The story
The value of a domain name has been well established, and the question remains: how can the centralized experience of domain name markets, such as Godaddy, be adapted to the decentralized world of blockchain technology? The task of restructuring the domain name system to accommodate blockchain use cases is a significant challenge for designers, and requires a comprehensive solution to attract and onboard more users to the blockchain ecosystem.
In 2017, the rise of blockchain technology sparked interest in its anonymity and secure transaction capabilities. However, the complexity of its encryption technology, known as Hash, made it difficult to remember. This led to a common and critical issue in which users would frequently type in the incorrect wallet address, resulting in the loss of their crypto assets. In an effort to address this challenge, Ethereum introduced the Naming Service in 2017 as a solution to improve the user experience.
research
The Blockchain domain name could help users to achieve lots of things.
Most of the use cases for blockchain users are the following two scenarios:
Convenient Wallet Address Management
Blockchain technology has gained significant attention in recent years, and one of its key features is the anonymity and security of transactions.
However, one common and critical issue faced by users is the potential for human error when sending assets, often caused by the complex and forgettable encryption codes used as wallet addresses. The solution to this problem is the implementation of a blockchain domain name system, which can turn a wallet address into a memorable domain name, such as converting 0xAA5c4244F05c92781C4F259913319d8ba1aCF05E to thierryz.eth, thus reducing the likelihood of errors.
Enhanced Accessibility to Decentralized Content
The decentralized web has numerous potential use cases, including the hosting of sensitive content that may be censored by governments. The decentralized storage system, IPFS, provides a secure means of storing this content. However, the IPFS hash codes used to access this content are not easily memorized and often require a browser plugin or decentralized web browser to access.
The Blockchain Name Service can help resolve this issue by providing a more user-friendly method of accessing decentralized content, making it more accessible to a wider audience.
I conducted a research on various centralized and decentralized
domain name services as references.
The following are some of the notable services that I encountered:
GoDaddy
The most popular and active centralized domain name trading platform.Name Bazzar
A domain name market platform that belongs to District0x. It offers a user-friendly experience for trading Ethereum domain names.
MyEtherWallet
An open-source Ethereum interface where users can create their own wallet, bid on Ethereum domain names, and interact with smart contracts.
Ethereum Name Service
The official Ethereum domain name manager, providing an easy and streamlined way for users to register and manage their own Ethereum domain names.
Etherscan
A blockchain explorer that allows for the tracking of all transactions that occur within the Ethereum network. It also features a Whois function for blockchain domain names, allowing for the monitoring of bidding status and ownership information during the Vickrey auction-based Ethereum domain name bidding process.
Portal Network is dedicated to enhancing the use of blockchain technology through providing a broad range of services. Our main objective is to streamline communication and encourage development in the blockchain community.
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2018/05 - 2019/01
CLIENT OVERVIEW
CLIENT
DATE
role
Design References
Domain Manager
Godaddy DNS Management
Namebazzar Domain Marketplace
MyEtherWallet ENS Domain Register
the challenge
Issues of Trust in the Platform-User Relationship
How can users trade domain names and obtain a refund in case of loss in an auction?
How can users monitor the auction process and receive notification upon winning?
What measures are in place to confirm the ownership of a domain name by the winning bidder?
How can the authenticity of transactions be verified within the blockchain network?
How can the transaction records be easily accessible and user-friendly?
Management of Domain Name Assets
How can users associate their wallet address or decentralized web with their own domain name?
Is it possible to set subdomains, as in centralized services? What do subdomains serve to achieve?
What options are available if a domain name has reached its expiration date?
How can users trade their own domain names within the platform to make it a domain name marketplace?
How can users view and manage their domain names?
Business Requirements
How can the platform implement a system for collecting annual renewal fees from renting out
domain names to users?What strategies can be employed to encourage existing blockchain users to purchase domain names?
How can the platform be designed for cross-platform compatibility to attract more users?
SOLUTIONS
Solution
Platform-Managed Cryptocurrency Wallet Addresses for Domain Name Trading
Solution
Streamline Blockchain Domain Name Management with
a User-Friendly Domain Manager
Solution
Build an Offering Manager to Facilitate Domain Name Trading
Facilitating Domain Name Purchases and Trades within the Platform
Upon registering for an account on the platform, users are assigned a new wallet address that is tied to a specific cryptocurrency protocol. This wallet address allows users to deposit different cryptocurrencies to purchase or bid on a domain name within the platform.
While the domain name is still owned by the platform, users are able to generate a new wallet address that is linked to their domain name. However, the private key is stored by the platform to enable users to trade domain names within the platform's marketplace without having to transfer ownership.
Collecting Annual Renewal Fees from Users
Since the platform retains ownership of the domain names, a subscription plan can be implemented for each domain name to collect annual renewal fees from users.
Making Domain Information Accessible and Easy to Manage
With the introduction of a Domain Manager, users are now able to view their Ethereum Name Service (ENS) information on the blockchain network with ease.
The hosting feature of the Domain Manager allows users to easily bind their wallet address, set subdomains, or connect their domain to a decentralized website, providing a user experience akin to popular centralized domain name services like GoDaddy.
Centralizing Domain Management for Convenience
Not only does the Domain Manager simplify the process of managing individual domains, but it also enables users to manage all their registered domains from different protocols in a single place.
All actions performed through the Domain Manager are written back to the blockchain network, and users can easily view transaction details on a blockchain explorer. With the Domain Manager, users can efficiently manage their blockchain domain names without the hassle of navigating complex smart contracts.
Empowering Users to Sell their Own Domain Names
The domain name industry has experienced significant growth and has become a valuable asset. With the Offering Manager, users can now sell their own domain names, including those purchased from other platforms, with ease.
This tool enables users to open a bidding process by setting a starting price, minimum bid increase price, and other customizable options. With the ability to monitor the bidding status, users can manage their domain name sales effortlessly. The Offering Manager aims to expand the domain name market and increase opportunities for domain name ownership, even with a starting price as low as 0.01 ETH.
The Domain you want to offer
Starting Price
market.eth
507
ETH
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