Most of the readers might already be aware of ENS (Ethereum Name Service) because of their massive airdrop recently which gave many people $11,000 worth of free Cryptocurrency just for buying a .eth domain using the platform.
Unstoppable domains is a step up from that route & something better than ENS. In this article, I am about to talk about how Unstoppable Domains can be helpful for people who want to get into the complicated Crypto Space.
But before we start our discussions on Unstoppable Domains, we need to understand DNS.
What is DNS?
In short, DNS stands for Domain Name Service. It is a fancy way of saying things that allow humans to type human readable addresses into the search bar & then it returns them into machine readable IP addresses.
Many of us are already aware of IP addresses. IP addresses help computers at one end of the internet knows how to talk specifically with another computer somewhere else.
You can say it is kind of similar to one’s address on the internet that allows data packets to travel from one point to other without getting lost in between.
Without IP addresses our computers would all be screaming at the vast internet.
When we type in Google.com and hit ‘enter’ our browser sends a request to the Internet Service Provider asking for the IP address behind the associated domain name. The ISP finds that out and grabs a package from Google.com which is then unpacked in the browser which we see as the end product.
All of this happens behind the scenes using complicated software & hardware but for the end user it is simple and user friendly. Hardly anyone finds it difficult to remember ‘Google.com’. In fact if people had to type in 220.127.116.11 instead of Google.com, that would be far more complicated.
People don’t like to speak in big alphanumeric keys or numbers. We speak in .com, .org, .in, etc because they make sense to us and most people around.
That’s essentially what a DNS is. It is a translator for humans to speak machine code.
Let’s see how it works for Crypto
ENS is essentially the same thing that we spoke above except its for Ethereum. ENS stands for Ethereum Name Service and let me tell you a majority of people of Crypto Twitter already own a .eth domain name. People can type in abc.eth and pay each other in easy to remember addresses. It is similar to having an UPI id in India.
The alternative of having to remember a .eth domain name before ENS was a big combination of numbers and characters with someone (0x0a1ec1f6386135f7558fc208a5a22066cdea445d). You can’t just type this big address easily & reliably while transferring money. In ideal cases, you have to copy & paste it while sending tokens.
That is what essentially ENS does. It translates this big address into a short and simple human readable format like abc.eth.
Now, as you know this article started with Unstoppable Domains & now you know ENS is kind of similar to DNS. Unstoppable Domains is similar to ENS.
But Unstoppable Domains have four big edges which make it better.
Pros of Unstoppable Domains
Firstly, they allow you to have multiple wallets linked. The coolest thing which Unstoppable Domains allow is to create multi wallet wallet. That means you could add your wallets for different coins into their software and then you can literally have a simple abc.crypto account for Ethereum, Bitcoin, Cardano, Solana & a bunch of all other coins.
Similar to how DNS works, the domains created by users of Unstoppable Domains are resolved to a public address. You can configure your domain with a wallet address you own and any funds sent to that domain address will be sent straight to the linked wallet. This is a huge thing for mass multi chain adoption among people.
It is also worth noting that ENS works only for Ethereum compatible wallets not Bitcoin, Cardano or Solana.
Cons of Unstoppable Domains
It is more Centralized than ENS.
With ENS domain the idea is to reroute your complex walet transactions into your ethereum address. With a Unstoppable Domain, users can get their wallet name which can be used to reroute many other coins apart from ETH plus a domain name.
Getting a domain name with Unstoppable Domains mean that you can host actual website on whatever domain name has been reserved. Personally, I like this idea of being able to host a full fledged website on a .crypto website.
Technically, you can do the same with ENS as well, but Unstoppable domains make it a lot simpler.
ENS also lets you claim only .eth addresses while Unstoppable Domains let you claim .crypto, .zil, .coin, .wallet and a few others. One thing to note here is that for both of these name services to host a website, you must have a browser which supports the extensions like .crypto or .eth.
Another way why Unstoppable Domains seem to be better than ENS is because they actually only charge a one time fee. While ENS is based on payment per year.
For buying a .eth domain you have to renew it after a certain time period to keep the actualy ownership of the domain. Also, Gas Fees need to be accounted for these days since they have risen quite a bit and can make things unaffordable for many.
The biggest difference for me however is the ownership of a name rather than subscription of a name which ENS provides.
Not only Unstoppable Domains are cheaper but also they are a one-time purchase.
Lastly, Unstoppable Domains is moving to layer-2. They are actually launching on Polygon soon which means they will move from Ethereum mainnet to a layer 2 network which will allow them to have a far higher throughput and a far lesser gas fee. Technically you can mint your domain for free on Polygon.
The domains will actually be ERC-721 NFTs that will be on the Polygon Network which means that they can be traded or sold after being purchased and can be viewed on OpenSea.
The risk with Unstoppable Domains is that they are in a form Centralized. Yes I did mention that above as well.
Even though users don’t have to enter their personal information like address, real name. If you pay with crypto, they will have access to your IP address, the email used for sign-up or your Crypto Wallet address used for paying the registration fee.
The way that these domains are reserved is more Centralized than ENS.