Why Decentralized Payments Instead of Centralized Ones?

decentralized payments

In a world, where we are used to paying for everyday transactions in a centralized manner, the question arises why we should even use decentralized solutions.
As long as one lives in a country with a stable democracy, there do not seem to be many reasons to have to rely on decentralized payments. But as it is known, in many parts of the world, people do not have the liberty to transact as they wish because they live in countries with heavy censorship and / or dictatorships.
This is the big turning point, where decentralized payments come in and help protect an individual’s sovereignty with the freedom to transact to anyone, at any given time.

The centralized banking system as we know it, offers advantages, but also far more disadvantages. For one, the settlement times are a relic from the past and cross-country transactions can be very costly. Decentralized payments on the other hand, using blockchain technology, offer far less friction and near to instant settlement times. Furthermore, blockchains are running 24/7 and one has the ability to transact to any address one wishes to.

Nevertheless, decentralized payments also still face some challenges:

a. (Self-)Custody: An individual is usually responsible for the storage of their private keys and the loss thereof would result in the loss of all funds tied to the private keys.
b. User Interface and User Experience: Getting in touch with decentralized payments includes a huge learning curve, as people who are not familiar with the concepts can get easily overwhelmed by technical jargon and complex user interfaces which require deeper knowledge.
c. Volatility: The majority of assets, which are used for decentralized payments (with the exception of currency-pegged stablecoins, but those bring other risks with them) are subject to high price volatility and have not proven to be long-term stores of value and this in turn is also bad for the user experience.

However, given enough time and resources, all these challenges can be overcome in the future as the whole industry matures. Also, people are getting tech-savvier year by year and are not shy to try new technologies.

With certainty it can be said that it is always best not to put all your eggs into only one basket and that it is better to diversify. Therefore, decentralized payments are a great alternative to centralized ones and are here to stay, even if they have some shortcomings nowadays.

TLDs Supporting Decentralization

TLDs are another step in the direction of decentralization. Instead of having to memorize complicated addresses, one can simply have their own Web3 identity by registering a domain with freename.io. With a one-time fee one can simply register their own domain there and keep using it, without an expiration date. In a future where more and more people start exploring the decentralized web, they will have the urge to create their own digital identity and using TLDs is the solution. With TLDs you can link your wallet to a unique name and keep it on display on Freename.

decentralized payments

Graph 1: Numbers of Freename Top Level Domains Sold in 2023

decentralized payments
Graph 2: Numbers of Freename Top Level Domains Sold per Top Five Countries in 2023

Introduction to DeFi

Decentralized Finance (DeFi) offers many new aspects above and beyond just decentralized payments. For instance, with Aave, one is able to borrow crypto assets by supplying them to a protocol and has therefore the ability to take on leverage, but with the risk of getting liquidated in case of a sharp price drop in the crypto assets that were supplied.

Furthermore, there are no centralized parties involved and additionally, all of these services are permissionless, meaning that anyone can participate in the system and take out a loan on the crypto assets that they supply.
People can also put their crypto assets to work and earn yield on them by participating in the Aave ecosystem. At the time of writing (11 July 2023), the Aave market size was over $7 billion USD and over $2.6 billion USD in crypto assets were borrowed at that time (Source: Aave v2 and v3 together).

decentralized payments

Graph 3: Total Value Locked across Decentralized Finance Protocols (Source: DefiLlama.com)

Over the past five years, the Total Value Locked (TVL), which can be understood as crypto assets locked in smart contracts, has grown tremendously as can be seen on Graph 3. What started with under $1 million USD, has grown to over $40 billion USD, which translates to a growth of over 830% per year on average. But as crypto asset markets are well known for their volatility, these figures do not add up nicely year after year and promises for further growth cannot be made.
Nevertheless, given a long enough time horizon, one can definitely feel optimistic about the future and developments of Decentralized Finance.

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How does it work?

Accordingly to the day when you will finalise your purchase, you have the right to receive from 1 to 3 NFT Domains for FREE!

Once you have completed your order, within 48h you will automatically receive on www.freename.io platform, in your personal area “portfolio” the randomly assigned NFT Domain/s.

You can chose on which blockchain you want to mint on and minting fee is covered by Freename!


Once you have added your favorite items to the cart, you proceed to “checkout” and add your coupon to the “coupon box”.

Said coupon will instantly do its magic and your due total will drop!


How does it work?

Once you have completed your order, you will automatically receive on www.freename.io platform, in your personal area “portfolio” the randomly assigned NFT Domain value $50 or if you’re lucky a randomly assigned TLD with value $699 (between these: .immersive; .multiverse; .freelancer; .cashback; .hologram)

you can chose on which blockchain you want to mint your NFT Domain/TLD on and minting fee is covered by Freename!


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Why do i Need a Wallet?

Freename domains are blockchain-based assets and would be minted and stored using a wallet. Users are required to mint and manage their domains using a Metamask or Coinbase-configured wallet. It must be a non-custodial wallet, meaning that one must own the private keys to the wallet in order to approve transactions via a signature.

To benefit from Freename Web 3 domains/TLDs, you must have a wallet. This is because Web 3 domains/TLDs are blockchain-based assets. Users can mint and manage their domains using Metamask or Coinbase-configured wallets.

Keep in mind that it must be a non-custodial wallet. You own the private keys to the wallet (in order to approve transactions via a signature).

Are the Domains Associated with ICANN?

ICANN does not manage freename.io domains. Freename.io believes their TLDs/domains must allow customers to operate independently. Freename.io wants to build a utility infrastructure, allowing customers to use their services for valuable and generative purposes. By leveraging blockchain technology, Freename Web 3 domains/TLDs have no centralized authority imposing rules and regulations.

What is a Wallet?

Every blockchain user requires a wallet in order to interact with the network. A wallet is essentially an account on the blockchain where transactions can be sent and received. It is also where one can store blockchain assets such as cryptocurrency or NFTs (non-fungible tokens). There is no personal information associated with a wallet and none is required to create one. A wallet consists of a public key and a private key. The public key can be safely shared with anyone who wishes to send assets to the corresponding wallet, however, the private key should not be shared and is the key to accessing the wallet in the event where access is lost or to create another instance.

A crypto wallet (cryptocurrency wallet) is software or hardware that enables users to store and use cryptocurrency. With cryptocurrencies, there isn’t any actual money to carry around in a wallet. They exist on the blockchain. Similarly to traditional bank transfers, crypto wallets enable users to send and receive cryptocurrencies, NFTs, etc.

A wallet consists of a public key and a private key. To receive assets, you share your public key associated with your wallet. You should NEVER share your private key.

How do i Claim my Earnings from Freename

ou can withdraw revenues generated passively through a cryptocurrency transfer. Connect your cryptocurrency wallet and, once your withdrawal request is confirmed, the desired amount is pulled from Freename’s reserves and conveniently delivered to you!

Claim your earnings by following these steps:

  1. Connect your cryptocurrency wallet to Freename.io
  2. Request a withdrawal
  3. Receive request confirmation
  4. Receive withdrawal directly to your wallet.

Can i Transfer Domains?

Yes. The domain is stored in your cryptocurrency wallet and can be transferred by you after you have minted it. Access your portfolio, select the TLD or Domain you wish to transfer and type the recipient’s address. Afterwards, you must paste the OTP code you received by mail to confirm the transaction. Keep in mind that currently, it is not possible to import the domain that has been transferred, but it will be possible soon!

Yes. Domains are transferable ONLY after a TLD/domain has been minted and stored in a user’s wallet.

To transfer the TLD (or domain), the user must:

  • Access their wallet
  • Select the item they want to transfer
  • Enter the recipient’s address.
  • Confirm the transaction by pasting the OTP received by email

In the future, Freename.io will support importing domains that have been transferred.

What about Trademarks?

Registering a trademark on your Freename Web3 TLD will allow you to protect your web3 TLD and your logo worldwide juridically.

From the moment you deposit a trademark request, your web3 TLD will be protected worldwide for 6 months awaiting for the Swiss Federal Institute of Intellectual Property (IGE.ch) to confirm and register the availability of your TLD.****

A trademark is any symbol, phrase, or word that allows customers to identify a company’s goods or services. Freename is a web3 domain/TLD provider that also provides trademark registration.

A user must reach out to the trademark department to register a trademark. To get your trademark filed for review at the Swiss Federal Institute of Intellectual Property, a user must provide the following:

  1. Complete a Know your customer (KYC)
  2. A list of TLDs they wish to trademark
  3. Proof of payment

Once these conditions are met, it takes one week for the trademark to be reviewed and logo/TLDs to be provided with six months of worldwide protection.

Is Minting the same as Buying?

Purchasing a TLD (or domain) on Freename and minting it on the blockchain are two distinct steps. When you purchase a TLD (or domain), the transaction is recorded in Freename’s database and not on the blockchain. Minting a TLD (or domain) on the blockchain requires a second step: log into the user’s personal area, select the TLD (or domain) and press “mint TLD” (or domain): done! Don’t worry, once you have purchased a Freename domain, no one can take it away from you!

No. Buying and Minting a TLD/domain are two different things.**

Buying **is the process of recording a transaction on Freename’s database and not on the blockchain.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full control over the TLD/domain.

It is very easy to mint a domain/TLD once you purchase it. Simply:

  • Log into your personal area
  • Select the TLD (or domain)
  • Press “mint TLD” (or domain)

What is Domain Minting?

Minting is the process of publishing a Freename domain (or TLD) on the blockchain via your wallet to gain full custody of the domain. This means that the only person that has control over the domain (or TLD) is the person who controls (has access to) the wallet.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full ownership over the domain.

Minting on Freename.io is as simple as the following steps:

  1. Go to the Freename.io website
  2. Enter the TLD/domain you want to buy in the search bar
  3. Add the TLD/domain to your cart
  4. Go to checkout
  5. Create a Freename.io account
  6. Purchase the TLD/domain with cryptocurrency or a credit card
  7. Go to “portfolio and incomes.”
  8. Click on mint TLD/domain

Which domains are Protected?

Protected domains and TLDs are domains and TLDs that we’ve detected are associated with a brand, organization, or notable person. We believe it is important to increase adoption for the next generation of the internet by helping to onboard brands into the Web3 era. If you are interested in applying for a Protected domain, please contact us.

TLDs/Domains associated with a notable person, brand or organization are considered Protected Domains. Protected domains help onboard brands in Web 3 increasing adoption. Protected domains also protect users from others impersonating/stealing their domains.

Reach out to Freename.io to apply for a protected domain.

Why use Freename?

Freename domains are unique by their very nature: only with Freename you can register domains with unique TLDs for your digital identity while passively earning money!

Freename.io is not only the leading TLD and Domains platform in Web 3, but also lets users generate passive income!

Owning a Freename Web 3 TLD entitles users to receive passive income whenever a domain is bought on their TLD. Users can register and mint TLD/domains of their choice if available.

What is a Domain?

A domain name is a string of letters and/or numbers that points to the IP address of the corresponding website. Generally, it is easier to remember a name than a long string of numbers.

A domain name is an address that people type into a browser bar to find a website. It consists of a Top-Level Domain (TLD), everything that comes after the dot, and the Second-Level Domain (SLD), everything that comes before the dot.

For example, “Freename.io” is the domain name, “Freename” is the SLD and “io” is the TLD.

Which Chains are Supported?

Freename has a multi-chain approach. You can choose on which Blockchain to mint your Web3 Domains and TLDs ranging Among Polygon, Cronos, and Binance.

A user can mint a Freename.io domain/TLD on the following blockchains:

  • Polygon
  • Cronos
  • Binance

Freename plans to expand its multi-chain approach by adding blockchains upon which domains can be minted.

Are there Renewal Fees?

No! Once you’ve bought a Freename Domain or TLD, it’s yours forever, no renewal fees ever!

No. There are no renewal fees on Freename.io. Once a user has paid a one-time payment for a domain/TLD, they own it. Forever.

This is the significant advantage of Web 3 domain/TLD over traditional alternatives.

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