As we speak, the crypto industry is facing intense regulatory scrutiny from various countries, including the "Crypto tax reporting" on the $1 trillion infrastructure bill, the removal of security tokens on Uniswap's front end, and the China crypto ban.
Regardless of whether the regulators are progressive or heavy-handed, the authorities may soon impose censorship on the crypto industry to protect against the "shadowy super coder" threats. In my personal opinion, the regulators should expand their circle of competence and embrace the new technology's potential.
The beautiful thing about blockchain is its inherent characteristics of being decentralized and immutable, making it censorship-resistant.
It is about exercising our right to control our own data, and with blockchain technology, we can.
We are now entering a new revolution of how we use the internet by re-architecting its infrastructure. There are already several web 3.0 infrastructure protocols that are working to power the self-sovereign internet, enabling users to own their own data, such as IPFS, Arweave (AR), Filecoin (FIL), and many more.
According to Ethereum org, Web 3.0 (also known as Web3) “...refers to decentralized apps that run on the blockchain. These are apps that allow anyone to participate without monetizing their personal data.”
Kyle Samani from Multicoin has perfectly captured the current state of Web3 ecosystem via his Web3 stack below:
(click to enlarge it)
Source: Multicoin
The purpose of this article is to introduce decentralized Domain Name System (DNS) protocols - the gateway to web3.
The current four popular decentralized DNS protocols are:
- Ethereum Naming System (ENS)
- Handshake (HNS)
- Unstoppable Domain (UD)
- Y.at. (Yat)
