TECH Talk: Unraveling the Web 3 Domain Space: From Collision Courses to Future Solutions
In today's digital age, the world of Web3 domains has become a controversial topic. As we continue to navigate this cutting-edge tech landscape, it's crucial to understand the risks, dangers, and potential for scams. In this episode, we bring you a comprehensive look at domain name collisions, the steps taken by Unstoppable Domains to prevent such collisions, and the resulting .wallet controversy.
Web3 domains offer a different type of entity than Web2 domains, providing a more visual identifier and username on the blockchain. However, this can lead to potential confusion and collision, creating more dangerous risks than their Web2 counterparts. One significant risk is the possibility of connecting a wallet to the wrong domain, which could result in a scammer draining your funds. To tackle these issues, various entities are coming together to create a stable and respectful technology.
The episode further delves into the potential future solutions for resolving domain collisions. The need for a regulating body to prevent such collisions is discussed, along with the cooperative efforts needed for the adoption of Handshake as a decentralized root. Duplicate Top-Level Domains (TLDs) pose another challenge. Those without a significant market share can be wiped out by those who do, raising the need for a registration system to ensure the security of domains.
A critical aspect of the Web3 domain space is the functionality of domain names in cryptocurrency. Wallets and domain names can be linked to Binance Explorer, and reverse records can be created, demonstrating the utility of Web3 domains. The benefits of having a domain name include the ability to label wallets easily and have a universal resolution system.
The discussion then moves to Unstoppable Domains and their .coin extension. They took steps to remove their colliding asset from the market and issued credits to the existing .coin holders. Their Web3 Domain Alliance initiative recognizes entities that own assets, build communities, and technology, protecting them from others who may try to capitalize on those same assets. The benefits of centralization that Unstoppable represents are explored, alongside the struggle of respecting these benefits while rejecting them.
.Wallet, a TLD put out by Unstoppable Domains, has led to legal action from several entities. The potential impact of this litigation on precedent and regulation is examined. The idea that while there is much room for the adoption of Web 3 domains, there is still a need to create and welcome new registrars and communities is discussed.
Want to LEARN more about Web3 Domains and Digital Identity?
My name is Marcus Andrews aka” WenAirDrop”, founder of IHeartDomains LLC, and since 2022 we have been a leading resource for News, Innovations, Education, Alpha and Business Development in the Web3 Domain & Digital Identity space.
If you're interested in Web3 domain insights, development, and news, don't miss our upcoming TECH Talk episodes featuring industry builders. Join our live discussions on Twitter/X spaces and engage with our community on platforms like Warpcast and Link3 for real-time updates and valuable ALPHA. Your journey into the future of digital identity begins with us!
