Use Case of Blockchain in the World of Web

Introduction

Since the dawn of Bitcoin and smart contracting through Ethereum, the popularity of blockchain has skyrocketed in recent years. Even though blockchain began as a technology that powered cryptocurrencies, it is now being utilised for many other purposes by many other industries.

The World Wide Web: Present, Past and Future

As we all know, the World Wide Web is a game-changing technology that has revolutionised the way we access and interact with information all over the world at the tips of our fingers. As of now, we have millions of websites and trillions of web searches around the globe, which has helped in the development of various online businesses, helped many people achieve fame, and helped in establishing the digital identity of various people and brands.

Despite being a powerful technology capable of initiating positive change, there are still some flaws within the existing web industry, called Web2 industry. One of these issues is the high costs involved. Web hosting these days is not as cheap as it used to be. Upcoming bloggers, influencers, and journalists who want to host their own website must pay hundreds of dollars every month for high-speed servers, website development packages and subscriptions. The second major flaw is the website hosts themselves. 

At times, server hosts comply with high-level organizations such as governments of various countries and big technology brands, which enables them to take down a website or ban website content, forcing people out of their digital existence in this modern web world. This is a major threat, especially for journalism/whistleblowing websites, who need to bring cases to light or expose corruption. Digital identity is something a user must own, and it should not be taken away from them.

Web 3 and Blockchain

You might be wondering – Is there an alternative to Web 2? What can be done to overcome these flaws and help people protect their digital identity?

This is where blockchain comes into the bigger picture of web development. Web3, also known as the blockchain-based web ecosystem, is currently in the early stages of development - just like our traditional web world back in 1994. Web3 development consists of 2 major solutions that would revolutionise the modern web system, which includes decentralised website hosting and blockchain domains. 

Blockchain domains are just like our traditional domains, which are used for the development of websites, but these domains live inside Blockchain, unlike traditional domains. Traditional domains are controlled by centralized systems such as the Internet Corporation for Assigned Names and Numbers (ICANN). These domains can be controlled by domain providers at the instruction of big technology companies or governments. This is because instead of ownership, domains are being rented out to customers on a regular basis. 

On the other hand, blockchain domains are decentralized and owned by people. This means that big technology companies and government organisations cannot arbitrarily shut down these domains, making them immutable. 

Apart from using the blockchain domains for website development, they can also be used as a payment gateway for sending and receiving cryptocurrencies. This will depend on the blockchain domain issuer and their partnerships with different cryptocurrency wallet companies and exchanges. 

Blockchain domains can also be sold as Non-Fungible Tokens (NFT) on various marketplaces, such as OpenSea and Rarible. Therefore, not only could you use your blockchain domains for payments and website developments, but you could also buy and sell domains for profit just like a traditional domain.

The Flip Side

Despite having so many good reasons to use blockchain domains, there are some disadvantages to using them. 

Firstly, since blockchain domains are not centralized or controlled by ICANN, you wouldn’t be able to use a traditional browser to search for websites hosted under blockchain domains. You will need a Web3 extension on your traditional browser (just like Metamask for payments) or you must download a Web3 friendly browser such as Opera or Brave browser to view these websites. However, companies like Pinata Clouds are providing gateways for blockchain domains, through which you will be able to view website content on traditional browsers. 

Secondly, it can be quite difficult to purchase domains that you like. For instance, if someone pre-buys a domain that you wanted to buy, the only way to get it back is by paying the holder of that particular domain, which could get expensive. This is unlike the traditional domain system, where you could wait until their domains expire and get the opportunity to at least have access to it, if the holder doesn’t pay for the domain on time.

The Future of Blockchain-powered Web Browsing 

Blockchain domains are still in the early stages of development. There is tremendous potential for these kinds of domains in the future. Platforms such as Google have started services where they host blockchain nodes and help people access Google clouds using cryptocurrencies. This indicates that some way down the line, blockchain domains will have the opportunity to partner with ICANN if necessary to make the domains visible on traditional DNS. 

There may be technologies developed that enable the searchability of blockchain domains without the need for ICANN. As of now, websites can be built on top of blockchain domains using IPFS, a decentralized platform that hosts your website on the blockchain without the need to pay hosting fees.

As a normal user, you could check out Ethereum name services, which is the most popular blockchain domain service provider and is officially supported by Metamask and is suggested by Ethereum Foundation. There are other web3 domain providers as well such as Unstoppable Domains – Multichain, which Supports both Ethereum and Polygon Chain, Solana Name Services – completely based on Solana and is supported by Magic Eden – which is the official NFT Marketplace for Solana just like Open Sea, Freename – this is a platform where you could actually buy TLD, for example just like .com, you could buy your own . (random word) and when a user wants to buy a domain from your TLD, they will be charged and then you get paid for it. There are a lot of options out there which you could try and see what works best for you.

Thank you for reading my article, Hope I have given you back something valuable worth your time. Blockchain Technology these days are being slowly implemented by major brands across the world, To know more about the fundamentals and how this technology would disrupt industry, Check out the PG Diploma in Blockchain Technology to learn more.