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).
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.
Web3 Domain Alliance
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142928