Society, in general, has never been so connected, despite all our differences. And yet, many still argue about the essence of the thing that’s making all of this possible – the Internet.
It appears that a lot of internet users would like to have a certain level of control over it, but will the big tech companies who control a lot of it let go of its centralized nature?
The truth is that they might not have a choice, as blockchain-based technologies open the borders of limitations of innovation and would eventually leave no industry unchanged. There are plenty of ideas on how to apply distributed ledger tech to the internet, but there are not a lot of projects with a well-planned solution.
This is where Decentraweb comes into the picture, intending to remodel existing structures of the internet by modifying the DNS. The team wants a structure that would allow anyone to own a top-level domain name system (DNS) on Ethereum without needing anyone’s permission.
The project aims to tap into uncharted territory and is being exposed to a lot of the users for the first time, and as such, here are a few important facts about it.
Custom Top Level Domains (TLDs)
Decentraweb aims to provide anyone with access to create TLDs that are hinged on Ethereum’s network. It applies the same measurement of the value of domain names that are obtainable on the centralized network. These tend to attract value based on different characteristics such as rarity, peculiarity, as well as an association with a public figure or a brand.
The people behind Decentraweb include a former CTO of GoDaddy, as well as others with experience in global brands such as Microsoft, Dow Jones, CoinMarketCap, HP, Intel, and Bloomberg.
TLDs to be Minted as NFTs
Every single custom domain name that’s bought on Decentraweb will be minted as a token through Ethereum’s ERC-721 protocol – meaning that they will be non-fungible tokens (NFTs). This means that for each TLD purchased, the user receives tokens as well as a portion of the internet itself in the face of a DNS. These NFTs can also be traded on marketplaces such as OpenSea.
The roadmap of the project aims to be a statement and a blueprint of bringing Decentraweb’s framework to fruition. The team aims to provide an ecosystem-wide integration of blockchain – from email to hosting and domain registration.
If users pay for the DNS with Decentraweb’s native DWEB token, they will get a lower price. Alternatively, the higher price is for those who intend to pay using ETH. This is a strategic move that aims to encourage users to purchase DWEB and also drive up the value of their acquired Top-Level Domains.
Decentraweb’s team realizes that trying to decentralize the Internet in its entirety is a herculean effort even for giants like Google and that’s why it attempts to do it in bits.
Presently, they are trying to handle the decentralization of DNS, while a couple other blockchain startups are focused on other parts.
Decentraweb wants to bring power to the public to create custom TLDs that can be minted and stored as NFTs using Ethereum’s blockchain. In essence, users are able to have a domain NFT, DWEB token, as well as multiple staking pools – all in one platform. More information can be found through the project’s Telegram group.