Thread by @krippenreiter

[1/🧵] Ah, #XRPL, the #blockchain of choice for tech-savvy investors looking to make a quick buck in the world of #Web3 domains.

Why bother with @ICANN when you can just get an NFT? Isn't it practically the same?

WRONG! 🧵👇

[2/22] — Outline —
🔸 Fundamentals and Definitions
🔸 #Web2 vs. #Web3
🔸 "Domain" Projects
🔸 @fynbosdev and #ILP
🔸 A Better Approach (#XRPL)
🔸 Standardization

[3/22] — 1⃣ Fundamentals — Domain —

#Domains are #namespaces that are used for coupling #IP-addresses to human-readable names for ease of use.

They are also organized in a hierarchical structure for governance purposes.

[4/22] — 2⃣ Fundamentals — ICANN —

#ICANN, along w/ others, is one of the nonprofit bodies that govern the #internet as we know it.

It regulates the following:

🔸 Allocation of #IPv4 & #IPv6 address space
🔸 Supervision of public domains & DNS
🔸 Protocol identifier assignment

[5/22] — 3⃣ Fundamentals — DNS —

The [D]omain [N]ame [S]ystem may be thought of as the #Internet's directory.

It is a #DNS service that converts domain names to #IP addresses so that browsers may resolve or connect to Internet sites.

[6/22] — 4⃣ Fundamentals — Root Servers —

There are 13 #root name servers run by 12 various entities that handle ~90B queries every week.

These are the all-knowing resorts that any #server or provider may query as a single source of truth for #IP-resolution.

[7/22] — 5⃣ Fundamentals — TLD —

There are known to be the following types:
🔸 infrastructure TLD (#ARPA)
🔸 generic TLD (#gTLD)
🔸 generic-restricted TLD (#grTLD)
🔸 sponsored TLD (#sTLD)
🔸 country code TLD (#ccTLD)
🔸 test TLD (#tTLD)

[8/22] — 6⃣ Fundamentals — Registrar —

A registrar is an #ICANN-accredited organization (such as @uniteddomains) with the capacity to provide #domain name operational licenses to the Registrant (You).

[9/22] — 1⃣ #Web2 vs. #Web3 —

Unfortunately, #Web3 as it now exists is far from flawless and still need a significant amount of basic development.

Web3 is currently the following:
🔸 Reliant on a working underlying networking infrastructure
. . .

[10/22] — 2⃣ #Web2 vs. #Web3 —
. . .
🔸 Incapable of #decentralizing well-known internet governance entities in a #permissionless way
🔸 Not an iteration, but rather an addition to Web2

W/ that stated, the possibility for improvement exists, but be mindful of the rules involved.

[11/22] — 1⃣ "Domain" Projects —

You may now understand why I am so frustrated when discussing #Web3 domains.

Purchasing an NFT is not outlined in any #ICANN-governed procedure that would justify the legal acquisition of a domain in combination w/ a TLD such as .xrp or .eth

[12/22] — 2⃣ "Domain" Projects — @ensdomains

🔸 No #ICANN-accredited registrar
🔸 The root is owned by a 4-of-7 multisig contract
🔸 'foo.eth' & 'FOO.eth' is not the same

This means that just 4 people need to conspire to effectively rugpull the whole .eth #Web3 namespace.

[13/22] — 3⃣ "Domain" Projects — @xrpdomain

🔸 E.g., 'Krip.xrp' is not unique to the #XRPL
➡️ Therefore, purchasing a '#domain' on one "registrar" will not prevent the name from being purchased on another "registrar"

🔸 #Metadata is entirely centralized (No ipfs://)

[14/22] — 4⃣ "Domain" Projects — #xrpdomain

🔸 #Cybersquatting is encouraged as no names ever expire
➡️ It is a prohibited conduct that will result in legal action under the Anti-Cybersquatting Consumer Protection Act (ACPA), 15 U.S.C. 1125(d).

[15/22] — 5⃣ "Domain" Projects — @xnsnames

🔸 Every problem that #xrpdomain is facing, but far worse
🔸 I kid you not, their documentation is just "Lorem Ipsum" (No, it is not a joke)
🔸 There is no such thing as a resolver (API?)
🔸 The affiliate program is a dirty cash grab

[16/22] — @fynbosdev and #ILP —

It is not necessary to reinvent the wheel.

If all you want to do is resolve human-readable names to #Web3 data, simply look at what #Fynbos is doing.

@pay_string is (probably) obsolete.

https://twitter.com/ahopebailie/status/1627610251259150337?s=20

[17/22] — A Better Approach (#XRPL) —

I'm not a fan of defining a #XRPL-based naming system that is only capable of running on top of XRPL, but so be it.

If you wish to propose such a L1-feature, here's how you'd tell the community about it. 👇
github.com/XRPLF/XRPL-Sta…

[18/22] — 1⃣ Standardization —

There are several ways to solve the problem of fragmented standards among #blockchains in terms of #domain name systems and domain governance.

👍 One option is to join the "#Web3 Domain Alliance"

[19/22] — 2⃣ Standardization —

Because #W3DA is actively participating in negotiations w/ ICANN to raise #ICANN's awareness, I believe it is not too far-fetched for ICANN to introduce a new #domain type called "#w3TLD".

This would significantly legitimize #Web3.

[20/22] — 3⃣ Standardization —

Other initiatives seek tech. solutions to fully dec. not only #DNS but also the whole #internet governing board.

Personally, I believe this is something one might dream about but is extremely unlikely to occur due to political forces fighting it.

[21/22] — TL;DR —

🔸 Avoid buying those NFTs
🔸 You aren't purchasing domains
🔸 Some of them are entirely centralized
🔸 Web3 name resolution is not yet standardized
🔸 You may unintentionally commit a crime
🔸 Work with ICANN or become irrelevant
🔸 Look up "payment pointer"

[22/22] Hopefully, you learnt something new today and avoided purchasing those "#domain" NFTs, which are worthless without sufficient rules and regulations.

Please follow me here:
@krippenreiter 🙏

Feel free to contribute by sharing here: 👇

https://twitter.com/krippenreiter/status/1654670628853542913?s=20

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