As the cryptocurrency space is highly technical, it can be overwhelming for first-time users and non-tech-savvy individuals to onboard.
Take crypto transactions, for example. To send a crypto payment, you need a long public wallet address composed of a string of digits and letters of the alphabet that look like gibberish.
Moreover, users have a different public address for every cryptocurrency, making it difficult to manage and confusing for crypto beginners.
EDNS, short for Ether Domain Name Service, aims to simplify the crypto and decentralized finance space by allowing users to create a universal nickname for all your public addresses and decentralized websites.
Instead of having an unreadable string of keys for each crypto address, you’ll have a single EDNS domain with storage, like “mike.meta,” where you can receive and store any crypto and NFTs.
What Is a Decentralized Domain?
Like a website, decentralized domains are essentially suites of smart contracts written on a public blockchain. For example, they can work as a naming registry for crypto wallet addresses, or they can point to hosted content, like a website.
Importance Of a Decentralized Domain
As mentioned above, decentralized domains can work as a naming registry for crypto addresses, which makes the process of sending and receiving crypto much more user-friendly than it was without blockchain domain names.
Another major importance of decentralized domains is the ability to build decentralized websites.
Why Decentralized Storage in Decentralized Domain?
Decentralized storage platforms break apart the users’ files and distribute them across multiple nodes on their network. Since the data is scattered across multiple nodes, there is no single point of failure and can prevent any common form of attack.
Secondly, in a decentralized domain with decentralized storage, even if one of the nodes goes down, the rest of the network will be more than capable of making up for the slack.
Some innovative minds understand this perfectly, and that is why we have many startups trying to make a difference on the Internet and web technology space. EDNS is a nascent blockchain solution that intends to reshape how to acquire, store, and transfer ownership of domains.
EDNS is a name and lookup service built on the Polygon blockchain, a layer-2 scaling solution for Ethereum and its compatible with Ethereum allowing crypto users to translate their machine-readable addresses to human-readable addresses.
Think of it as a nickname generator for public addresses, aiming to make crypto more accessible and attainable for folks to create, store and personalize their very own high degree area on the polygon blockchain without having to acquire permission from anybody.
Say your friend wants to pay you back for dinner in cryptocurrency. To do so, you must share your public address made up of 42 hexadecimal characters, which might look like “0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E.” This is the equivalent of your IBAN, enabling others to send crypto to your wallet. With EDNS, you can create a “nickname” for your public address, so instead of sharing that complicated string of characters with your friend, you’ll have a link, like “mike.meta” — which is automatically connected to your public address.
Due to its decentralized nature, EDNS isn’t controlled by a single entity. This makes EDNS more secure than centralized naming services, as there is no single point of failure.
Why does EDNS stand out?
In general, websites and web apps give the Internet a tangible, usable form. From online search to storing documents on the cloud, end-users inevitably use some website or the other. Thus, have a decentralized Internet, it’s imperative to have decentralized websites.
In turn, to have genuinely decentralized websites, we need decentralized domains with decentralized storage systems. Now that’s where EDNS comes in. Ether Domain Name Service is essentially the Web 3.0 version of DNS, short for Domain Name Service. EDNS offers a decentralized alternative to the Internet’s traditional DNS, removing the risks associated with its single point of failure.
As a blockchain-based protocol, EDNS is inherently more secure and censorship-resistant. Other services that are trying to replace the old DNS for the Internet, but EDNS is currently outstanding in its league because EDNS doesn’t only offer human-readable nicknames that can work across all your wallets, Apps, and decentralized websites, they also offer users decentralized storage. Now that’s why EDNS is unique.
By transforming complicated strings of characters into short and memorable, human-readable links, EDNS also makes crypto transactions more understandable and accessible for blockchain beginners.
Similar services may appear in the future, but EDNS doesn’t have any comparable rivals that can do all that EDNS does. Decentralized domains are a major, exciting step toward a more decentralized online world.