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SirWin
SirWin
SirWin

Comparing decentralized ecological credential products bridging web2 and web3

Sponsored
Comparing decentralized ecological credential products bridging web2 and web3

With the web3 industry expanding, decentralized identity systems are beginning to gain traction. Since 2022, domain systems such as Ethereum Name Service (ENS) have become popular.

This led to the establishment of the Web3.com project.

Its flagship product, Web3ite Pass, is an ecological credential that links the web2 and web3 worlds. It is an NFT issued on Ethereum, adhering to the ERC721 standard. 

The term “Web3ite” is a combination of “web3” and “website,” symbolizing the amalgamation of Web3 and traditional systems. 

This article compares Web3ite Pass and ENS, examining various aspects such as technical solutions, application scenarios, and prospects.

Ethereum name service (ENS)

The Ethereum name service, or ENS, is a decentralized and scalable naming system on Ethereum. It provides a secure and decentralized solution for addressing on-chain and off-chain resources through human-readable mapping names.

1) Decentralized domain name service

ENS offers a decentralized domain name service similar to internet URLs with the “.eth” suffix. This eliminates the need for a lengthy and error-prone address, like – 0x329909A567b87b6123462c3062e8438BBB75c2c6, when transferring funds onchain. Instead, users can enter a memorable combination of letters, such as “abcd.eth,” when transferring funds.

2) Decentralized website, with links to the traditional domain name

Since its creation in 2017, ENS has evolved from an Ethereum address-mapping solution to supporting IP address mapping online. This decentralized mapping management frees users from domain name resolution tasks.

3) Decentralized identity (DID)

Users can also add personal information to their ENS records and save them on Ethereum, creating a decentralized identity.

ENS is a fundamental service in the Ethereum and future blockchain ecosystems. Every active individual in the Ethereum ecosystem is expected to have at least one ENS domain name. ENS domain names are meaningful symbols for companies and individuals. They may become a significant part of the future metaverse space.

Currently, ENS is the most widely integrated blockchain naming standard. There are over 2.8m domains and more than 649k users.

Web3ite Pass

Web3ite Pass is an ecosystem credential developed by Web3.com that links the web2 and web3 worlds. Each Web3ite Pass corresponds to a third-level domain on Web3.com, such as “bitcoin.Web3.com” for the Web3ite Pass named “bitcoin.” Once users select a name and mint a Web3ite Pass NFT, they can:

(1) showcase homepage with a Web3.com third-level domain as the address

Users can create and edit a third-level domain page with the same name as the Pass on Web3.com. They can use this page as a digital business card with integrated links and additional information. The Web3.com domain serves as the access link for the card, which has a unique display value and is easy to remember, suitable for personal users and projects/organizations in web3. It can also serve as a curated display page for specific theme content. Users can edit and display profiles, introductions, blockchain address, social links, and other information on the page, achieving the basic functions of a digital business card. In the future, enriched display content will be expanded according to different needs perspectives, individual users, and projects/organizations, including multi-dimensional information both on-chain and off-chain.

(2) An on-chain domain name as an identity symbol

Web3.com is a traditional DNS domain name not registered on the blockchain. However, with the help of existing on-chain infrastructure such as ENS, a bridge to the blockchain has been built for traditional domain names. On Ethereum, Web3.com will be registered on the ENS protocol. Web3ite Pass holders can use the third-level domain name corresponding to their Pass as an on-chain identity name in applications that support ENS. For example, entering “yourname.Web3.com” in the address field of a wallet can transfer funds to the wallet address corresponding to the Pass, providing a product experience similar to ENS domain name transfers. However, Web3ite Pass is not limited to Ethereum only. It will be deployed in other blockchains in the future. This means that Web3ite Pass will build an identity marker that integrates multi-chain data information and serves individual and project/organization users.

(3) Web3 mailbox

As part of their commitment to connecting the internet with the blockchain, the platform offers Web3 mailbox services. Holding a Web3ite Pass will qualify users to obtain an exclusive mailbox with the same name.

The traditional domain name system is an essential infrastructure in the internet, with broad consensus and value recognition. Web3 should recognize this consensus. Therefore, Web3ite Pass attempts to integrate the consensus of traditional domain names in the off-chain world into web3 and endows it with new value relying on the characteristics of web3. More products shall be explored to give Web3ite Pass more value, improving integration and development.

Product comparison

Web3ite Pass is similar to ENS and other on-chain domain names when comparing the on-chain functions. Still, its distinguishing feature is the strengthened connection between on-chain and off-chain information. The off-chain display homepage and on-chain domain name functions complement each other, with the authorization and authentication information on the display page enriching the identity information of the on-chain domain name. 

Here are two examples to illustrate this point:

Firstly, knowing who owns the address associated with the transaction may be desirable when obtaining information about a transaction record through a block explorer or other means. If the transaction sender wishes to disclose their identity, using a Web3.com domain name is a good choice, as others can easily access the Web3.com display page to learn about the owner of the address.

Secondly, there is a risk of accidental operations or phishing contracts in interactions with smart contracts. If a project’s smart contract address uses a Web3ite Pass domain name, users can conveniently access the domain name display page during interactions and verify the authenticity of the smart contract through the authorization and authentication information on the display page, protecting their assets.

These two examples demonstrate the benefits of connecting on-chain and off-chain information and the significance of bringing consensus mechanisms established in the current internet into web3.

Conclusion 

ENS is a service that allows mapping Ethereum addresses to easy-to-remember combinations of letters. The service has been developed for over five years and is fully decentralized and onchain. It has millions of registered domains, offering fast and convenient domain name services to users in Ethereum. The service also attempts to register the .eth top-level domain with ICANN to integrate ENS into the broader internet consensus system.

Web3ite Pass, on the other hand, is not a direct competitor to ENS. Instead, the service leverages ENS and other on-chain infrastructure to bring the existing web2 domain name ecosystem and consensus into the decentralized web3 world. This approach provides a complete domain name and identity system and information aggregation products that bridge the gap between web2 and web3. Web3ite Pass aims to become a web3 portal, facilitating the transition of more internet users into the blockchain.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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