IntroductionA domain name is a string of text that maps to a numeric IP address, used to access a website from client software. In plain English, a domain name is the text that a user types into a browser window to reach a particular website. For example google.com, youtube.com or facebook.com
We would like to introduce you a new system for creating managing, and trading domain names as NFTs. We call that system Huta.
In this article, you will find:
- How do domain name works as of now?
- Value of domain names?
- What is Huta and what problem does it solve?
- How does domain NFTs work?
- Be early!
1. How do domain name works as of now?1.1 RegistrationSeveral different companies likes GoDaddy, Namecheap (known as “registrars”) can register domain names. A list of these companies appears on the internet in the Registrar Directory. You will be requested to choose to include different contact information and technical information making up the registration.
1.2 Managing and TradingGenerally, we would have to rely on a registrar to manage and sell our domains. Registrars like GoDaddy and Namecheap have their own web interface that allow us to update the the IP address of a domain name and also allow us to list a domain name for sell.
1.3 DisadvantagesDomain names and top-level domains (TLD) are centrally controlled by ICANN and IANA. They have a complete power to seize certain domains if they want.
In a decentralised world, we don’t want any middle man to have such power.
2. Value of domain namesHave you ever wonder how much does google.com or facebook.com worth? Unfortunately I don’t have the answer for that because Google or Meta would never sell their domains.
However, we do know the value of some other popular domains, for example:
- CarInsurance.com — $49.7 million
- PrivateJet.com — $30.18 million
- Voice.com — $30 million
- Internet.com — $18 million
- Fund.com — £9.99 million
And there are also many domain sales that are not being reported. So, domain names are extremely valuable on the internet. Imagine if you are early in the dotcom bubble and invested in some good domain names, you would have been very rich by now.
3. What is Huta and what problem does it solve?Huta is a decentralised domain name system that allows people to buy, manage and trade domain names on the blockchain without relying on any middle man.
So, no central authority would have the power to seize the domain that you own. Trading and auctioning domain names would be super easy because they are simply just NFTs. Anonymity is an advantage as well since people won’t be able to know the real owner of a certain domain name because blockchain addresses are generally not linked to real identities.
3.1 Registration — Create Huta NFTBoth top level domains and regular domain names can be registered using Huta web interface and a NFT that represent a domain will be created on a public blockchain.
3.2 ManagingDomain NFTs can be managed via Huta web interface. However since the contract are public, anyone can build their own interface to manage their domain NFTs
3.3 TradingDomain NFTs can be sold or auctioned on Huta marketplace. Since these transactions occur on a public blockchain, no middle man has the power to intercept or block any transaction.
4. How does domain NFTs work?One major component that we need to have to make our domain NFTs work is Huta browser extension.
When you install and have your Huta browser extension enabled, the url that you entered on the browser address bar will be routed to Huta DNS system and will be resolved using Huta domain NFTs.
For example, let say if I own google.com NFT on Huta and I configured the domain to point to my server in which I run my own website. When users have Huta extension enabled on their browsers, and then when they try to go to google.com, they will see my website! How cool is that!
5. Be early!Decentralised domain names on the blockchain is a new concept. Let’s start owning your favourite domain names on the blockchain today to prepare for the exciting future of a decentralised Internet.
