Inspired by decentralized naming projects on other blockchains we want to bring you a better and cheaper solution by utilizing native tokens on Cardano. Owning an easy to remember domain NFT (non-fungible token), like hello.ada for example, will allow anyone to send blockchain payments straight to your domain instead of your wallet address. You will be able to later claim these funds to your actual address without having to worry if you typed it correctly. Blockchain domains will also enable you to store personalized data directly on Cardano with the help of other decentralized file storage systems like IPFS. For example you can save you contact information or a personal landing page to be displayed by a browser.
Every domain will be one of a kind and yours forever without any renewal fees. Since we know how many NFT enthusiasts are out there, we will also provide a marketplace where you’ll be able to trade domains with other people.
How we’ll do it
As already mentioned each domain will be represented by a native Cardano token. To ensure that every domain is unique, an on-chain domain registry will keep track of all minted domains. One of our goals is also to keep transaction fees as low as possible. With that in mind we have designed our registry system to be dynamically scalable with increasing number of new domains. These domain tokens will interact with our smart contracts which will provide the user functionality, like sending and claiming payments, modifying stored data, minting subdomains and more.