The Sol Perk
Solana Domains in a nutshell
The SOL Perk: Digital Identity
Just one blockchain on the market can hold so many different projects, ideas & aspirations that it’s getting hard to keep them straight. My advice? Pick one that you like, & simply learn about it. For all you Ethereum (ETH) killer heads out there, Solana is a known name but is it a known product? Today we’re focusing on something directly associated with being a Layer 1 (L1) contender to the ETH ecosystem; the Solana Naming Service.
The Solana Naming service is a feature on the Solana blockchain that allows users to connect their crypto wallets & purchase domain names such as you would see a .com, .org, .net, but here they end in .sol. You can use this address upon purchasing it with Bonfida; which is not only a token itself, but also is a bridge between the app that allows the domain naming service to function among a variety of other things.
Upon purchasing a domain, you’re asked to choose a size (between 1kB-10kB) with 1kB being enough to use .sol domains for user transactions, or up to 10kB for more advanced users with the aim being to possibly host specific websites. I personally chose a spread of different sizes when I purchased my own Domains because you never know what kind of actual space you’ll need in the digital age! You can use your domains to store IPFS addresses, images, texts & whatever you’re looking to put in a digital lockbox. It also allows you to make/exchange payments P2P (person-person) by simply sharing the domain name that you own. Twitter handles are often pushed as a purchase because you can own a domain specific to your Twitter name; & Twitter is a big source of everything when it comes to Crypto in the space today.
It is well known in the crypto space that ETH & SOL are competitors. ETH being the 1st big boy & Solana an up & coming ‘underdog’.
In this case, the differences in the .sol vs the .eth are minimal but significant in the long term.
The first difference is that for .eth domains, you rent them & have to pay a fee annually to renew the ‘contract’ you have for the domain. In terms of .sol domains, you simply buy it & then you own it for life. Another perk of .sol is simply the price. For .eth domains, the buy-in is significantly higher ( as in thousands of thousands of dollars higher) to purchase .eth & not even own it, while you can keep the .sol address you register at a much more forgiving buy-in price, the starting price being around 21 USD. The big players have already flocked to & raised the price of ETH domains, so who's to say that these SOL domains won’t skyrocket too?
So how the hell do I get in on this new tech? First you’ll have to open a Phantom Wallet (feel free to choose any from the picture above) so that you can transfer the SOL you own off of the exchange you’re using. You can download the Phantom Wallet on your Chrome browser on the extension tab (little puzzle, top right by your google chrome picture). There are a few that you can use, but I personally used FTX because they’re pretty cut & dry on the process (& there’s videos out there specific to FTX to help you out!). Currently you purchase .sol domains with $Bonfida, so you will convert your $SOL to $FIDA on your shiny new Phantom Wallet so you can purchase your own .sol domain on http://bonfida.org/#/
You can also become a certified seller if you own over 10 domains.
Check me out below 👇
Cool huh? One of the biggest price tags on a .eth domain was $1.5M; why miss the chance for your own homerun, a digital lottery ticket, for as little as 21USD?
⚡⚡
Click below Probably
Sources