Will Web3 ID's Be The Thing To Push Crypto Adoption
With dotName domains, individuals can customize their domains to suit their needs
Dotnames To Replace ETH Addresses?
Ethereum addresses were first introduced in 2015, and since then, they have posed a challenge to users who find them difficult to remember, especially if they have multiple addresses. However, a solution to this problem has been developed with the introduction of dotName domains, which can be customized to suit individual needs.
What are dotName domains?
DotName domains are digital identities that can be used to store data and replace Ethereum addresses. They were developed as a solution to the challenge of remembering multiple Ethereum addresses. With dotNames, users can easily recall their addresses since they can customize them to suit their preferences.
How do dotName domains work?
DotName domains work by replacing Ethereum addresses with customizable names. Users can buy a dotName domain on any supported chain (currently .arb, .eth, .shib, .doge, .matic, .avax and .ftm). This makes remembering someone’s address (names) much easier. With an in-built mini-wallet dApp, users can easily send and receive tokens to and from their dotName names without leaving the app.
Additionally, users can store any data they want on their dotName domains. This includes bios, personal information, or specific information. The possibilities are endless, and more functionality for data storage is being built.
Benefits of using dotName domains:
One of the significant benefits of using dotName domains is their usability. With an in-built mini-wallet dApp, users can easily send and receive tokens to and from their dotName names without leaving the app. Additionally, users can track their wallet balances within the app and pick from a list of recent recipients to send tokens quickly and easily.
Users control their storage and information as mentioned earlier which means that users own and control their data and that it cannot be used, modified, or sold without their permission. This is different from social media platforms like Facebook, Twitter, and Instagram, where user data can be tampered with, deleted, or sold to the highest bidder without consent.
DotNames are also fully decentralized, meaning that they can only be controlled by the owner of the domain. Any updates to the name and its specifications can only be made by the name's owner, giving users more control and security over their data.
$DNS Tokens and Tokenomics
Tokenomics appear quite simple according to their website. But of course the team could add more to their existing tokenomics and ecosystem as the project matures over time. See image below for more info:
Just days ago they also launched on Uniswap and even DEXtools where traders can swap back and forth and trade the $DNS token.
Conclusion
DotName domains offer a solution to the challenge of remembering multiple Ethereum addresses. With their customizability, usability, and security features, they provide users with more control and security over their data. As more functionality is being built into dotName domains, they are becoming a valuable tool for users who want more control over their digital identities.
~This episode is sponsored by Kraken~ Kraken website ➜ kraken.pxf.io/PBN