Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.
Unlike ICANN, Decentraweb is a permissionless way to create your own TLD and own it permanently on the blockchain.
When the government of the United States gave up the seat of regulation of the Domain Name System (DNS) to ICANN in 2016, it heralded the beginning of a new dawn. Or did it? Well, many will argue it was nothing more than a dress rehearsal. Five years down the road, it feels like power was just merely passed around the table.
The recent decrees and laws posited by ICANN have led many to question their agenda, as it has slowly gone from oversight provision to out and out control. The recent bans of certain websites across the globe might just indicate governments’ willingness to prove a point. While the point is still largely unknown, the cost of owning a Top Level Domain (TLD) can be anywhere worth of $185,000.
The reason for these ridiculous prices seems to be obvious: the fact that ICANN’s activities are largely unchallenged. But with blockchain technology holding sway these days, it is a known fact that every industry will be impacted.
Talking about web technology, Decentraweb seeks to create an atmosphere where ICANN is not the absolute monarch when it comes to issuing TLDs. Even though Decentraweb aims to create a scenario where you may assume them to be the option, their intentions and the fact that they are an integration of blockchain technology make a case for themselves.
Unlike ICANN, Decentraweb is a permissionless way to create your own TLD and own it permanently on the blockchain. This saves you the trouble of being banned from a geographical region due to differences in ideologies or affiliations.
Why Would Anyone Need a Personal TLD?
One of the reasons why people own personal TLDs is for security and privacy. With the world now leaning heavily on censorship as though it was the principle the internet was built on, you must find a channel where your content is going to be safe – zero tampering. TLDs are also a great source of revenue, especially for attractive and career-inclined TLDs. You can lease individuals and businesses your TLD in return for a yearly subscription fee. And you get to lease out as many as you wish.
Who Would Desire Such Security and Privacy?
It can be anyone from any profession. How so? Several careers require a lot of precision and confidentiality. For experts in this field, DNS is to be painstakingly considered. If ICANN can rat owners of TLDs out with the push of a button, the risks of having private information out there becomes even more glaring. However, another thing that’s equally impressive is the fact that Decentraweb’s team members understand the importance of security and privacy at this level. Two of them are former employees at GoDaddy, one being a CTO.
Would Permissionless TLDs Be Any Better?
Permissionless digital frameworks are regarded by some as the basis of decentralization, but others beg to differ. A permission-ridden structure would defeat the essence of Decentraweb. It would only be a mimic of ICANN’s mode of operation, but using blockchain technology. In a bid to rid domain buying of any form of external influence, Decentraweb automates the process of buying and transferring TLDs from one person on the network to another.
So, beyond Decentraweb’s push for permissionless TLDs, they made the TLDs easily transferable and enticing to own as they can be minted as NFTs. It goes without saying that these TLDs can be traded on Ethereum-based NFT marketplaces.
There are over a billion websites, and ICANN holds supreme power over their operations. Many are erased daily because the competition may sometimes get cocky with the petition button. In essence, the internet is still largely centralized because it was built to minimize freedom from the domain level up. For total decentralization to have any real chances of happening sooner than later, we’d need to have startups that provide various levels of decentralization.
With Decentraweb already cash flow positive, as revenue realized from TLD sales are going back to stakers, the interest in digital real estate will only increase and may drive up the prices. Join their Telegram group to get started right away!