Blockchain
Web3 Domain Alliance Launches To Protect Users’ Digital Identities
The newly formed member-led alliance will support the development of Web3 domains and work to fight bad actors, cybersquatting and domain collisions in Web3
Lisbon, Portugal–(Newsfile Corp. – November 3, 2022) – Today, the Web3 Domain Alliance was formed – a new coalition that aims to promote the technological advancement and interoperability of Web3 domain registries and improve the experience of Web3 users. The alliance will seek to prevent malicious phishing attacks, bad actors impersonating Web3 “top-level domains” (W3TLDs), cybersquatting and Web3 domain collisions. The member-led group includes leading blockchain and Web3 naming players including Unstoppable Domains (.crypto, .nft, .x, .wallet, .bitcoin, .dao, .888, .zil, and .blockchain), Bonfida (.sol), Tezos Domains (.tez), Polkadot Name System (.dot), Hedera (.hbar), Syscoin (.sys), and klaytn.domains (.klay) that are working together to provide protection for Web3 domain names. This cross-chain coalition includes naming systems across the Polygon, Ethereum, Solana, Tezos, Polkadot, Hedera, and Klayton blockchains.
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While traditional Web2 domain names are organized by the Internet Corporation for Assigned Names and Numbers (ICANN), an American nonprofit organization responsible for coordinating namespace databases, there is no such governing body or alliance in Web3. Web3 domains, such as sandy.nft, nate.hbar or sarah.sol, provide infrastructure that allows people to own their Web3 identity and data on the Internet. With demand for Web3 domains booming, there are still no set industry standards to prevent issues like fraud or naming collisions within Web3. In addition to working alongside stakeholders in the Web3 industry to shape these standards, the Web3 Domain Alliance aims to proactively engage in discussions with ICANN to increase ICANN’s awareness and recognition of W3TLDs.
A Web3 domain is a vital component of a person’s Web3 digital identity. It can be used, among other things, to send and receive cryptocurrency in place of lengthy alphanumeric wallet addresses, providing the holder with an easy-to-read Web3 domain, such as sandy.nft. A Web3 domain can also be used for website hosting, secure email forwarding, and as a single sign-on method for many apps, games, metaverses and more. Web3 domains are minted on the blockchain and stored in a user’s wallet, putting more control in the hands of the owner.
Companies are also recognizing the advantage of using branded W3TLDs, such as “.blockchain” or “.klever,” and the Web3 Domain Alliance pledges to collaborate on ways to not only protect their intellectual property rights, but also to protect users so they can interact confidently with their favorite brands in Web3.
The Web3 Domain Alliance strives to standardize and protect existing and future Web3 domain names and to prevent bad actors from introducing naming collisions, which make it difficult for users to navigate this new technology and trust those they interact with. Among other initiatives, the Web3 Domain Alliance will work towards alignment on the intellectual property rights of all Web3 naming services, and how best to avoid consumer harm.
Members of the Web3 Domain Alliance will work together to promote the development of the Web3 naming industry. They will also pledge to educate consumers, regulators and industry participants on the distinctiveness, technological innovation, and utility of Web3 domains, and advocate for reasonable governance and recognition of Web3 naming services by browsers, tech partners, Web2 companies, and other stakeholders.
“As a member of the Web3 Domain Alliance, we are pledging to help protect people’s Web3 identities, ensuring that Web3 will adhere to the best global standards and practices possible,” said Sandy Carter, SVP and Channel Chief of Unstoppable Domains. “We are still in the dial up phase of Web3 and many are still working to understand the space. The Alliance is essential to supporting the development of our space so people can explore Web3 safely and securely.”
“We believe that an alliance of this nature is important to protecting the domain names of tomorrow. We have a responsibility in this industry to create a safe Web3 environment to ensure widespread adoption. The Web3 Domain Alliance is about safeguarding the integrity of the industry and standing together against malicious activity that may threaten our industry,” said bonfida.sol.
“As part of Web3 Domain Alliance, Tezos Domains will leverage its proven technology and expertise to help coordinate and regulate the rapidly growing Web3 domain space and allow Web3 enthusiasts across the globe to participate in a healthy and fair ecosystem,” added Andrew Paulicek, Founder of Tezos Domains.
“Web3 is based on the principles of decentralization, inclusivity and fairness, so organizations like the Web3 Domain Alliance are of paramount importance if we want to unlock its full potential, while simultaneously ensuring users can enjoy the most seamless, engaging and multichain experience,” explained Ryan Ye, co-founder of PNS (Polkadot Naming Service).
“The need for a Web3 Domain Alliance reflects the importance of community being in everything we do. Providers can and should collaborate to avoid confusion and disarray in domains. This will allow us to have a truly global, inclusive network where users have control over their identities. This can help connect us all,” said Nate Western, Co-Founder and Head of Web3 at pieFi and Hash Name Service (on Hedera).
Apps, games, metaverses and naming systems interested in getting involved with the Web3 Domain Alliance can reach out at [email protected] or visit web3domainalliance.com to learn more.
About Web3 Domain Alliance
Founded in 2022, the Web3 Domain Alliance is a member-led, member-driven organization dedicated to improving the technological and public policy environments for users of Web3 naming services. It exists to promote the development of the Web3 naming industry and the functioning of Web3 domain registries with and across blockchain-based and traditional web applications. The Web3 Domain Alliance is also dedicated to the technological advancement and interoperability of Web3 domain registries.
Contact
Nora Chan
Web3 Domain Alliance
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142928
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Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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