What are blockchain domains and what is their purpose?

A blockchain domain name is a domain asset on a blockchain.  Similar to the ways domain names interact with IP addresses, a blockchain domain replaces cryptocurrency addresses with human-readable names.

It turns a wallet address such as 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy into an easy-to-remember domain name, such as yourbrand.crypto.

It allows people to more easily send and receive cryptocurrency because they just need to remember the domain name instead of the long and complicated wallet address.

Are blockchain domains like other domains?

Unlike traditional domain names, domain Registrars do not provision these domain names, rather the domain is stored in your cryptocurrency wallet and controlled by you. There is also no renewal fee attached to the domain name. It is basically yours for life.

ICANN does not govern these domain names, and they are hosted on what’s called alternate roots. They are not part of the current DNS.

Who is behind .crypto?

Unstoppable Domains is a San Francisco-based company building domains on blockchains. The company is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and the Zilliqa Foundation.

They claim to have registered 700,000+ domains so far.

How do Trademark holders apply for a domain name?

Trademark holders with proof of ownership can apply to claim ownership of trademarked names. If a trademark name has already been sold, then it will be refunded. Note – this process ends once domains have been distributed. Unstoppable Domains do not have the ability to move a domain once distribution has occurred.

Some well-known brands have automatically been locked to prevent malicious activity and cybersquatting.  These domain names can be unlocked and allocated on a case-by-case basis.

About brandsec

Brandsec is a corporate domain name management and brand protection company that looks after many of Australia, New Zealand and Asia’s top publicly listed brands. We provide monitoring and enforcement services, DNS, SSL Management, domain name brokerage and dispute management and brand security consultation services.

 

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2021-06-18T00:23:01+00:00

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