Cryptocurrencies came first, followed by Non-Fungible Tokens, or NFTs. A "Web3 domain" is a new sort of NFT that is currently evolving.
Web3 domains are, in an essence a complete tokenized infrastructure that allows different data forms to be held under one asset, owned by an individual or a company.
This further offers new possibilities that completely transform how people interact in both the metaverse and the real, everyday world. Here are just 6 unique use cases that decentralized domains can offer to users worldwide.
1. Creating a Human Readable Payment Address:
One of the most significant benefits of the Web3 domain is how it transforms traditional blockchain addresses into a human readable one, which is much easier to remember. Thus, bringing decentralized payments in line with what a user is already aware of.
This step plays an important part in getting more people to accept digitally native payments.
2. Building Your Digital Identity:
One notable aspect of Web3 domain is it implements a user-owned, verifiable digital identity, that is identifiable across the entire spectrum of the internet. A decentralized domain could be linked to a user’s personal information, credentials, achievements or more. Since the person entirely controls the domain, they can use this as identification.
With Web3, one can control what others can or cannot see, unlike Web2 domains. For instance, with the emergence of this technology, one could as well offer a lender a cryptographic proof providing that they possess a minimum amount of funds in order to qualify for a loan, without having to expose their net value.
As an alternative, attaching employment and qualification data to a Web3 domain would enable the proof of a person's prior employment, membership in a particular community, or passed specific qualifying exams, all without disclosing their entire history or even their name, if not applicable.
3. Sending Encrypted and Private Emails:
Another benefactory aspect of Web3 domains is how it provides users with efficient ways to send and receive emails privately, or even encrypted emails. It is possible to add an additional layer of security to your Gmail or Outlook accounts by simply linking your Web3 domain to a private email client. New emails are forwarded through the private email client that is connected to your domain and into your personal inbox.
This facilitates the blocking of spam emails, the sending and receiving of encrypted emails, maintaining account privacy. Additionally, only your Web3 domain email will be shown and your personal email will stay hidden, ensuring your privacy.
While email encryption is not a new aspect introduced to users, with a number of services already available, this method does not require trusting a third-party entity or code. Users hold control at all times, while possessing a level of security that many other means may not provide.
4. A Digital Business Card:
While the case is being made for this technology as a private user ID, it could as well be a professional one. The same domain that allows a user to prove their identity personally, can also serve as a business avatar, much like how a business card only divulges the most crucial details.
Potential business partners or employers could get a hold of the basics of what the user has to offer, their relevant work history, or contact information. But only up to a limit, as any further information would only be available if the holder grants permission for the same. Thanks to the built-in veracity, these would be far more trustworthy than any printed physical card.
5. Building a Decentralized Website:
Web3 domain, along with payments and emails, provides users a way to create a website on the decentralized web. These decentralized websites let people have complete ownership and control over their data, as well as giving them an alternative to renting Web2 domains.
This specific use case for decentralized domains could alter the way users engage with the internet, making website visits a lot more secure and transparent experience in near future.
6. Brand Recognition:
Further extending the notion of how Web3 domain provides provable identity and reputation to branding, it could as well be a remarkable step in order to bring celebrity recognition or that of any major business or brand franchises.
Additionally, any business or personality could acquire a domain token linked not just to their history, but presumably to domains of partners, employees, or customers. All of this information would now be linked to their brands in a way that would be easier and clearer to unpack.
Even with all the aforementioned possibilities, there is so much more that developers could offer users in the coming times. One can deduce that the true potential of Web3 domains lies in their veracity, privacy, and user control.
Any kind of data that can be encoded into such assets could be confirmed without being disclosed. This thus has the potential to alter the way that digital and physical interactions are conducted.
Furthermore, personal freedom along with business confidence could be escalated, making the future of commerce much more efficient, all thanks to the adoption of Web3 domains.
