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Blockchain Domains: Complete Guide from DNS to ENS

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Even though I manage to forget all manner of things – birthdays, where I left my keys, the names of friends’ children – some bits of information remain lodged in my brain. One of these is the landline number of my best friend’s parents.

I can reel it off effortlessly, even though I’ve had no reason to dial it for over 20 years. Back in the late cretaceous period when I was growing up, mobile phones were still the preserve of deep-pocketed city types.

If I wanted to get in touch with Mark then I had to pick up the phone and punch in the number, hoping that neither of his parents would answer. Those numbers I dialled all the time got seared onto the inside of my skull and have remained there stubbornly ever since.

Phone Domains
The Early Days of Phone Numbers. Image via Shutterstock

Fast forward a couple of decades and such feats of memory are no longer needed. My phone saves all the information for me and all I do to ring Mark is tap his name and wait while he ignores my call.

This has led to the bizarre situation where I can remember a number I haven’t called since the late 90s, but not that of my girlfriend’s mobile. If you put my fingers in a vice and started turning, I honestly still couldn’t tell you what it is.

All Hail DNS

The internet works in a similar way. If I want to see what Mark’s been up to then I could visit the IP address at 69.63.176.13 or I could type the domain name facebook.com into my browser and go from there.

The domain name system (DNS) matches a site’s fiddly numerical IP address with an easily-remembered word or phrase. We can thus leave the boundless joys of IP addresses to the geeks and hackers while the rest of us get on with our lives.

DNS System
Mapping the Internet with DNS. Image via Shutterstock

In the early days of the internet there was money to be made from the DNS. Those people in possession of a working crystal ball were able to buy up domain names and sell them on, often for huge profits. In 2019, for example, block.one paid $30 million for voice.com.

Whoever first registered that domain can consider themselves to have had a decent day at the office. A shadier version of this practice known as cybersquatting inevitably sprang up too. This involves registering a trademark as a domain and then selling the domain back to the said trademark’s owner for an inflated fee.

This often leads to litigation and has kept plenty of lawyers busy over the years. One particularly entertaining example involved Microsoft going head-to-head with a Canadian high school student, while other disputes have involved big names like Lufthansa and the rock band Jethro Tull.

ICANN

The DNS is one of those things that makes life easier and has become so embedded in the fabric of the internet that we mostly take it for granted. It does however have its disadvantages.

The first of these involves an organisation that most people have probably never heard of, the catchily-titled Internet Corporation for Assigned Names and Numbers or ICANN.

ICANN Logo
ICANN, the global internet Organisation. Image via ICANN

This is a non-profit body, based in California, that regulates and administers the entire DNS. It also authorises other organisations to act as domain name registrars that then themselves manage domain names. Domain.com, GoDaddy and Namecheap are three of the best-known examples of such registrars.

The ICANN is one of those entities that generally chugs along in the background unheeded by most of the world, playing a pivotal, if unsung role in day-to-day life. However, the existence of the ICANN throws up one of the dirtiest words in modern internet parlance: centralisation.

ICANN’T

Anyone familiar with the concept of blockchain knows that one of its key features is its decentralised structure. There is no single point of entry, no back door left ajar. Blockchains are safer because of the lack of a central hub that can be targeted by those with malign intentions and because no one person or organisation is able to assume complete control.

To the many who hold the concept of net neutrality dear, the ICANN represents a centralised soft underbelly that concentrates power and influence in one obvious place. Anyone looking to disrupt, attack or manipulate the DNS knows exactly where to start.

Some will disagree with me, but I find it rather worrying that an organisation of such importance is situated in the United States, within easy reach of characters like Mark Zuckerberg or that fluorescent goon who apparently runs the place.

Better perhaps than if it was situated in China, but then in the current climate that’s a moot point. The registrars that the ICANN oversees are themselves also prime starting points for anyone trying to manipulate or attack the system.

Centralised DNS
Centralised Points of Failure. Image via Shutterstock

Running alongside the issue of centralisation is the fact that DNS servers are vulnerable to outside manipulation. Websites hosted by these servers can be attacked and disabled either by hackers or national governments for their own nefarious ends.

The owners of these websites live with the constant worry that they could be the victims of extortion or censorship, made possible by the immanent weaknesses of the DNS model.

Hackers especially are well-versed in manipulating the DNS and are often able to exploit its other vulnerability: the fact that the only information servers can see about a client is their IP address. Any hacker worth their salt is able to bounce their IP signal around the world and render themselves undetectable.

So, although the DNS is a vital component of our online lives, it is vulnerable to disruptive forces. In the past, such weaknesses could be written off as a price worth paying for the convenience and speed that the DNS offers. As TinyDNS.org puts it, without it ‘the internet would not exist.’ However, the emergence of blockchain is calling such assumptions into question.

Domain 2.0

You don’t need to work in Palo Alto to figure out what a blockchain domain is. It works in the same way as a regular domain, but the site in question is on a blockchain. But, true to the spirit of blockchain, its domains are capable of much more than their Web 2.0 equivalents.

As well as holding a site’s address in a more memorable form, a domain on a blockchain can also process payments in cryptocurrency. If a website owner needs to be paid for goods or services, then they can simply give the customer their blockchain domain (for example payment.crypto) instead of copying and pasting a clunky wallet address.

The domain can take receipt of a crypto payment and the transaction is preserved immutably on the blockchain. At the moment blockchain domains need plugins to work inside most browsers, but platforms like Opera, Metamask and Status have been developed to support them.

Already both the owner of the blockchain-based site and their customer have had their lives made easier. But things get better still thanks to the fact that the site’s owner also enjoys a greater degree of control and autonomy over their domain and the content on it.

By being part of a decentralised network, blockchain domains are impossible to block and resistant to censorship. The benefits of this are clear to anyone who either lives in an authoritarian state or has spent more than ten seconds considering what that might be like. Freedom of speech becomes much harder to curtail.

Control rests in the hands of website owners and content creators because the blockchain domains they use are stored in wallets to which only they have the keys. The old system, whereby domain names are stored and managed by registrars who can be induced to shut them down, is starting to look obsolete.

Finally of course, there is the question of security. Blockchains are not entirely immune to hackers and you can be pretty damn sure they’re working on ways to crack them, but they are a heck of a lot more secure than other networks. A website with a blockchain domain is a daunting prospect for hackers and malware.

ENS & Friends

If you’re wondering which blockchains are leading the way in supporting domains then you won’t be surprised to learn that Ethereum features high on the list. The Ethereum Name Service (ENS) is an open-source, not-for-profit endeavour that, in the words of Director of Operations Brantly Millegan, focusses on ‘decentralisation, censorship-resistance and programmability.’

Unstoppable Domains
Unstoppable Domains Services

ENS allows decentralised websites to bypass the approval of DNS registrars and the ICANN to build their services directly on top of the ENS blockchain and register a .eth address. Millegan is also at pains to point out that such sites don’t even need the approval of ENS themselves to get going.

Another big player in the sphere is Unstoppable Domains, which is responsible for both the .zil (a partnership with Zilliqa) and .crypto domain name systems. This San Francisco-based outfit cites the ‘tribalism’ of much of the crypto community as a major barrier to mass adoption.

Censorship Resistant Domain
Censorhip Resistant and Decentralised Domain Service

Their .crypto registry allows users to send and receive any cryptocurrency they like to any wallet of their choosing. CEO Matthew Gould argues that:

sending money to a .crypto domain is a way simpler user experience for the millions of cryptocurrency users that currently have to copy/paste and type in long addresses in order to transact.

Going Global

It’s worth remembering that the issue of adoption is a key underlying factor in the blockchain domain space. Anything that can simplify the process of using cryptocurrencies on a daily basis is a welcome incentive for more people to wade into the crypto waters.

Similarly, those looking to build out the Web 3.0 that blockchain is making possible need all the help they can get to simplify their processes and maintain their autonomy. ENS and Unstoppable Domains, as well as newer players like UniLogin all understand the potential scope of blockchain domains and their place in this ever-expanding ecosystem.

In the words of Brantley Millegan, ‘our clientele is the entire world.’

Featured Image via Shutterstock

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.


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Source: https://www.coinbureau.com/education/blockchain-domains/

Blockchain

ATOM Technical Analysis: Bulls Drive Price Above the Rising Channel

ATOM technical analysis

Rate this post The strong uptrend of the ATOM coin has given a bullish breakout of the parallel channel. Some in the cryptocurrency industry are concerned about the high degree of fragmentation that is evident in blockchain networks. There are hundreds of blockchain networks. However, only a handful can communicate with each other. Cosmos seeks to reverse this situation by making communication possible. Cosmos has been described as “Blockchain 3.00”, and it is a goal to make it simple to use. It is a software development platform that emphasizes modularity. This allows the creation of a network with code fragments that already exist. As a long-term goal, complex applications will become easier to construct. Scalability is another priority. That means transactions can be processed faster than with older blockchains such as Bitcoin and Ethereum. Blockchains must be able to handle the demands of payment processing companies, websites, and other users if they want to achieve widespread adoption. Past Performance of ATOM ATOM coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend.  On September 06, 2021, ATOM opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%.  Source – Tradingview ATOM Technical Analysis ATOM coin price is trading at $37.52 at the time writing with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure. Source – Tradingview The strong uptrend of ATOM cryptocurrency has given a bullish breakout of the parallel channel. Furthermore, the recently made lower price rejection near the $30 mark indicates a successful retest. Thus, the breakout of the $40 level may catalyze the bullish rally and help reach the $60 mark.   As per the pivot points, the ATOM coin price may find resistance near $50 and $60. And the support levels are at $35 and $30. The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall. Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly.  Furthermore, the ATOM coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout. Day-Ahead and Tomorrow ATOM token price grows in an uptrend by breaking above the parallel channel. The possible breakout of the $40 level serves as an excellent entry spot upon retest with minimum risk.

The post ATOM Technical Analysis: Bulls Drive Price Above the Rising Channel appeared first on Cryptoknowmics-Crypto News and Media Platform.

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The strong uptrend of the ATOM coin has given a bullish breakout of the parallel channel.

Some in the cryptocurrency industry are concerned about the high degree of fragmentation that is evident in blockchain networks. There are hundreds of blockchain networks. However, only a handful can communicate with each other. Cosmos seeks to reverse this situation by making communication possible.

Cosmos has been described as “Blockchain 3.00”, and it is a goal to make it simple to use. It is a software development platform that emphasizes modularity. This allows the creation of a network with code fragments that already exist. As a long-term goal, complex applications will become easier to construct.

Scalability is another priority. That means transactions can be processed faster than with older blockchains such as Bitcoin and Ethereum. Blockchains must be able to handle the demands of payment processing companies, websites, and other users if they want to achieve widespread adoption.

Past Performance of ATOM

ATOM coin price faces a short-term retracement in spite of this, the bullish rally represents an uptrend. 

On September 06, 2021, ATOM opened at $25.75. On September 12, 2021, LINK closed at $34.91. Thus, in the past week, the LINK price has increased by approximately 35.65%. 

ATOM Technical Analysis

ATOM coin price is trading at $37.52 at the time writing with a rise of 15.65% in the past 24 hours. The overpowered uptrend has broken out of the rising parallel channel thanks to the tremendous rise in buying pressure.

The strong uptrend of ATOM cryptocurrency has given a bullish breakout of the parallel channel. Furthermore, the recently made lower price rejection near the $30 mark indicates a successful retest. Thus, the breakout of the $40 level may catalyze the bullish rally and help reach the $60 mark.  

As per the pivot points, the ATOM coin price may find resistance near $50 and $60.

And the support levels are at $35 and $30.

The exponential moving averages of 50, 100, and 200-days rise higher in the bullish formation. They may act as support levels in case of an unexpected downfall.

Currently, the RSI indicator is residing at 72% as it falls resulting in a bullish divergence pattern. The divergence forecasts a dip shortly. 

Furthermore, the ATOM coin price is moving above the bullish cloud of the Super Trend projecting an uptrend in motion. The uptrend grows stronger as the price retests the bullish breakout.

Day-Ahead and Tomorrow

ATOM token price grows in an uptrend by breaking above the parallel channel. The possible breakout of the $40 level serves as an excellent entry spot upon retest with minimum risk.

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Source: https://www.cryptoknowmics.com/news/atom-technical-analysis-bulls-drive-price-above-the-rising-channel/

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Blockchain

TIME100: Why Ethereum’s Vitalik Buterin Deserves The Spot

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TIME100: Why Ethereum's Vitalik Buterin Deserves The Spot

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The annual ultra-prestigious Time 100 Most Influential List is out featuring everyone from Apple’s Tim Cook to Tesla’s Elon Musk and the World Trade Organization’s first female boss Ngozi Okonjo-Iweala. The cryptocurrency industry had just one slot and 27-year-old billionaire and Ethereum co-founder, Vitalik Buterin clinched the spot.

Nominated by Reddit’s co-founder, Alexis Ohanian, Vitalik made his debut on the influential list under the innovators’ category for his magnificent strides in the world of blockchain through the creation of Ethereum. Ohanian, who has been an ardent follower of Buterin from the infant stages of his career, was quick to add:

“No other person could have possibly come up with all of the uses of Ethereum, but it did take one person’s idea to get it started. From there a new world has opened up, and given rise to new ways of leveraging blockchain technology — some of which I’ve invested in.” Ohanian said in response to the global strides of Ethereum. “Whether it is start ups like Sorare reinventing fantasy sports or Rainbow users showing off their NFT collections, none of this would’ve existed without Vitalik’s creation.”

Why Buterin? Well, here are the top reasons we think.

A builder of builders

In one of Ohanian’s remarks, he referred to Vitalik as a builder’s builder and it’s not so hard to see. With a solid $400 billion community harboring a plethora of life-changing DeFi’s and pleasure-giving NFTs, the Ethereum blockchain has successfully set the ball rolling for one of the most ingenious use cases for blockchain.

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Beyond payment solutions and cryptocurrencies, newer startups are developing tools that leverage blockchain technology in areas of real estate, supply chain management, voting, user privacy and security, statistics, etc. There are now close to a 3.5 million registered DeFis and over 2000 registered DApps fully operational and domiciled on the Ethereum mainnet.

A hub for all

Bitcoin may have the magic of low transaction fees and more popularity but Ethereum has the record for the largest number of innovative developers on a single platform. There are over 40 million unique addresses with over 250,000 developers working out close to half a million daily transactions amounting to approximately $1.5 billion per day in volume. This makes Vitalik’s Ethereum the busiest tree for many birds in the crypto ecosystem. 

Bitcoin’s Satoshi Nakamoto and Cardano’s Charles Hoskinson may have earned premium accolades within the community for bringing up the first crypto and becoming the first to deploy its technology to Africa on a significant scale respectively, but Vitalik’s achievement stands true. It’s been a phenomenal year for the 27-year-old, first stepping into the Forbes billionaire club back in March and now cementing his place as an undeniably global person of influence — and he’s only 27 yet.

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Source: https://zycrypto.com/time100-why-ethereums-vitalik-buterin-deserves-the-spot/

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Ethereum Competitor Announces $230,000,0000 Token Sale After Surging 80% This Week

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An Ethereum competitor has surged nearly 60%, hitting its all-time high this week, even while the majority of other crypto projects have moved sideways on the price charts.

The smart contract platform Avalanche (AVAX) is trading at $65.02 at time of writing, having achieved an all-time high of $68.34 at one point on Thursday, according to CoinGecko.

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The Avalanche Foundation also announced on Thursday that it had completed a $230 million private token sale to a slew of blockchain asset investment firms, crypto hedge funds, angel investors, and family offices, including Polychain Capital and Three Arrows Capital.

The foundation plans to allocate this money into expanding decentralized finance (DeFi), enterprise applications, and other use cases on the Avalanche public blockchain. The sale was completed in June.

According to Avalanche Foundation director Emin Gün Sirer,

“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers.

The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”

Recent research from the early-stage venture capital firm Outlier Ventures indicates that Avalanche has demonstrated explosive growth in terms of developer activity during the past year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Source: https://dailyhodl.com/2021/09/17/ethereum-competitor-announces-2300000000-token-sale-after-surging-80-this-week/

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