What are crypto domains? How to buy and use .crypto domain? These questions are increasingly appearing on the web among the crypto communities and not only. Experts say that the popularity of crypto domains will grow. Perhaps this will be the next big event for the virtual world. Because these domains are based on the Ethereum in the Blockchain, which ensures their protection. In addition, these domains use the ERC-721 Non-fungible Token Standard (NFT), which confirms their uniqueness.
Crypto domains have certain advantages, namely: they
- replace existing wallet addresses with human-readable names, which allows you to store and manage crypto assets
- the ability to launch a site with a domain in IPFS (InterPlanetary File System) – decentralized Internet
- confidential, encrypted communication
- sale of domains as NFTs on OpenSea platforms and LooksRare
- features Web 3 marketing
A crypto domain cannot be purchased if you have not created your own crypto wallet. For this purpose, the MetaMask application is the most popular and convenient. After successful installation and creation of a wallet on the ens.domains platform (for .eth crypto domains) or https://unstoppabledomains.com (.crypto .nft others), you can choose and purchase for a certain period (one, two, more) the name you need. The main thing is that this name should not be taken.
The mission of Unstoppable domains is to provide the market with a decentralized internet that is free from censorship. The project team hopes to connect hundreds of millions of users to centralized networks. They believe that in this case, everyone who bought a crypto domain will have ownership of it and full control over their digital content.
The developers of the Unstoppable domains project believe that crypto payments should become an essential part of the Internet of the future. Therefore, their goal is to make blockchain domains the industry standard for transferring digital assets.
The difference between crypto domains and traditional domains
The crypto domain is not just a domain, but a separate digital asset on the Blockchain. The owner of the domain is fully responsible for access to it, if the private key is lost, then access will be lost.
The owner of a crypto domain gets full access to managing the domain. For example, he can sell domain on OpenSea on his own without the participation of the platform where he bought this domain. Having full control over the domain almost completely eliminates the possibility of external censorship and significantly increases security. Only the owner of the blockchain domain and the site on it can delete it, make any changes, block access to it. At the same time, we essentially lease traditional DNS domains for a specific period.
All crypto domains have been stored in a decentralised public registry – in the Blockchain, and not a server. Unlike traditional domains where there is a central authority for managing registrars – ICANN and strict obedience to its rules, blockchain domains do not have a centralized authority.
Crypto domains disputes
Given the complete independence in the actions of the owner of the blockchain domain, there are a number of opportunities for manipulation with such domains and fraud. Many owners of traditional .com top-level domains have already faced the problem of buy domain with crypto with their protected name by third parties. This problem has especially affected the owners of rapidly developing Internet exchanges.
For many, it was a surprise to see on the OpenSea platform an offer to sell a crypto domain with the name, for example, of its exchange. Such names are protected as a trademark in most countries. The scammers offer to buy such domains directly to the owners or their representatives via Twitter and other social networks. In some cases, the cost of such domains exceeds 5000 USD at a cost of 10 USD per year.
This number of violations is growing every day. Given the concept of crypto domains, it is quite more difficult to protect the rights of the real owner of the name than in traditional disputes with domain names. As mentioned above, the use of legacy domains must be in accordance with ICANN’s rules. This greatly simplifies the procedure.
The crypto domains disputes having been handling otherwise. At the same time, our company already has the experience of a fraudster abandoning a crypto domain that he acquired in order to enrich himself. We use non-standard legal mechanisms so that the fraudster has no chance of managing a crypto domain that can discredit the reputation of our client and cause possible negative financial consequences. For a detailed consultation, write to us by email: email@example.com