#DOMA #EnCirca #DomainTokenization

EnCirca and DOMA: A New Era of Domain Tokenization

In a significant move that bridges the gap between traditional internet domain names and the revolutionary potential of blockchain technology, EnCirca has teamed up with DOMA to launch an innovative domain tokenization service. This collaboration aims to convert traditional domain names into verifiable digital assets, making it easier for individuals and businesses to manage their online identities in an increasingly digital world.

This service is particularly noteworthy as it retains the traditional DNS functionality that powers the global internet. With approximately 97% of the world’s 380 million domains supported, this initiative caters to nearly all major generic and new top-level domains (TLDs), with just a handful of exceptions based on geographic or eligibility restrictions.

The Value Proposition of Tokenization

Tokenizing a domain effectively transforms it into a cryptographically secured digital identifier, allowing for its use across decentralized applications and platforms. This powerful feature means that users can:

• - Control their digital identity using cryptographic keys, reducing dependency on corporate platforms.
• - Utilize human-readable domain names instead of cumbersome wallet addresses, facilitating easier navigation and transactions.
• - Prove ownership and authenticity within both Web2 and Web3 ecosystems, ensuring a seamless transition for existing domain owners into the decentralized world.
• - Access various Web3 services that include Decentralized Finance (DeFi) and decentralized applications (dApps) with confidence, thanks to a DNS-anchored identity.

Moreover, the tokenization process applies directly to customers' existing domains, which preserves all current DNS capabilities and services.

Wallet Flexibility and User Accessibility

To encourage adoption, EnCirca has made provisions for flexible wallet options. Tokenization requires a digital wallet; however, users are not required to hold any cryptocurrency for this function. Experienced users can link their self-custodied wallets to their domains, while newcomers can choose a secure, managed wallet directly from EnCirca, providing an easy onboarding process, even without prior blockchain knowledge.

A Commitment to Established Standards

One of the defining aspects of this initiative is its alignment with DNS and ICANN policies, taking care to avoid the pitfalls associated with alternative blockchain naming systems. DOMA's technology ensures:

• - Preservation of the single authoritative DNS root, guaranteeing consistency and reliability.
• - Support for DNSSEC-based verification to enhance security.
• - Avoidance of namespace collisions to maintain clarity and usability within the domain space.
• - Operation within established frameworks of internet governance, ensuring compliance and credibility.

As Fred Hsu, CEO and Co-Founder of DOMA, articulates,