Blockchain domains: what are they and how do they work?

Blockchain domains allow you to freely receive any cryptocurrency, as well as regular andnon-fungible tokens, since most of the services provided in this industry comply with the ERC-721 standard used in the issuance of NFT.

There are two main tasks that domains will solve - human-readable names for sending cryptocurrencies and domain names of sites that cannot be taken away from the owner. Let's sort them out in order.

First task— if I want to receive cryptocurrency from someone,I have to share my crypto wallet address. To do this, I need to copy it and somehow forward it. In this process, it is quite possible to make a mistake, and then the translation will go nowhere, without the possibility of returning it. You may have experienced that when transferring large amounts, you had to do a small “check” transaction.

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Having a blockchain domain, I can report it byphone, for example. And for a person who wants to transfer funds, it will be enough to enter it in the wallet and he will see my profile with a list of wallets and social networks. And after making sure that I am really me, I will be able to transfer funds without unnecessary fears.

Second taskassociated with blocking and censorshipInternet. Now the registrar has the right to revoke your domain by decision (or without a court decision). In the world of the future, only you can be the unanimous owner of the domain.

At the moment, the evolution of cryptocurrencyindustry has found a more sophisticated expression in the form of blockchain domains in an effort to improve the functionality of the decentralized network. It is an innovative kind of domain that thrives on the technological uniqueness of a specialized form of decentralized ledger technology.

Various blockchain networks enable implementationfunctional blockchain domains, for which a special solution is the RIF Name Service (RNS), developed by the RSK Infrastructure Framework. This innovation has many use cases, and the most significant one is to make it easier to use cryptocurrency addresses for digital coins or tokens, as it helps to engage the uninitiated audience in the world of technological innovation.

Blockchain domains replace complex wallet addressesa simplified and customizable naming system that makes them more user-friendly. One of the main goals of RNS, as well as other similar service providers, is to stimulate the mass adoption of cryptocurrencies by providing an architecture that allows blockchain keys to be identified by their human-readable names.

Despite the fact that the desire for massadoption through a simplified user interface remains the primary goal of blockchain domains, and there are other groundbreaking uses for these innovations.

It's worth noting that such domain names are usefulnot only when simplifying cryptographic blockchain addresses. They can also be used to launch censorship-resistant decentralized sites. With the help of the domain names you create, you can register your profile data, create a project record type and use other privacy features inherent in WEB 3.0.

Domain name features let you slip awayfrom the field of vision of the centralized authorities that control the Internet, and generally contribute to the implementation of the original concept of blockchain-based payments, the main goal of which is decentralization.

Blockchain domains have interoperability with all major blockchains - Bitcoin (BTC), Litecoin (LTC) and many others.

Buying a domain name typically costs less than a dollar, which is far less than traditional offerings promoted by similar Web2.0 providers.

The blockchain domain ecosystem works with wallets like MyEtherWallet (MEW), My Crypto, RIF on Chain, etc. In addition, domains are presented in the form of NFTs, which expands their functionality.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

#	Exchange:	Website:	Rating:
1	Binance (Editor's Choice)	https://binance.com	9.7
2	Bybit	https://bybit.com	7.5
3	OKEx	https://okex.com	7.1
4	Exmo	https://exmo.me	6.9
5	Huobi	https://huobi.com	6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

• Work reliability&#8212; stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
• Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
• Feedback and support– we analyze user reviews and the quality of technical support.
• Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
• Platform Features– availability of additional features &#8212; futures, options, staking, etc.
• final grade– the average number of points for all indicators determines the place in the ranking.

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