Fun

Decentralized naming could bring ‘next billion’ users to Bitcoin

News Feed - 2024-08-23 05:08:46

Ezra Reguerra34 minutes agoDecentralized naming could bring ‘next billion’ users to BitcoinSpaces Protocol founder Mike Carson argues that in light of the recent Squarespace DNS attack, domains should be decentralized and put on the blockchain.257 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAs centralized domain incidents highlight security flaws, an executive argued that decentralized naming on the Bitcoin network would be a better alternative for domain names. 


Mike Carson, the founder of the Bitcoin-based naming project Spaces Protocol, said everyone currently relies on trusted third parties for their usernames and domain names. However, an incident involving decentralized finance (DeFi) protocols relying on Squarespace’s registry system highlighted problems in the current setup. 


On July 11, an attack on the Squarespace DNS registry affected over 100 crypto projects. The vulnerability threatened the DeFi space with phishing attacks, which resulted in funds being lost. 


Carson believes that this highlights a need for decentralized domains and argues that it should be on Bitcoin, the most secure and decentralized blockchain.Domains are digital assets that should be on a blockchain


Carson, who founded the domain name back-ordering service Park.io and co-founded software firm Wizehive, told Cointelegraph that domains should be on a blockchain. After years of working with domain registrars, the executive realized that domains should be decentralized. He explained: “When I owned and managed three ICANN-accredited registrars and worked with various registries and registry operators, I realized that domain names are digital assets and should be managed on a blockchain and not by centralized trusted third parties.”


The executive also compared domain name registrars to banks and Bitcoin (BTC). Carson argued that people should not be forced to rely on a third party to secure their domains. “Why should we have to ask permission to use our money or our names,” he asked. 


Furthermore, Carson also highlighted other incidents of government censorship that highlighted the importance of having decentralized domains. In 2017, the Spanish government raided the offices of DotCat(.cat) domains that promoted Catalan independence. 


The executive also pointed toward the blocking of high-profile social media accounts and said that this also highlights the importance of decentralized usernames and domain names. 


Related:Crypto execs on DeFi domain hacks: Don’t interact with crypto for nowDomain names should be anchored on Bitcoin


Carson, who also previously contributed core code to the Ethereum Name Service (ENS) and Handshake (HNS), argued that the best solution for domains is Bitcoin. He said that this is very important that they feel like it’s inevitable. Carson explained: “Bitcoin is the most secure and decentralized proof-of-work blockchain, by far. It makes sense that decentralized naming should be anchored in the Bitcoin block space.”


The executive said they built the Spaces Protocol on Bitcoin with these in mind. Carson also added that they built the protocol with “cypherpunk” ideals. “There is no separate token, no premine and no foundation. No changes to the Bitcoin protocol are necessary,” he added. 


Carson added that they built Spaces to scale to billions of names while only leaving a small footprint on the Bitcoin block space. He added: “I think decentralized naming can bring the next billion users to Bitcoin. There are hundreds of millions of domain names and social media companies have billions of users.”


The domain professional also argued that if anything is as important as money for society, it is naming. “Blockspace on the Bitcoin blockchain is valuable because it is the most secure and decentralized ledger in existence. The first killer app built to utilize this was Bitcoin as money. The next will be naming.”


Magazine:‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Decentralization# Adoption# ENSAdd reaction

News Feed

SUI Poised For Price Rally? Ascending Channel Suggests Move Toward $2.50
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Sovryn Lists on AscendEX
Sovryn Lists on AscendEX press release PRESS RELEASE. AscendEXis thrilled to announce the listing of the Sovryn token (SOV) under the trading pair USDT/SOVon Sept. 15 at 1 p.m. UTC.
NFTs poised for comeback despite sales drop say execs
Ezra Reguerra1 hour agoNFTs poised for comeback despite sales drop say execsDespite a 45% drop in NFT sales during Q2 2024, Web3 professionals remain optimistic about the future of non-fungible tokens.393 Total viewsList
Key Fractal From 2023 Says Bitcoin Price Is Still Bullish, But A Crash To $90,000 Could Be Coming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Christmas Festivities Unfurl at Bitcoin Games With 60,000 Free Spins Giveaway
Christmas Festivities Unfurl at Bitcoin Games With 60,000 Free Spins Giveaway Merry Christmas! Bitcoin Games celebrates 12 Days of Christmas with the biggest giv
NFT Sales Drop 59% in Second Week of 2023; Ethereum Dominates Top 20 Blockchains with 75% of Sales
NFT Sales Drop 59% in Second Week of 2023; Ethereum Dominates Top 20 Blockchains with 75% of Sales Non-fungible token (NFT) sales have dropped significantly in contrast to the seve
Ethereum Breaks Key Resistance In One Massive Move – Higher High Confirms Momentum
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
World’s largest pension fund explores diversifying into Bitcoin
Helen Partz1 hour agoWorld’s largest pension fund explores diversifying into BitcoinJapan’s Government Pension Investment Fund, the largest pension fund in the world, is willing to learn more about Bitcoin as a poten
Central Bank of Brazil Researches Creation of Digital Real
Central Bank of Brazil Researches Creation of Digital Real Fabio Araujo, a representative of the Central Bank of Brazil, talked about the possible development of a Digital Real at
Ethereum Captures New All-Time Price High — ETH Market Cap Surpasses $510 Billion
Ethereum Captures New All-Time Price High — ETH Market Cap Surpasses $510 Billion Nine days ago, bitcoin reached a new all-time high (ATH) and now the second leading crypto asset
Lazarus Group moves $12M from HTX, HECO hacks to Tornado Cash
Ana Paula Pereira3 hours agoLazarus Group moves $12M from HTX, HECO hacks to Tornado CashDespite U.S. sanctions, North Korea’s Lazarus Group has resumed laundering stolen crypto funds through Tornado Cash.660 Total vie
Technical charts suggest a roaring altseason may be just ahead: Analysts
Martin Young5 hours agoTechnical charts suggest a roaring altseason may be just ahead: AnalystsBitcoin dominance charts moving sideways may be a reversal signal that could kick off altseason, say analysts.7781 Total view