Blockchain domains are a groundbreaking technology for the crypto industry, but few have any idea how a domain works or why it’s relevant.
In the world of the internet, domains became popular because they make it easy for people to access websites. Every website has its own IP address which is how computers connect to the website to use or view the site. But the problem is an IP address would look like this: https://78.345.75.443. But is it easier to remember Amazon.com or https://78.345.75.443? Domains are basically a skin for websites to make it easier and more memorable for the visitors.
Now enter the evolution of blockchain and Web3. With crypto, addresses look like 0x4e15361fd6b4bb609fa63c81a2be19d873717870 (contract address for Fantom Opera network) but blockchain domains would put a “skin” over the long address and simply make it “fantom.eth” or something similar. Thereby making it cleaner, easier, and more appealing for people to use blockchain networks.
But What Can Blockchain Domains Be Applied To?
In most cases when sending crypto from one wallet to another wallet. Say a buyer wants to purchase an item and the seller accepts crypto payment, instead of the buyer typing in a long bulky wallet address, they could simply type “merchant.eth” to send the money.
Just as domains changed the way people used the internet and contributed to its success by simplifying it for everyday users, blockchain domains will do the same for crypto.