Domain Name Boom in Cryptocurrencies and Blockchain

A brief history of domain names

– The domain name is a part of the URL which can be said to be the address of the homepage on the Internet. The words before “.com” are an important part of the branding strategy, and the names can be acquired to be associated with the company, product or service. Acquiring a paid domain enables to continue to use the same URL (domain name), and using “Related keyword acquisition tool” is advantageous for search engine optimization (SEO).

-On the 15 March 1985, the very first domain name – symbolics.com was registered by a computer manufacturing company in Massachusetts – Symbolics Inc. Since that time, the domain name marketplace has grown rapidly. Nowadays, domain names that are in high demand may be sold for million dollars.

-In 2017, with the growth of crypto market, and the boom of crypto-related recruitment, a new breed of blockchain and cryptocurrencies domain names are being born. It can be said that high performance blockchain and cryptocurrency domain names can also be assets in reality.

Blockchain and cryptocurrencies related domain name may worth a fortune

Cryptocurrency related domain name auction “Ethereum Name Service”

-In 2017, the campaign known as “Ethereum Name Service” or ENS which Auctions off
decentralized domain names, is worth one million dollars.

What exactly is ENS

ENS is a service that provides easy-to-read Ether addresses for the general public, and it is one of the important steps for people to use cryptocurrencies. Since the addresses of cryptocurrencies such as Ether are very long, beginners are often confused. If users manually input the address, there is a possibility that Ether transferring to an address without ownership by mistake. By the way, normal Ether addresses are 42 digits long. ENS can enable anyone to create an easy-to-use address and can easily identify a difficult address.

ENS domains as an asset

Since many Ethernet names are being purchased at the ENS auction, owners of the “.eth” names need an efficient tool to transfer the acquired “.eth” address ownership to a third party.

-As some Ethereum names are very valuable, an escrow service for transfer of title to these names has been important, but no such service has existed. Buyers and sellers seeking to transfer ownership have been required to rely on trust, custom smart contracts, or legal contracts provided by attorneys.

-In the six months since ENS started, an astronomical amount of “.eth” names were auctioned. Some more expensive “.eth” names including exchange.eth was auctioned for 6,660 ETH ($609,000), foundation.eth was claimed for 300 ETH ($27,000), and weather.eth went for 101 ETH ($9,000).

(According to ethereum.com)

-Not only single domain names are being put up for sale, over 500 high performance Blockchain related domain names are also grouped for sale. For the first time, the portfolio is being put on the market with the price of $6,000,000 USD.

Amazon, additional three domain names registration related to cryptocurrency

-As reported by Domain Name Wire, Amazon has purchased three cryptocurrency related domain names. These are
Amazonethereum.com
Amazoncryptocurrency.com
Amazoncryptocurrencies.com

-For the movement, there are still some rumors that Amazon is ready to start accepting cryptocurrencies as a payment method when the demand is high enough or it may just be an action to protect their Amazon brand, etc.

-Also, last October, an unfounded rumor about Amazon’s acceptance of bitcoin drove up bitcoin’s rapid rise in value.

-The first Ethereum Name Service, Name Bazaar launched

-In this boom, Name Bazaar, the first Ehereum domain trading market launched. This platform also facilitates the transfer of ownership of. Eth addresses, and provides a lot of legitimacy and reliability for trading by the underlying trustless smart contract.

Conclusion

In 2017 everything related to the blockchain and the crypto-market, including domain name trading like the case of Ethereum and Amazon, are hotter than ever, and the same “domain name boom” as the Internet boom in the early 2000s.

Adapting to the trend of the era surrounding the FinTech industry, Wrapious provides the SNS platform with innovative blockchain technology, including trustless communication and multilayer tailored to demand. In the not too distant future, Wrappy will simultaneously realize the use of SNS service and cryptocurrency Proteusion, it will become part of our daily life.

Reference sites:

http://www.dnjournal.com/archive/lowdown/2017/dailyposts/20171023.html
https://www.coindesk.com/10-million-ethereum-com-domain-name-up-for-sale/
http://fortune.com/2017/11/02/amazon-cryptocurrency-domain-name-registration/
https://www.cnbc.com/2017/11/01/amazon-buys-crypto-domains-bitcoin-ethereum.html
https://domainnamewire.com/2017/11/01/amazon-coin-amazon-com-registers-cryptocurrency-domain-names/
https://api.cointelegraph.com/amp/v1/en/news/speculators-jump-on-new-gold-rush-called-ethereum-name-service
https://themerkle.com/name-bazaar-is-a-p2p-marketplace-for-ens-