Decentralized Domains: Asset Management & Domain Transfer
Asset management didn’t start today. When we were younger, many of us had a prized possession that we held dear to our hearts. It could have been a treasured stuff toy or a lucky charm that we carried with us everywhere we went. This object became an integral part of our identity, a symbol of who we were and what we believed in.
As we grew older, we continued to acquire physical possessions that became associated with our identity. For some, it might be a collection of rare books or antique furniture. Others might fill their wardrobe with designer clothes and accessories. We use these items to reflect our personal style and often take them with us wherever we go.
However, in today’s digital age, ownership of our personal assets and asset management is not always clear-cut. The platforms we use own and control our digital assets, such as online accounts and social media profiles. This means that the information we share and the content we create may not truly belong to us. In the era of Web2, we often lease true ownership of digital assets rather than owning them outright.
False Sense of Ownership in Web2
People often misunderstand the concept of ownership and asset management in Web2. Many people believe that they own digital goods in the same way they own physical items. They assume that they have the freedom to do as they please with these digital assets, including lending, selling, or giving them away. However, this is far from the truth.
Your digital assets on Web2 are rented
There are two reasons why ownership is a myth in Web2. Firstly, when you buy most digital products on the internet, you are actually borrowing them rather than owning them. For example, when you purchase an e-book from Amazon or a movie from the Microsoft Store, you are only buying a license to access that content. The company can revoke this license at any time, and you can permanently lose access to it if they delete your account.
Secondly, even when you create a social media account, you are not the true owner of that account. Instead, you are borrowing the right to use it in exchange for providing the platform with your personal data. This means that the platform has full control over your account, and they can disable or delete it at any time. In some cases, this can lead to the loss of a significant amount of personal data, as well as the loss of years of work and effort.
In Web2, true ownership of digital assets and asset management is a rare occurrence. Instead, users often end up paying for access to these assets by giving up their personal data. This lack of ownership means that digital assets are at the mercy of the platforms, and users have little control over their own data. If you had true ownership, you would have complete control over your digital assets and the ability to access them without fear of them being taken away or lost forever.
Ownership in Web2 is not transferable
In the physical world, you can easily transfer ownership of your car to someone else by signing over the title. They become the new owner, and you no longer have any claim to the car. However, this is not possible with most digital assets in Web2.
For example, if you purchase a video game on Playstore, you cannot sell or give away your copy to someone else. You cannot transfer the game since it is tied to your account. This lack of transferability makes it difficult for people to fully own and control their digital assets.
Web3, on the other hand, enables true ownership of digital assets by allowing for easy transferability. With blockchain technology, digital assets can be securely and easily transferred from one person to another without the need for intermediaries. This means that you can truly own and control your digital assets and have the freedom to transfer them as you wish.
Asset Management & Transfer of Decentralized Domains
The first digital asset is cryptocurrency. Cryptocurrencies like Bitcoin and Ethereum use blockchain technology to create a decentralized network that allows users to store and transfer value without the need for intermediaries like banks.
Crypto and tokens are digital assets that operate on blockchain technology, a distributed ledger that keeps track of each transaction. Cryptocurrencies cannot be counterfeited or double-spent due to their cryptographic security measures, which sets them apart from traditional currencies.
To be specific, a cryptocurrency is the native asset of a particular blockchain network. For instance, Bitcoin, Ethereum, Cardano, and Avalanche are some of the popular blockchain networks, and their native assets are Bitcoin, ETH, ADA, and AVAX, respectively.
The blockchain ledger enables proof of ownership of these digital assets, which can be utilized to participate in various projects such as NFTs, DAOs, and dApps. Many of these projects have their own tokens that you can use to interact with the project, like ApeCoin, which serves as the native token for the Bored Ape Yacht Club NFT project built on Ethereum.
As ApeCoin is an Ethereum-based token, it has multiple uses. Such as serving as a utility in the project’s future ecosystem or being utilized for voting on the project’s direction. Additionally, you can prove ownership of ApeCoin on the Ethereum blockchain and transfer ownership of the token by buying, selling, or gifting it.
Ultimately, Web3 empowers contributors to become owners of the digital assets they use.
Asset Management for NFTs
The second digital asset is non-fungible tokens (NFTs). NFTs are unique digital assets that can represent anything from art and music to in-game items and virtual real estate. With NFTs, creators can prove ownership and authenticity of their creations, and buyers can own unique and valuable digital assets.
Non-fungible tokens, or NFTs, are digital assets recorded on the blockchain. They are unique and cannot be replicated or replaced.
The potential uses for NFTs are vast and varied. They can be used by gamers to own in-game items, by individuals to acquire virtual real estate in a metaverse. And, by fans to support their favorite artists and creators, among other applications.
Imagine if, back in the day, Stan Lee had created NFTs for his Marvel comic books. Fans could have owned the comics from the early days and had proof of ownership. Similarly, if your favorite musician released their work as an NFT, you could own the digital album and demonstrate that you were a fan before the artist went mainstream.
NFTs represent a significant step forward in the evolution of the internet towards Web3, where users create, own, and operate content, enabling true ownership of digital assets.
The third digital asset is decentralized identity (DID). DID is a new way of managing digital identities that allows users to own and control their personal data. With DID, users can create a unique digital identity that they fully own and use it to access various online services without the need for centralized identity providers.
The future of the internet will see users owning digital property. We anticipate a significant increase in the number of digital assets people will own online in the coming decades. Application silos in Web2 prevent the linking of digital assets to digital identities.
Although domains seemed like a potential solution to the problem of digital identity, they too became an example of leased ownership. For instance, VeriSign owns the Top Level Domain .com, and when you purchase a .com domain name, you pay a registrar who in turn pays VeriSign to register your domain. You must then renew and pay for your domain on a yearly basis, making it something you rent rather than own.
However, in Web3, digital property ownership and asset management is possible. Introducing Web3 domains: these are NFTs that serve as your digital name, like Matt.nft, and are unique to you. Blockchain-based identities provide more benefits than traditional domains. They can be utilized to log in to all platforms. They make and receive payments, and prove ownership of your digital assets and data. Web3 domains are stored in your wallet, and you own them. Thus, making them a true example of digital property ownership in the future.
Asset Management using DApps Soul
DApps Soul is an innovative and comprehensive platform for digital identity management in the decentralized ecosystem. Its versatile use cases, including domain trading, web hosting, Web3 integration, and the ability to use DIDs as domains, make it a leading solution in the decentralized identity space. With its cross-chain interoperability, NFT integration, transferrable domains, and future domain name expansion, DApps Soul has the potential to revolutionize the way users interact with dApps and manage their digital identities.
DApps Soul is a decentralized domain name and identity management platform designed to simplify user interactions with dApps while maintaining security and privacy. Built on the Matic Network and utilizing the “.5ire” domain extension, DApps Soul provides users with unique and secure domain names that can function as decentralized identities for their dApps.
DApps Soul’s primary objective is to create a seamless, secure, and user-friendly platform for registering and managing domain names and decentralized identities across all blockchains. It’s interoperability with all blockchains ensures that users can easily manage and interact with their dApps and digital identities, regardless of the blockchain network they are using.
DApps Soul domains are transferrable, allowing users to buy, sell, or transfer their domains and associated NFTs as needed. DIDs configured with DNS details allow users to host websites on their registered domains, further expanding the potential uses of DApps Soul as a comprehensive domain management solution.