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New DAO Set To Decentralise The Domain Industry

domaindao - Solpunks DAO
New DAO Set To Decentralise The Domain Industry 4

DomainDAO is behind the plan to register .dao as the first web 3 TLD(Top Level Domain)for DAOs.

Have you ever wondered what in the name of God is a DAO and how it works?

DAO is the acronym for Decentralised Autonomous Organisation, which simply refers to an internet collective owned and managed by its members.

Whether it is buying a rare copy of the US Constitution as was the case of ConstitutionDAO or raising crypto-based funds like AssangeDAO to free political prisoners, a DAO is an entity governed by the people who own it.

DAO - Solpunks DAO
New DAO Set To Decentralise The Domain Industry 5

DomainDAO at a glance

DomainDAO is the product of an ongoing effort to decentralize domain ownership in web 3 and it leverages the ever growing demand for the .dao domain.

The starting point for DomainDAO is the belief that TLDs like .com should be replaced by domains that reflect the naming of web 3 products, especially in the case of a DAO. In other words, it is based on the idea that decentralization is about the people and not private companies.

domaindao3 - Solpunks DAO
(DomainDAO’s roadmap)

Breaking Domain monopoly

According to the 2021 Global Domain Report(InterNetX and Sedo), domain registrations are on the increase around the world with .com TLD leading the industry.

However, there is a dark side of the domain industry that comes in the form of a monopoly by private companies like Ethos Capital which was recently indicted for ‘insider dealing’. The reality of this heavily corrupt and monopolised industry is made more evident by the fact the .com TLD has become the cash cow of a government backed monopoly whose profit is over 60%.

Why .dao TLD matters.

Have you ever wondered what constitutes a domain name and why it is the the last thing you type in your browser’s URL bar!?

The last string of letters succeeding the last dot in a website is the major component of a registered domain name and it yet represent a powerful force in today’s digital world, where building a strong online presence equates to finding the perfect domain name.

In the analogical sense, a domain name(.com) is the address of a website(www.amazon) when it is compared to a house. It can also be described as the land where your website is located on the internet.

It matters not just to businesses operating in the digital realm but also to web 3 builders to care about their domains and where they are hosted in order to gain visibility and a fair advantage in the domain industry.

This is why creating an internet-native organisation to govern something as significant as a domain name in the web 3 space might just be a way to rally the world to a noble cause through blockchain technology.

Conclusion

DomainDAO is set to become a people-owned TLD space for DAOs in the web 3 ecosystem through the public registration of the .dao TLD which is a move to revolutionize the domain industry.

About the author

Avatar of Olayimika Oyebanji

Olayimika Oyebanji

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