What Happens When an Unstoppable Domain Meets an Immovable Server?
One of the problems with cryptocurrency (Peer-to-peer) transfers is that there is no easy way to see who you are sending anything to.
Sure people like their anonymity, but there’s a big difference between having a domain name like “MoonLambo” or a string of random numbers and letters as your wallet’s public address. While the first sounds like the account of a wannabe influencer circa 2018, it also makes it easier to type, remember and send money to.
I mean unless you can casually remember the string of letters and numbers of something like a MetaMask wallet address.
Web3 domains are essentially individual unique names on the internet.
The domain name can be used for accepting crypto payments.
Web3 domains can establish an identity.
They can prove ownership of data and digital assets.
An Unstoppable Domain can be used to login many places that you go online.
Several services have recently arrived offering to help merge the benefits of the Web 3 crypto space with the convenience of easy to spell (and share) public domain names.
Unstoppable Domains is one such company that’s managed to differentiate itself from competitors, by allowing you to buy a domain name for your crypto-related and Web3.0 activities in perpetuity.
Today, centralized money transferring services like PayPal and Venmo make it easy to transfer money between different people. You don’t need to know the person’s bank account number and you can easily send them money for a fee.
What exactly are “Unstoppable Domains”?
How do they work?
The Problem is this:
Finding and sharing the correct address is difficult because it’s a long string of numbers and letters.
The Internet solved this problem long ago; there’s no reason for anyone to remember the IP Address of their favorite site: HelloCrypto. Instead, a Domain Naming Service (DNS) assigns a site name to that IP address that makes it easier for our puny human brains to remember and navigate to.
Nothing of the sort existed in crypto until recently. Instead crypto required (requires) people to either scan QR codes or copy and paste long strings of numbers and letters to send and receive digital assets.
Domain Names can be connected to the Blockchain using regular sounding names.
Unstoppable Domains lets you buy a domain name that is associated with your decentralized blockchain address.
For example, I could buy NicCage.crypto.
Whenever someone types in that specific address, it will navigate towards the actual address, represented by a string of letters and numbers. Think of this as the domain naming service of the traditional internet, with a few extra perks.
Unlike many other decentralized naming services and platforms, there are no subscriptions. You buy the domain with Ethereum and it is yours forever; do what you will with it. This serves to further differentiate itself from services like GoDaddy or SquareSpace that may sell you the right to use domain names but make you pay to renew them every year.
gm to everyone who has a Web3 domain in their name.
— unstoppable.nft (@unstoppableweb) January 17, 2023
The Crypto Naming Service
The Crypto Naming Service (CNS) are Smart Contract protocols that allow for ERC-721 tokens to act as crypto domain names. These domains have a bit in common with NFTs built on top of the Ethereum blockchain. Since minting and resolving the domain name doesn’t involve any administrative staff, it is relatively secure.
The only person that could jeopardize its security is technically you.
If you aren’t all that tech savvy, you can choose to have your site managed by Unstoppable Domains rather than transferring it into your own wallet.
But Unstoppable Domains provide more utility than most NFTs; this isn’t another ape-derivative JPEG rugpull. Using the domain name, you can connect payments for up to 276 different crypto assets or built out dApps on top of it.
Think of it as a website, a blank slate and a wallet all-in-one.
Of course there are limitations on what can be registered on the site, as potential new domains are screened through.
“We have also prevented the registration of domains associated with known pirating software or other types of IP theft and fraud,”
— CEO, Matthew Gould explained to Fast Company.
A Brief History
Unstoppable Domains is a San Francisco-based company founded by Matthew Gould in 2018, and since then has raised more than $7 million in funding.
More than 750,000 unique addresses have been minted thus far for use across the Ethereum ecosystem.
In addition, the domains sold on the site can now be accessed through multiple web browsers: Chrome, Brave, Firefox, Opera and Edge.
Note however, that this isn’t always easy to set up. Often, it involves whitelisting a specific resolving address within the security settings as shown on their blog. This takes only a few minutes to do.
In addition, more than 75 different blockchain applications support Unstoppable Domains for various integrations.
One issue or consideration that’s come up with Unstoppable Domains is the cost of gas can be expensive on Ethereum. It can exceed the cost of the domain itself, which could be as low as $20 USD.
Gas fees are set to come way down as Ethereum continues to develop and upgrade as a Proof-of-stake blockchain, so cost may not be an issue for long.
Buying from Unstoppable Domains
The process to purchase a domain name is simple. You search for the name you want to purchase and hope that it isn’t copyright or IP protected, and that no one has snatched it up before you.
You’ll do that on the official site: https://unstoppabledomains.com/
As you will see, you can choose from several different domain name extensions, though at this point the choice is a still limited.
- .coin (no longer available)
Pick the name you want.
Go through the checkout process to pay for it.
Next you need to mint it in order to officially add it to the blockchain (Polygon in this case) and use it.
How to Mint Your Unstoppable Domain
After you complete your purchase, you can start the process of replacing your crypto address with a human-readable name by first minting the domain. Minting is the process of publishing a Web3 domain (or NFT) to the blockchain. This means connecting your wallet so that it knows who the owner will be.
Once you mint your domain you’ll have full custody of it. You can use to receive crypto, verify your Web3 identity or even sell it to someone else.
The only person that has control over the domain is the person who has access to the wallet. This integration is what makes them Unstoppable.
Once minted, neither Unstoppable Domains nor any other entity can make changes to the domain or take it back.
You have a choice of which wallet you want to use to mint your domain depending on what you intend to use it for–these are the options.
Through the Polygon network, you can mint and manage your NFT domains for free on Unstoppable Domains since they cover the gas fees. To mint to Polygon, click Free Mint next to your purchased domain on the My Domains page. They officially recommend minting your NFT domain to your Atomic Wallet.
Pros and Cons of Unstoppable Domains
Unlike the Ethereum Naming Service, there is no renewal necessary. Simply put, it is a virtual identity that you can own forever. With prices starting around $20, it makes a lot of sense to get one especially if you’ll be heavily involved in the Ethereum-based ecosystem.
Anytime you want to transfer tokens into your wallet, all you’ll need is that magical crypto domain name and you’re good to go. You can make it your name on Twitter, Discord and elsewhere, building a single unitary identity across the decentralized ecosystem. Additionally, it supports most of the top 200 tokens by market cap, including Solana and the Binance Smart Chain.
There’s nothing stopping another company from developing their own version of a crypto domain naming service. For that matter, Unstoppable Domains is reliant on people continuing to use the cryptocurrency. But even then, your investment into an Unstoppable Domain will likely be very minimal.
Another potential downside is a lack of support from some centralized exchanges for these domain names, though this is sure to change in the future.
Is Owning an Unstoppable Web3 Domain a Good Investment?
Do bears shit in the woods? I mean yeah it’s probably worth it. Especially if you can still get the name you want (which is getting increasingly unlikely). You may want to try and or think of something unique or clever instead.
If you’re using multiple cryptocurrencies, this is practically a rhetorical question. It’s cheap, useful and comes with little risk or downside.
Getting Unstoppable Domains is a good idea.
Think of your crypto wallet’s Public Address as akin to a traditional IP Address. Rather than remembering your IP Address, you simply type in a domain that is recognized by a Domain Naming System.
Unstoppable Domains allows you to do this with crypto wallets and dApps across the decentralized web.
While the domain itself is an ERC-721 token, it supports many assets beyond ERC-20 coins including Polygon, Solana and Binance Smart Chain Tokens.
Compared to other naming services like ENS, Unstoppable Domains is unique as you only need to pay once and there are no renewal fees. Other than pesky Ethereum gas fees, the process of buying is fast and relatively cheap.
There really isn’t much of a reason not to get one of these domains and they are going fast.
Are you ready for this one? 😉
You can now create a custom UD @readyplayerme avatar and link it to your Web3 profile so you can look and feel Unstoppable whenever you travel in the metaverse. 💫
Here is how it works 👇 [1/2] pic.twitter.com/Ci6jeW4JJM
— unstoppable.nft (@unstoppableweb) January 12, 2023