If this application is approved, it is hoped that it will help reduce the gap between Web3 and Web2.
The latest news comes from onon-profit organization, NEAR Foundation. The company responsible for the development of the NEAR protocol, plans to partner with D3 Global, an interoperable domain name company, to submit the applicationtop-level domain (TLD) in the upcoming ICANN application window.
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What Is TLD?
TLD is the highest level in the domain hierarchy at the root level. Some commonly used TLDs include .com, .net, and .org.
Parties wishing to submit an application to ICANN must meet specific requirements, such as having the relevant operational, technical and financial capabilities to ensure the smooth operation of the TLD.
Also read: What is Blockchain 3.0? Blockchain Always More Up to Date
This application fee is non-refundable and totals over $270,000, plus an additional accreditation fee of $1,000 per quarter for successful applicants.
Fred Hsu, co-founder and CEO of D3, stated that the D3 team has years of experience managing TLDs and dealing with application processes.
“We have a highly reputable staff with deep registry-level expertise, process knowledge, and key industry relationships that have enabled us to successfully register and/or manage more than 300 TLDs approved in previous registration rounds.”
"Many of these TLDs have grown to a large scale today including .xyz, .inc, and many more," said Hsu, quoted by Bittime from Blockworks.
If the NEAR Foundation successfully acquires the TLD, they can use the domain for websites, emails, and wallet addresses.
TLDs can also serve as verification credentials across platforms, allowing developers to create decentralized applications (dapps) that can leverage existing internet infrastructure.
Source: SAS Blogs
Illia Polosukhin, co-founder of NEAR Protocol, expressed his excitement at the prospect of working with D3 to acquire top-level domains.
According to him, combining Web3 identity with existing internet infrastructure will help increase the adoption of blockchain technology among conventional internet users.
The NEAR Foundation is not the only one working in the domain field with the goal of connecting Web3 and Web2.
Previously, Ethereum Name Service (ENS), a domain naming service for the Ethereum blockchain, has collaborated with GoDaddy, a leading domain registration provider, to provide integration between users' crypto wallets and traditional domain names.
Thus, users can easily link their wallet address with a domain name that is easy to remember.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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