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A comment on The NFT market bubble has popped?. Parent comment

Re:The NFT market bubble has popped? by flir on Thursday June 03, 2021 @06:39AM (#27379308)
You could put DNS in a distributed database (a la blockchain), and there's a benefit there (although no more than insisting all DNS updates are signed, I think). I can't see what additional benefit NFT would offer over that?
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Re:The NFT market bubble has popped? by cryptica on Thursday June 03, 2021 @09:15AM (#27380791)
Just a few points I could come up with off the top of my head:

- Users could buy and trade domain names using cryptocurrency tokens within the same system without relying on centralized payment gateways.

- No need to rely on a central authority like ICANN to decide who can control what gTLDs.

- Could make way for entirely new security models for TLS certificates; no need to trust certificate authorities. Certificates could be signed using blockchain private keys associated with a specific domain.

- The whole system would be self-contained and all domain purchases would be publicly auditable on-chain; every domain would be paid for using tokens which represent real value, thus preventing misappropriation and spam.

- Different DNS blockchains could compete for relevance/adoption to be integrated with different browser makers; this would encourage decentralization in the browser space.

- Easy path to monetization; imagine how much demand would be created for underlying tokens if each user paid tokens every time they wanted to change the IP address which a domain name points to. This kind of DAO would be profitable by design. You could earn profit just by holding the token.

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Re:The NFT market bubble has popped? by benhurmarcel on Thursday June 03, 2021 @09:50AM (#27381330)
Websites would also lose their domain if the admin loses the private key, or it gets stolen. There would be no authority to return control to the rightful owner.

I don't think most web actors would be ready to accept that massive drawback.

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Re:The NFT market bubble has popped? by cryptica on Thursday June 03, 2021 @03:41PM (#27386326)
You can have multisignature wallets so that you only need signatures from 2/3 of members. It would be unlikely for many people to lose their keys.
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