Web 3.0 is the new iteration of the World Wide Web which along with the Metaverse is transforming digital transactions of currency and crypto, secure credentials, identity documents and personal data.
The advances in decentralisation, blockchain technologies, and token-based economics that created Web 3.0 are making way for more use cases of secure credentials being transacted over a secure network.
The Web3 Domain Alliance has been formed, to represent the rise of Web 3.0 and its interoperability with society and digital identity technologies. The coalition, days into its conception, will advocate and promote the technological advancements in Web 3.0 as a new version of the internet and the interoperability of Web3 domain registries.
It is a member-led and organised organisation which is committed to the future capabilities of the internet which has a monumental influence over society – and will equally promote changes to policy, regulatory frameworks around data security and privacy.
Moreover, the alliance will seek to ban fraudsters from comprising the secure network and manage fraud and scams, which include malicious phishing attacks and bad actors impersonating Web3 ‘top-level domains’.
The key stakeholders to join the coalition include Unstoppable Domains, which are the likes of .crypto, bitcoin, .wallet, .dao, and .blockchain.
Domain operators Bonfida, Tezos, Syscoin, Hedera and Polkadot Name System are also onboard.
One pledge by a member of the newly-founded alliance, reads:
“As a member of the Web3 Domain Alliance, we are pledging to help protect people’s Web3 identities, ensuring that Web3 will adhere to the best global standards and practices possible”, said Sandy Carter, SVP and Channel Chief at Unstoppable Domains. “We are still in the dial up phase of Web3 and many are still working to understand the space. The Alliance is essential to supporting the development of our space so people can explore Web3 safely and securely”.
Members of the Web3 Domain Alliance will also collaborate closely to promote the development of the Web3 naming industry, ensuring that existing and future domain names are protected so users can interact securely with their favourite brands on Web3. Although the alliance is in its early days, it will aim to be acknowledged by educators, academics, consumers, regulators and industry bodies on the innovation and utility of Web3.
Nate Western, Co-Founder and Head of Web3 at pieFi and Hash Name Service said: “The need for a Web3 Domain Alliance reflects the importance of community being in everything we do. Providers can and should collaborate to avoid confusion and disarray in domains. This will allow us to have a truly global, inclusive network where users have control over their identities. This can help connect us all”.
Ryan Ye, Co-Founder of PNS: “Organizations like the Web3 Domain Alliance are of paramount importance if we want to unlock its full potential, while simultaneously ensuring users can enjoy the most seamless, engaging and multi-chain experience”.