Blockchain domain names make it easy for anyone to receive any form of cryptocurrencies, tokens, and even Non-Fungible Tokens, as most of the service provides are compliant with the ERC-721 standard that aids the minting of NFTs.
The evolution of the cryptocurrency industry is taking a more subtle expression in the rollout of blockchain domains, in a bid to bring functionality to the decentralized web. Blockchain domains represent a domain asset that thrives on the technological uniqueness of a specialized form of decentralized ledger technology.
Different blockchain networks are backing the rollout of functional blockchain domains, and RIF Name Service (RNS) is the solution for these blockchain domain names developed by the RSK Infrastructure Framework. Of the numerous use cases of these growing innovations, the simplification of the use of cryptocurrency addresses of digital coins or tokens is fundamental to drawing in the embrace of non-technical people into the world of this emerging technological innovation.
Blockchain domain names replace the complex wallet addresses with a simplified and customizable naming system, promoting their user-experience capabilities. Part of the major goals of RNS as well as other related service providers is to drive the mainstream adoption of cryptocurrencies through the provision of an architecture that enables the identification of blockchain keys by human-readable names.
Other Secondary Needs for Blockchain Domain Names
While aiming at driving mass adoption through simplified UX remains the primary goal of Blockchain Domains, there are other revolutionary use cases that the innovations are here to address.
It is worthy of note that these domain names are not only useful in simplifying cryptographic blockchain addresses, they can also be used to launch decentralized censorship-resistant websites. With the created domain names, one can register his profile details, create a project record type, and generally leverage the privacy features that are central to Web3.
Blockchain domain names make it easy for anyone to receive any form of cryptocurrencies, tokens, and even Non-Fungible Tokens, as most of the service provides are compliant with the ERC-721 standard that aids the minting of NFTs.
The features of domain names make it possible to wriggle off the grip of centralized bodies that control the internet, and in all, help facilitate the original design of blockchain-backed payments which is aimed at decentralization.
RNS Features and Ecosystem
With the growing number of blockchain domains service providers out there, the unique offerings of players like RNS have a long way in determining the market share that will be gained. While RNS prides itself as the domain names provider being utilized across all of RSK’s ecosystem, it also boasts of interoperability which makes it compatible with all major blockchains such as Bitcoin (BTC), and Litecoin (LTC) amongst others.
RSK Partners can benefit from the RNS protocol by issuing subdomains at almost no cost once the main domain name has been acquired. The domain name acquisition from RNS costs less than a dollar, compared to traditional offerings being promoted by related Web2.0 providers.
RNS has built an ecosystem featuring wallets like MyEtherWallet (MEW), My Crypto, and RIF on Chain amongst others. Additionally, RNS domains are NFTs thus enabling several functionalities for RNS-based domains.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
