October 21st Announcement
Unstoppable Domains are due to make an announcement about improving scalability and covering the gas fees associated when creating unstoppable domains. By the sounds of it L2 will be an additional layer that doesn’t require processing on the Ethereum network. This is expected as any interaction with Eth requires gas money and it will be interesting to see how UD creates a layer that allows for the resolving of crypto addresses to a single domain without incurring gas fees.
Security & Decentralization
The crypto community requires a high level of cryptographic security and decentralization away from a single point of failure, Unstoppable Domains will have to find an equillibrium between facilitating decentralization without making people dependent on their services or existence. So much of the modern world is to make people dependent on their services, whether for communication or access to offers, banks hand out credit like it’s not monetary opium. It would be good to see UD promote an open source society with security in transaparency.
It is now possible to receive 275 different crypto currencies to one Unstoppable Domain, this is now supported by over 30 different wallets, this means that combined with the Ethereum network people can have have a username.wallet as the way to receive crypto.
It is possible to have your own wallet address that is completely decentralized, currently there is the cost of purchasing the domain from Unstoppable Domains and the Gas fee for linking a Crypto Wallet to the domain name. There are no renewal fees – the blockchain immutability means that once created it’s yours. Currently it costs about $100 to create an L1 domain that is completely decentralized. This is broken down into $40 for the domain from UD and $60 in Gas fees. Gas prices vary.
Web3 is in its infancy and the more people that engage with decentralized technologies the faster it will be adopted. Other projects which complement Unstoppable Domains is the IPFS network and host a website on the Interplanetary File System or Install MetaMask on the Brave web browser both of which allow for adopting Web3 decentralized technologies. Both of which are open source and can be used without cost, it would be great to see a future where people paid for services that add value and also promote digital autonomy.