The vision behind Web 3.0 is still largely misunderstood, especially since Web 2.0 is still such a large presence in our everyday lives. Fundamentally, Web3 is about defending ownership and control of data, identity, assets and more, allowing people to take back what is rightfully theirs and have transparency about how they interact with applications and services on the web. the World Wide Web.

Right now, one of the most promising activities in this vision is taking place in the domain name industry. Modern websites use domain name endings like .com, .org, .co.uketc., and are owned by network infrastructure companies that run them and generate billions in revenue every year.

But a Web3 domain is entirely the property and responsibility of the person who buys it.

Web3 domains go beyond being blockchain-based websites, they act as digital IDs with the ability to encompass a person’s cryptocurrency wallets, NFT collections, and the ability to send and receive encrypted emails. Web3 domains can even be used as a one-click login for a person when interacting with other websites.

Today, Web2 faces two big problems. One: People do not have ownership of their data online as it is harnessed by companies and resold in the name of profit. And two: the internet is still plagued with fake accounts, bots, scammers, and general fraud, all of which pose a very real threat to our lives, both on and off our keyboards. But Web3 domains provide the infrastructure to solve these existential problems, giving control back to users, seizing power from Web2 monopolies, and ensuring that people’s data remains private and secure.

Giving people the power to own their data will advance fairness, privacy and the empowerment of billions, which is good for the world. However, if bad actors can create name collisions, or duplicate versions of top-level domains (TLDs) like .crypto and .nft, then the future our industry has envisioned could be in jeopardy.

Name collisions occur when a domain platform offers a TLD that has already gained ground elsewhere from another provider. The risks are immeasurable. If crypto wallets and exchanges resolve more than one matt.cryptopeople could accidentally send money to the wrong place, losing their money forever.

This crisis poses one of the biggest threats to the Web3 industry to date and, if exploited, could prove devastating to millions. A scammer could acquire a competing ENS name, such as JohnnyBravo.ethand use it to impersonate someone. A bad actor could replicate a company’s decentralized website, such as CompanyAzul.soland steal customers’ money or information. Collisions threaten everything the Web3 industry has built.

Two conflicting name systems cannot coexist in the blockchain world, and the only logical reason to knowingly introduce a conflicting top-level domain would be to mislead and take advantage of people.

A successful Web3 domain name system must not only be fundamentally based on technology, but also on social conventions. Naming systems can be legitimized through integrations with other applications and projects, such as wallets, dashboards, and browsers, giving people the security of knowing that the domain name provider is supported by other projects.

In Web3, self-regulation, based on agreed social conventions, will be essential to preserve autonomy and innovation. If the Web3 community can’t find a way forward that keeps people safe, external regulators will do it for us, severely slowing down innovation in the process.

The Web3 industry has opened up a world of possibilities for innovation and creativity, and we are already upgrading capabilities that seemed impossible a few years ago. But with the industry still in its infancy, those at Web3 must remain vigilant about the rare instances of platforms acting in bad faith and seeking to exploit the system.

As early adopters of Web3, we have an obligation to protect our community and the future of the industry as a whole. A world where people own their identity is possible. Internet users have an opportunity to regain control of our data from the big tech monopolies, but we can’t do it if the verified identity system is under attack by bad actors. We need to come together as a community to minimize the risks and continue to grow the industry to a place where everyone can see the promise of blockchain technology come true.