The web of today is based on centralized servers and databases. It’s a closed, centralized system. The internet of the future will be a decentralized network of computers. And this network will be connected to blockchains. Blockchain technology means that transactions can be traced back to their origins. And there is no need to store the data on centralized servers. This will make the internet more private and more secure. Blockchain technology is much more than just money. It can also revolutionize the way we manage data and information. It can help us to create an Internet of the Future, an internet where we aren’t constantly tracked and bombarded with advertisements.
Blockchain technology can replace the current internet
The development of digital technology has certainly changed the way we do business. The emergence of the blockchain has brought about a new level of transparency and trust. As a result, there are many new and exciting possibilities for companies that are willing to embrace the technology and power it forward.
The blockchain has the potential to replace the current Internet entirely. It will allow people to make transactions without a middleman, server, or financial institution. With the blockchain, your personal data will no longer be owned by anyone nor will hacking be an issue. It is a decentralized network that can only be controlled by you. There will be no more tracking or marketing on the new blockchain internet of the future. You will be able to control what happens to your personal information. There won’t be anymore more renewal fees for domain names either, you will own your domain name on the blockchain for life.
Crypto domain registry
There aren’t a lot of websites dedicated to selling Blockchain domain names, and those that do are charging a premium for exclusive access. There is a possibility that this could be a factor preventing mass adoption. The principle of owning a blockchain domain name is being violated by the current blockchain domain registrars, which charge arbitrary figures depending on the domain name you wish to register and some even require annual renewal fees. The market is still new and rife with speculation, but it seems that the people who are making the most money are the ones who are in the middle of it. The market will open up and more scrupulous services will appear, which will make owning a blockchain domain name more accessible.
Crypto Domain flipping
Crypto domain flipping has begun with some sites fetching hefty sums based on their potential future value as well as the strength of their names. The most expensive blockchain-based domain ever sold was ‘win.crypto’ which fetched $100’000. This shows that there’s definitely a market for it. You may find many such listings on OpenSea.io where our four friends from the previous paragraph appear to have most of the market share. There’s still a long way to go before matching the highest price ever paid for a regular.com website. ETH.com sold for a cool $2 million some years ago. A premium.com domain is typically worth over a million dollars.
Notable crypto registrars
Unstoppable domains seem to have a lot of power over the market. Depending on the domain name you wish to register, the price of the websites listed can vary greatly. It’s not uncommon for them to ask for a large sum of money, up to $100’000 because they have exclusive rights to the market. The prices seem extortionate when you consider that the domain names that are unpopular are selling for as low as $20
ENS only sells.eth domain names for which you will pay a separate premium in gas fees, which is usually several times more than the website you register. They also insist you pay an annual renewal fee for your domain name plus gas fees. Their prices for 3 and 4 letter words are more expensive.
UDomain.HK is a middleman specializing in crypto domains. Their service is great for looking up available domain names, but that’s as far as they’re praised for. They have terrible customer service and have the audacity to ask you to connect your ETH wallet before providing you with a quote for a domain name. They charge an annual renewal fee equal to the retail price for the privilege, and their prices are very high. They are not to be avoided where possible.
HNS is a shady domain registry website that allows users to purchase a domain using their own token, which you must convert from bitcoins. The sales process is very vague and unnecessarily complex, you cannot simply buy a domain, you have to bid on one, and the price of the requested domain increases over the course of the auction. They don’t make it clear which one you will get.
The current dominance of dotcom domains
Dotcom Domains are going strong and will remain strong for the foreseeable future. There are a seemingly infinite number of services, apps & software designed around the current iteration of the internet. We must keep in mind that the internet as a whole is barely a generation old with smartphones having only taken off in the last 10 years. The current version of the internet was built upon old technology and has the potential to reach its half-life soon as technology improves.
The internet is an amazing place. It’s like magic. You can surf around the world in less than a second. If you want to know how many dogs there are in Fiji, you can do it with a few keystrokes. But it’s also an annoying place. Pop-ups, tracking ads, cookie consent settings, and other annoyances plague us daily. Tracking is done without our consent, despite what the popups say each time you visit a website. We passively agree to it because there’s no alternative, and quite frankly, we like being able to know how many dogs there are in Fiji on a whim. It seems we’re too busy or too unwilling to look up all the information that’s collected about us lest we discover the shocking truth that most of us already know deep down. There’s definitely room for improvement and it can’t come soon enough.
It’s not a matter of if the internet is going to be replaced by a blockchain-based network. It’s a matter of when. This will be a monumental change for the better and will usher in a new generation of the internet. The current version of the internet is absolutely great and has served its purpose. As cryptocurrency markets continue to grow and trends begin to shift, more and more people will question the status quo and move on with the times.