Polka.Domain — Our Goals

This post was originally published on Polkadomain

Polka.Domain is en route to creating an accessible and user-friendly platform for all crypto holders, enabling you to move assets flawlessly across various networks, driving mainstream adoption while upholding the blockchain security standards. As we move towards the decentralized Web 3.0, we also want to provide solutions to the existing domain name system’s problems and grant end-users the ownership of their own data and resources.

Handshake is building tools to create their blockchain extensions to replace the global DNS root with one governed and distributed by a blockchain system. They are not cryptocurrency agnostic and do not support domain extensions on other chains such as Ethereum and the Zilliqa blockchain.

We, on the other hand, similar to ENS, are building a registry of domains on Polkadot that empowers individuals to claim specific blockchain domains. Unlike Bitcoin and Ethereum, Polkadot allows any data to be sent between any blockchain, in turn allowing for multiple transactions to be processed in parallel under shared security.

As the price of Ethereum keeps hitting multiple record highs lately, registering an unpopular domain (5+ characters uncommon words) on ENS ends up costing a lot ($100 for the first year) and takes a very long time to process. Not to mention that any single administrative change on the domain would cost the user a considerable amount of transaction fees.

We made the $NAME token as an incentive to popularize blockchain domains and keep the cost low for users to register and manage their domains and assets, making the process user-friendly, inexpensive, and time-efficient.

Moreover, decentralized domains are represented as tokenized assets in the form of Non-Fungible Tokens. They are unique, not interchangeable, collectible, and tradable. We are further enhancing our user’s experience by building a decentralized one-step domain exchange and auction platform.

Polka.Domain is currently in development with generous support. Stay tuned for more updates!

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