The HBAR Foundation is glad to support Web23, a secure DNS platform that allows users to purchase and tokenize domain names on Hedera, for the launch of their Smart Domain Service on the Hedera Network. The launch will make it easier for users to buy, sell, and manage domain names.
The HBAR Foundation’s support of Web23 will bring .hbar domain names live with a Chrome extension Beta application release in August 2022. Web23’s Smart Domain Service and DNS platform offers accessibility, utility & security to both traditional Web2 ICANN domains and tokenized Web3 domains on the Hedera network.
How do Smart Domain Names Work?
A traditional domain name tells a browser where to go, whereas a smart domain tells it what to do. When you mint a smart domain, the DNS address intersects with the intelligence of tokenization and decentralized ledgers to instruct the NFT. Similar to smart contracts on the blockchain, smart domains are minted to the L1 native layer on Hedera and inform the DNS to point to the assigned assets and execute specific tokenized transactions when the address is typed into a web browser.
Once a user’s wallet is connected, the Chrome extension delivers backend APIs and smart contracts to the assigned dApps, SDK, domain name, and wallet ID to perform any tokenized transaction. The application will map your wallet address to your .hbar domain and direct it where to go and what to do. Users could choose to link their smart domain to a metaverse, an NFT, or perhaps use it for sending/receiving HBAR. Everything will be managed and connected in the Web23 dashboard for you to control.
Web23 aims to bridge the gap between Web2 and Web3. Through the HBAR Foundation’s assistance, Web23 plans to accelerate the product development and foster community outreach to transform the way domains work with their groundbreaking DNS to the DLT platform. The HBAR Foundation is focused on funding and supporting interoperable solutions on the Hedera Network. Web23’s launch of Tokenized DNS Service on Hedera will bring more users to the Hedera ecosystem.
The HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.
Web23 is a secure, interoperable DNS platform that allows users to tokenize domain names on Hedera Hashgraph; bringing utility and accessibility to both Web2 and Web3 domains. Their breakthrough smart domain service makes it easy to buy, sell and manage domain names, with the added function of encoding tokenized metadata. Web23 plans to release its proprietary account privacy & security features, social verification tools, and tokenized coupon integrations through its platform down the road.