Unstoppable Domains is a Web 3 company that is onboarding internet users to the decentralized iteration of the internet through developing blockchain-based domains. These domains can essentially replace crypto addresses using readable names, simplify crypto payments, host decentralized websites, etc. Essentially, the company is a bridge between Web 2 and Web 3.
The Evolution of the Web
The terms Web 1, 2, and 3 are not new to the daily internet users. These are the iterations of the internet. They all have different features, with the most common one being doing away with the barriers challenging the physical socialization of people. Web 1 came first in the 1990s as a simple international connection of computers. It brought a difference in how people exchanged information over long distances.
Some businesses even capitalized on it for the e-commerce opportunities that it offered. Such companies include Amazon, which started as an online shop in a garage in 1998. Now, the company is one of the largest e-commerce hubs. The next iteration of the internet, Web 2, brought more wonders. It is known as the social web since it brought social media platforms.
It opened up the world to the untapped resource of virtual reality. That idea gave rise to the digitization of institutional processes in the early 2010s. Then, most of the large companies began incorporating softwares into their operations. In 2013, Web 3 began taking over. This iteration of the internet is more intuited than the rest. It incorporates technologies like Artificial Intelligence and Machine Learning.
Web 3 will serve as the core network behind other technologies like the metaverse and crypto space. As everything goes digital, the necessity for digital identity is also growing. Digital identities represent people or other items through a unique and digital string of readable symbols. These digital identities can not be replicated as they are protected by blockchain technology; thus, only one of each kind can exist across the internet.
Some digital identities have already been made, including Yats. Unstoppable Domains is one of the companies aiming to help provide digital identities to internet users. Below is some information on their mission of helping in the transition to Web 3.
Company Overview
Unstoppable Domains first launched in 2018 and gained the crypto community’s attention. The company was founded by Matthew Gould, who also serves as its CEO.
The company states that it is on a mission to guide people to an age of the decentralized web. The company will realize this dream by offering decentralized websites and user-owned domain names to replace crypto addresses and URLs. It also says that it prioritizes the ownership of unique digital identities and simplification of crypto transactions.
The company also states that its domains are not on rent but for sale, and once a purchase is made, the ownership of the domain becomes permanent. The cheapest domain goes at $5, with the price rising according to the simplicity of the digital identity. The domains maintain their uniqueness as they are powered by blockchain technology and are tokenized similarly to NFTs.
Unstoppable Domains – What Are Digital Identities?
In a blog posted on their main website, Unstoppable Domains explains that the digitization of identities is an effort to make users more human. It is hard to differentiate users from code at times in the current internet iteration. Also, the incoming web features highly intuitive technology like Artificial intelligence and Machine Learning that necessitate having a digital identity.
Some of the procedures like crypto transactions can also be tricky as a minor error while inputting the address may result in the loss of funds. URLs to websites are also challenging to memorize as they are made up of a mixture of symbols. These are some of the reasons why digital identities are needed by internet users.
Unstoppable Domains understands that as the world progresses technologically, people should consider that actualizing dreams like Web 3 is a process. It is a journey for transition from Web 2, which had an unbalanced power landscape, to a more accommodating Web 3 that will benefit everyone.
Unstoppable Domains Joins the Blockchain Association
Unstoppable Domains boast a wide adoption rate exceeding even some major crypto assets. It has over 2.2M registered domains with over 275 supported coins and tokens. It has also completed over 160 successful integrations.
In June 2021, it became supported by Blockchain.com, the world’s largest crypto wallet provider. Blockchain.com serves over 31 M users who can now use Unstoppable Domains as their crypto addresses.
An excerpt from their official announcement read: “. Through this integration, we’re making crypto more accessible for all by removing the risk of human error when sending funds, drastically simplifying transactions between Blockchain.com users and 50+ other wallets and exchanges supported by Unstoppable Domains.”
“We’re proud to welcome Unstoppable Domains to the Blockchain Association as our 70th member. Unstoppable is a leading provider of NFT domains and user-owned, user-controlled identity.” – Kristin Smith, Executive Director of the Blockchain Association.
The company also details why it is essential to purchase digital domains from them. Below are some of the advantages of owning a digital identity from Unstoppable Domains.
- Leaving the complexity of crypto addresses behind.
Users had to use addresses with 25 to 42 alphanumerics through the traditional means of sending cryptos. In case of a mistype or erroneous address input, the funds were lost and never to be recovered again.
Now, technology is improving, and blockchain domains are replacing the initial addresses with unique and readable names. An example of such an address could be “[AnyName].crypto.” That simplifies things for the crypto space and makes it safer to transact.
- Simple and personalized identities.
The creation of blockchain addresses is flexible and straightforward. It allows for each person to customize their domains as they see fit. People can use their real names, nicknames, or even other strings. That makes blockchain domains fun to use.
Blockchain domains cannot be rented; they are owned. Therefore, there will be no renewal fees once a domain has been purchased and data recorded in a blockchain network. The domain is stored in a user’s crypto wallet with an option of being resold as an NFT. That is a big improvement from the traditional domains that are leased.
- Be part of the Unstoppable community
Unstoppable Domains has an ever-growing community of holders. It has sold over 2.2M Domains since it began operations. Its community is free to use the domains to create decentralized websites and even transact in the crypto space.
Unstoppable Domains- Introducing Humanity Check
Unstoppable Domains has developed yet another identity layer known as Humanity Check to prove that one is a unique person to an application. The Humanity Check feature can be attached to one’s blockchain domain and opted out at any time. It enriches the user experience and facilitates the collection of rewards without revealing personal information to the application.
Such a layer could help in the distribution of airdrops to do away with the bots that cheat the systems and take more than the share meant for each person. The program was made as a joint effort with the identity verification service Persona. Persona has worked with other well-known crypto platforms before, including BlockFi, DAO Maker, Swan, etc.
Humanity Check gives login with Unstoppable-integrated applications the ability to solve Sybil attacks while increasing customer experience and engagement. Several finance sector stakeholders have reviewed Humanity Check and given their take on it.
Adrien Peng, CEO of Cook Finance, says, “Login with Unstoppable fundamentally provides members a better login solution, and Humanity Check will unlock a pathway for us to reward our most engaged members more meaningfully and at scale.”
Understanding Digital Identities – What Are They?
Since Digital identities are innovations in a world (Crypto space) that is still new to many, there are many things that people are actively seeking to know about them. Below are some common questions regarding digital identities and their responses.
Is It Possible to Transfer a Blockchain Domain?
The transfer of a blockchain domain is possible since they are tokenized. The domains exist in a form similar to NFTs and thus can be bought and resold. They are also held in a digital wallet similar way to other digital assets.
Which Cryptos Will I Be Able to Access Using My Digital Identity?
Unstoppable domains support over 281 cryptocurrencies. One can use their digital identities as an address to all of the supported coins.
How Can One View an NFT Website?
To view an NFT website, one will need to use a mirroring service and a browser that supports NFT domains. If the available browser does not support NFT domains, one will have to install a browser extension. Unstoppable domains supports these browsers:
- Brave
- Opera
- Chrome
- Firefox
- Edge
Can I Search for NFT Websites on Google and Other Major Search Engines?
NFT websites are still in the initial stages of development. Therefore, most major search engines cannot read them. For now, one can only search for the NFT websites at unstoppabledomains.com. They can also be searched on partner sites that integrate the unstoppable domains search bar or blockchain apps which index NFT domain websites.
How Can Trademarks Work With NFT Domains?
Trademark holders with verified documents can apply to claim ownership of their trademarks as blockchain domains. If the trademark is already sold, the holders will be refunded.
How Do Payments Work Through Unstopabble Blockchain Domains?
As explained by Unstoppable domains, “Add your bitcoin, Ethereum, and Zilliqa addresses to your .zil or .crypto domain inside of the ‘my domains’ section at unstoppabledomains.com. When someone types your name .zil into a supporting wallet, the wallet looks up that domain on the blockchain, finds the appropriate address, and sends to the address associated with that name.”
Current Internet- One’s Identity Is the Product.
Even though Web 3 has already started rolling out, we are still in Web 2. The current period is a transitional one to welcome the Web 3 technology. That means that more shortcomings of Web 2 must be solved and new features of Web 3 rolled out for the transition to be deemed complete.
The current internet is flawed as it has an exploitative structure where users are seen as the product rather than the producers. Big institutions capitalize on making profits from internet users, whether in apps, gaming, or websites. The media published on the internet belongs to big technology companies rather than their creators, which is unfair. If other users view the posted media, the technology companies pay the creator, but in rates comparable to a drop of water in the ocean (insignificant).
The current internet also gives the big tech companies behind it the power to take away social media handles belonging to people, spy on users, ban users and make billions of dollars off them. They make these insane amounts of cash by monetizing people’s data without their permission in the name of personalized advertisements.
Additionally, the lack of proper control of personal data and the whole governance structure of Web 2 is not the only problem. This internet interaction is also frequently targeted by bad actors who exploit it to access confidential information about users. For instance, 2021 had record privacy breaches across the internet.
How to Improve the Internet- Coming up With a New Digital Identity Framework
The internet requires a massive rebalancing of power to give the users equal advantage and profitability. One of the best ways to decentralize power is by introducing self-owned and managed digital identities. These identities will be the cornerstone of protecting users from data breaches and monetizing their private data.
An internet where digital rights cover digital identities will be similar to physical human rights. It will gradually return control to the users as no corporation would risk violating the rights of the internet users. Such an occurrence would be futuristic and enable the realization of a fluid and multi-faceted online community.
Below are the key things that Unstoppable Domains focusses on while designing their project to stay in line with Web 3 user ideals.
- User owned and controlled domains
Unstoppable Domains have focussed on giving users a chance to control their data entirely. As the world is shifting personal data control from major technology companies to individuals, new financial opportunities arise. One can now rent, sell or license their data and content without the fear of breaches. This possibility is one of the significant advantages of Web 3 and digital identities.
For a digital identity to make a significant difference from the already existing form of online identity, it must be very secure. Unstoppable Domains capitalizes on this requirement by building their domains on blockchain technology. Blockchain technology is one of the most secure data storage and processing innovations.
The digital identities will allow users to store their data on-chain and off-chain. Some data like transactions and payment addresses are better-stored on-chain, while some sensitive information like medical records would have to be stored off-chain. Unstoppable domains understand that the digital identities must satisfy these storage methods and have already incorporated their capability in the domains they mint.
In traditional data systems, portability was a major issue. Most of the systems in use were too bulky to carry around all day. Some, like filing systems, could not even be ferried anywhere. Portability has become much easier nowadays as small gadgets could even carry data that could affect a whole continent, if not the world.
Crypto technology has also reinforced the age of digital money. It has introduced digital assets and made things much easier for investors. Currently, people are purchasing virtual lands in metaverses. This land is stored in an easily portable crypto wallet, whether a hard or soft wallet.
The same wallets that store digital assets are used to store digital domains. Much like the traditional systems where anything that can be stored may have a tradable value, digital identities can also be sold.
How Digital Identity and Web 3 Will Reshape Human Interactions
Web 3 will be a game-changer in many aspects of human interactions. It encourages the exploration of virtual interactions. For people to interact, they must maintain unique identities. The metaverse has already introduced avatars to represent people as they tour them. These avatars could be integrated with digital identities to make them represent internet users wholesomely.
Some of the changes that the Web 3 and digital identities will bring to the internet include:
The decentralization of the internet is one of the major solutions that people have been craving. Web 2 has been misused by large companies, and its monetization is a turn-off. Some websites cannot even give access to information if a user does not accept their data to be tracked. Others have been ‘destroyed’ by advertisements that even overshadow the important content. Additionally, it shouldn’t be forgotten that most sites take the published content as their own rather than give control to its creators.
These are some of the issues that will be addressed by Web 3 and digital identities. The digital rights of the users will protect the control of all data and content belonging to users. Also, institutions will need to have a contractual agreement with the users to control their private data.
- New e-Commerce opportunities
The internet is an important tool for the financial sector. It has proven to be the missing piece in the advancement of financial interactions. If men from previous centuries were told of virtual currencies, they would have cursed and dismissed it as a fantasy.
It is not a fantasy anymore; cryptocurrencies are already here. The internet is also opening up new opportunities for its users. Owing to the upcoming Web 3 and digital identity innovations, people will have more chances to align their businesses with the internet. Advertising will be much easier, and there will also be no need for companies to track customers secretly. Therefore, everyone should look for opportunities to create new sources of income in Web3.
Almost everyone has had an instance where a certain advert hindered them from acquiring important information, yet it was not helpful to them. In Web 3, companies will have to pay for access to digital data belonging to internet users to tailor their adverts well. Users will also be able to customize their preferred adverts, which will improve the efficiency of adverts on the internet.
- Better and unique identification to make interactions much easier
Digital identities will all be unique, which will help to do away with impersonification that has been rampant in Web 2. Impersonation is not new, as someone had personified Elon Musk and even earned a verification mark from Facebook. The individual was noticed after he started asking for crypto donations. Digital identities will make such occurrences will be a thing of the past as they are unique and only one of each kind can exist.
Final Word
While referring to Web 3 and digital identities, the main question is, what is in the future for these innovations? These innovations are part of the next generation of technology that seeks to improve how power is distributed among people. The world has been fighting for democracy in almost all ways possible, and now, the internet is on the verge of being democratized.
Even though many fear that institutions may conspire against such an improvement as it would limit their gains from the internet, the institutions are surprisingly welcoming it. The crypto space is to ‘blame’ for introducing an age of decentralization, yet the large institutions are also welcoming it with open hands. Some like Meta, Google, Microsoft, Walmart, Youtube, etc., already have crypto projects or have expressed their willingness to invest in crypto.
These institutions understand that change is inevitable, and with the crypto sector going mainstream, other sectors will remodel. Therefore, losing power to decentralization is inevitable. While this may sound odd, several companies have already converted to Decentralized Autonomous Organizations.
Therefore, it is not wrong to say that the crypto space and Web 3 have come too far to fail in introducing decentralization. However, it is best to note that any process of rebalancing power requires a lot of time. Therefore, Web 3 and the realization of a fully decentralized internet may not happen in two years. It may even take more than a decade.
That makes it necessary to keep researching the Web3, decentralization, and the crypto space as future developments may rebalance things there.
Source: https://crypto.news/unstoppable-domains-web-3-digital-identities/