN) released a nationwide real-name decentralized identifier system, called RealDID.
Once rolled out, this would allow Chinese citizens to log into networks using DID addresses and private keys, which would effectively raise an impenetrable wall between business transactions and personal identities. The BSN shared a statement that read, “RealDID is a step in personal data protection. Despite its ban on cryptocurrencies, China’s progress in blockchain technology is noteworthy, particularly in pioneering the Real-Name Decentralized Identifier to the Web3 domain.”
Unstoppable Domains Integrates .com Domains
Unstoppable Domains is one of the bigger names in the Web3 world and it recently expanded its portfolio of offerings by incorporating .com addresses. The move is designed to lower barriers that prevent users from engaging with Web2 and Web3 domains without having to change platforms.
In addition to reducing barriers and streamlining the experience for users, the change may spur the adoption of Web3 technologies. Users are very familiar with .com domains; they’re deeply interwoven with the overall history of the Internet itself and for many years have served as a hallmark of authenticity and genuineness when it came to websites. Unstoppable Domains sees this as a vital decision to enhance the adoption of crypto across user bases. If wallets have domains, the user experience is better, and adoption rates will rise. It’s part of the wider shift from the traditional Internet to Web3’s decentralized nature.
WebUnited: Bridging Web3 Innovation with Web2 Stability
The joint venture between Freename and ShortDot takes this approach even further: With WebUnited, domain names live a double life: one foot in the proven DNS of Web2 and another in the immutable blockchain of Web3.
Their API, reminiscent of the familiar EPP system, works in tandem with Freename technology to offer a seamless experience. For the first time, at ICANN78, they mirrored a Web2 domain on a .bond TLD with a few clicks.
Consequently, WebUnited combines the advantages of the decentralized web with the reliability of existing Web2 standards. This approach ensures a smooth transition for end-users, who can have one online presence mirrored across traditional DNS systems and the blockchain.
The technology offers a promising future where Web2 and Web3 coexist harmoniously.
The Web3 and crypto domain worlds are still rapidly evolving and it’s critical to stay up to date with these changes. Stay tuned for further news and shifts within the market.