Introducing the Price Lock trading bot
How to onboard users to the decentralized web — Unstoppable Domains and OKX AMA
Here are some highlights from Unstoppable Domain’s Ask Me Anything session on Telegram — OKX Community AMA Series
On April 15, Unstoppable Domains‘ marketing coordinator, Magomet Tsanajev, joined a live Ask Me Anything session on OKX’s Official Telegram channel, where he answered questions posted by users.
Here are some of the highlights from the AMA with OKX’s new partner.
Thank you for joining us today — we are happy to have you here for our AMA this evening! Please tell us a bit about yourself and Unstoppable Domains.
Magomet Tsanajev: So, a little about myself.
I’m Mago from Unstoppable Domains. I’ve been in crypto/blockchain for several years and with Unstoppable for almost two years now. I started as a community manager and moved on to the marketing team. I think we were only eight team members when I joined — now we’re almost 50!
Now, a little about Unstoppable Domains.
Unstoppable Domains is a San Francisco-based company building domains on blockchains. Blockchain domains allow you to replace all your cryptocurrency addresses with a human-readable name and launch decentralized websites. The domain is stored in your wallet, just like a cryptocurrency. No one can move it around or make updates other than you!
To date, more than 30,000 websites have been launched on the decentralized web, and Unstoppable Domains has registered over 600,000 domains.
How are blockchain domains different from the regular ones?
Magomet Tsanajev: Custody. You store the domain in your cryptocurrency wallet. This means only you can move it around or make updates to it. Domains are assets on the blockchain — or NFTs — and can be easily transferred. This is why you can use domains to build decentralized websites.
Traditional domains like .com are on centralized servers controlled by ICANN.
Do blockchain domains have renewal fees?
Magomet Tsanajev: No renewal fees. We are the only domain registry that doesn’t have any renewal fees because we want to reduce the chances that someone loses control of their domain name.
You buy a domain once and own it for life.
How does the website part work, and do all browsers support crypto domains?
Magomet Tsanajev: Opera Browser supports domains on Android natively, and more browsers are adding support soon. In the meantime, you can access .crypto websites on all browsers by making a small tweak to your browser.
What’s happening is that browsers are reading from the blockchain when they see a .crypto domain, instead of reading off of DNS servers. So, both systems exist simultaneously. The browser just reads from different sources depending on the registry.
You sign a message with your private key and write an IPFS hash to the Ethereum blockchain. Then, browsers look up the domain on the blockchain, find the hash, and show the content that was stored on that network.
How are you different from failed projects, such as Namecoin, or current competitors like Handshake and ENS?
Magomet Tsanajev: Namecoin wasn’t using a smart contract blockchain. We needed Ethereum, Zilliqa and others before this tech was really possible.
Technologically, we use smart contract blockchains. This is also quite different from Handshake. What we’ve found, in general, is that apps, such as browsers and wallets, have already integrated Ethereum but don’t want to integrate more blockchains.
Regarding ENS, we are technically similar, but we don’t have renewal fees. We’re also spending more time building features — web builders, chat, etc. We want there to be lots of stuff you can do with your domains.
How does Unstoppable Domains tackle domain squatting?
Magomet Tsanajev: We are running a process similar to what traditional TLDs do, which is called a Sunrise Period.
Brand owners get the first rights to claim their brand domains. It’s necessary for browsers to support a blockchain domain registry, and it also prevents the potential of phishing attacks in the future.
This is also where other blockchain domain registries struggle the most. It’s a very important process to ensure domain adoption.
The goal of a registry should be to get as many people using it as possible. This is why it’s important to onboard brands so that they embrace and adopt blockchain domains.
What wallets work with Unstoppable Domains?
Magomet Tsanajev: This is an important one because that’s the hardest part of running a domain registry — getting integration!
Blockchain domains are currently supported in more than 50 wallets and apps — Coinbase Wallet, Trust Wallet, Atomic, Coinomi, MyEtherWallet, to name a few. And, of course, OKX — if we’re talking about exchanges.
You can find the full list of supported wallets, exchanges and other apps here.
Can I sell my domain? Can you explain how reselling will work?
Magomet: Yes, you can. Blockchain domains are NFTs. You can resell them on marketplaces such as OpenSea or Rarible.
Why did you build Unstoppable Domains? What was your motivation to start this project?
Magomet: It started with the question: “How do we make blockchains easier to use?”
That seemed like the biggest barrier to adoption. We looked at a few ideas and ultimately focused on domain names. It’s what made IP addresses easier to use for the traditional internet. It made sense that this was a missing piece of the blockchain user experience.
As we got deeper, we realized that blockchain domains are the onboarding point to the decentralized web — just like traditional domains for the regular web.
Will every country in the world have a chance to be a part of Unstoppable Domains’ services? How many countries are involved, currently?
Magomet: Yes, that’s the point.
Currently, we’re mostly focused on English-speaking countries and audiences. But the ultimate goal is to onboard every person to the decentralized web.
Kindly explain more about your tokenomics, release schedule, utility — is the token inflationary or deflationary?
Magomet: So, a lot of questions are about tokens and tokenomics — so I’ll just answer one of them to finalize the AMA.
We don’t have a token. It’s unnecessary for blockchain domains to succeed.
Although blockchain domains could be considered tokens since they are NFTs, .crypto is ERC-721 on Ethereum and .zil is on Zilliqa.
This discussion has been edited and condensed for clarity.