Reimagine Web3 Creator Economy with Harmony‘s Brand New Domain System



.1 and .country are Harmony’s latest Web3 domain name initiatives.

The Harmony blockchain introduced a new domain name system to empower the building of Web3 identities and add momentum to the creator economy. The system includes the .1 and .country domains, which inherit the security and privacy of the network. Most importantly, these Web3 domains transfer power back to users and make them their true owners.

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So far, 2023 has been very kind to crypto, as token prizes are moving up. But that’s not the whole story, of course. Apart from token price appreciation, the dapp industry has also witnessed a bolstered user activity, with the Harmony network among the first to record a pickup.

According to DappRadar Harmony Rankings, the network registered growth in user activity across multiple segments between Jan 12 and 18. Tranquil Finance, Defra, and Mars Colony recorded the biggest increase in Unique Active Wallets (UAW) during this period, witnessing a growth of 21.57%, 17.26%, and 21.51%, respectively. 

Entering 2023, Harmony is moving forward with clear targets in mind. Besides continuous protocol development, the network aims to pave the way for adoption by building the groundwork for Web3 identity and creator economy. To achieve this, Harmony introduced .1.country, Web3 domains stored in users’ crypto wallets, which can interact with the blockchain, smart contracts, and of course, dapps.

Why are Web3 domains important? 

In Web2, a domain is a simplified format of the IP string that identifies services provided through the Internet, such as websites, email services, and more. 

Usually, website owners have administrative autonomy and authority over the domain name, but they do not own it. This is because the Web2 ecosystem is controlled by a few tech giants, which are centralized entities.

The rapid evolution of Web 2.0 to Web 3.0 in recent years shows the rigid demand of internet users to own their own web space. And the creation of Web3 domain names adds momentum to realize the self-custody of the internet.

Benefits of Web3 domains

A Web3 domain can be used as the name of a decentralized wallet. This way, users only need to confirm the domain name when making cryptocurrency transactions rather than staring at a cumbersome string of alphanumeric combinations. Such streamlining has a direct benefit in driving cryptocurrency adoption.

Users can also create and host web applications on these domains. But unlike traditional domain names processed by centralized entities, users are the owner of Web3. What’s more, Web3 domains can be registered anonymously, meaning the user’s identity is not tied to their domain name.

Web3 domains stored on the blockchain cannot be tampered with or taken down by anyone and, as a result, are censorship resistant. In addition, they can more effectively combat hackers’ hijacking since decentralization removes a central point of failure.

What is Harmony’s .1.country domain?

Harmony is launching a new domain name system .1.country that will allow creators to grow the digital economy better and rally their fans in the Web3 ecosystem. It’s worth mentioning that users can deploy .1 and .country domains separately. 

A short name like s.1 can be used for wallet addresses, digital collectibles, and social reputation. On the other hand, a domain name like s.country serves as the user’s business website or hosts other content with a wider variety. In essence, s.1 and s.country are the same.

Users will need a specific browser extension to facilitate the redirecting from s.1 to s.1.country. Follow the steps below to install the extension and learn how to claim your own Web3 domain powered by Harmony. 

Domain names in the Harmony ecosystem will be nonfungible tokens (NFT). So users can not only trade Web3 domains openly and transparently, but they can also sell them by auction. 

An affordable way to build your Web3 business

Harmony will provide Web3 creators and business owners with a one-stop service for operating a distributed website at an affordable cost. The offering can be divided into four levels.

  • First, users could pay $10 per year for leasing Internet domains .country, which includes .1 that can be used for naming their wallet addresses and digital collectibles.
     
  • Second, by spending $100 per year, users could enable social profile services for their Web3 domains. This includes vanity URLs, customer emails, growth analytics support, and more.
  • Third, with $1000 spent annually, these Web3 domain owners could host video content on their websites. This service also accepts monthly subscriptions and pay-per-view payments.
  • Fourthly, this subscription will cater to subscribers’ various retail commerce needs at the cost of US$10,000 per year. For example, if subscribers want a loyalty program customized to their community, this can be covered in this package.

The above is Harmony’s initial proposal for its domain name system and how it could be commercialized. The blockchain network believes this innovation will allow users to have a unique, privacy-protected identity in Web3. Beyond that, Harmony hopes its technology will empower users to innovate more unique business models within the Web3 ecosystem.

So in 2023, the blockchain network will focus on improving its .1.country domain name system regarding technology, use cases, and commercialization. To keep up with Harmony’s updates on key milestones, you can follow the links below.

Useful links

Disclaimer — This is a sponsored article. DappRadar does not endorse any content or product on this page. DappRadar aims to provide accurate information, but readers should always do their own research before taking action. Articles by DappRadar can not be considered as investment advice.



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