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Solana is arguably one of the most important ecosystems in the digital space. It strives to be the fastest blockchain globally, supporting and hosting various projects in the DeFi and NFT spaces. Some people see this blockchain as one of Ethereum’s biggest competitors. This project is big on scalability, so users hardly worry about transaction settlement. In this article, we will be looking carefully at the major steps to undergo in creating a Solana domain name.
What makes the Solana Domain important?
Today, users can access the Solana name service to enjoy a decentralized way of mapping domain names to on-chain data. It’s usually tricky to keep track of wallet addresses, especially when using many wallets. And since addresses are just strings of letters, it’s difficult to remember them. Now, you can link a readable name to your address. This may simplify your transfers. Many wallets’ addresses cannot be linked to a particular name.
Most people have to copy their address from wallets when they need to complete a transaction; this is often time-wasting and difficult. To ensure digital space adoption, we need a structure to simplify the process for the average human. The Solana naming service faces a couple of challenges, primarily because of its affordability. Because owning a .sol domain name is relatively cheap, people would likely buy many names to profit from a resale. Thankfully, the platform has created a way to manage this problem.
What is Solana naming service?
This naming service is a way for you to register a . SOL domain at an affordable price. Presently, big firms control the buying of domain names, making the structure largely centralized. Apart from being centralized, they also cost a lot of money, considering the annual fees. This makes a domain name inaccessible to many people. Another problem with centralized naming services is limiting your use of some domain names. The Solana naming service hopes to change this by creating decentralized domain names. It gives interested buyers domain names and records them on a blockchain so that anybody can buyers become permanent owners unless they auction it out. You don’t need to pay annual fees or transact with intermediaries.
Understanding the Bonfida
Creating your domain name is a fairly straightforward process. However, you need to pay gas fees for your transaction. Since getting a domain name is pretty affordable with decentralized naming services, many people fear that anyone can impersonate businesses or buy numerous domain names, stopping others from getting them. Bonfida-Solana’s naming service provider implements different ways to handle these challenges.
Before a person can buy a domain name, the name will be auctioned. If no one outbids the buyer, they can own the domain name. However, if another person bids higher, the name goes to the new buyer. Some names are popular in the asset space. Bad actors may try to buy these names to impersonate legitimate businesses. This made it necessary for Bonfida to create a special category of domain names, which cannot be bought without the buyer giving some form of proof. With this, bad actors will find it difficult to impersonate.
How To Buy Your .sol Domain Name
Step One
Before buying your .sol domain name, you need a suitable wallet. For this guide, we will be using the Phantom wallet. Creating a wallet with phantom is relatively simple. You need to create a password and then confirm your password. Also, it will ask you to copy your recovery phrase safely. Remember, your seed phrase is essential, so you need to keep it safe and not share it with anybody. Add the wallet as an extension to your browser, so you can easily buy the name. You can also choose to use other wallets on Solana. Some other wallets that support the asset include Sollet, Solflare, Torus, and Slope.
Step Two
Buying SOL is the next step. This step is for people who don’t have the Solana in their wallets. If you do, you can move on to the next step. You can choose to buy your asset from any exchange of your choice. You also need to correctly copy your address to ensure the coins go to your wallet. If there are mistakes, you risk losing the assets forever. Buying $30 worth of Solana should be enough to buy your domain, provided that there is no one bidding against you.
Step Three
The next step is connecting your wallet to Bonfida and choosing your preferred domain name. Connecting your wallet may require you to rewrite your password. After which, you can continue the process. In this part, you are left with to choose your name. However, if someone else has already bought it, you may need to choose another name. Similarly, your preferred domain may be on auction. Here, the name is yet to be given out, and would the network gives o the highest bidder.
To get your domain, you need to place the highest bid. You may also be competing with other bidders interested in getting that name. The last option is when your name is available and has not been auctioned. Before the platform sells names, they go through an auction for three days. During this period, others may bid on them and get them if they are the highest bidders. On the other hand, if no one bids, you will be given your domain name, and this transaction will be recorded on the blockchain.
Step Four
Swapping your Solana for $FIDA and bidding is the following process. It is safe to mention that $FIDA is the platform’s token and is required for bidding. You can simply swap Solana for FIDA by connecting it to an exchange and then swapping. Now, you need to place a bid. Placing a bid requires you to spend some $FIDA. Since the platform does not notify you of new bidders, you may need to check it yourself. If there is no bid higher than yours, you can claim your domain name after the required days. Claiming means that you become the domain’s owner, which will show on the blockchain.
What can you do with a .SOL domain?
There are two main things you can do when you buy your name. First, you can collect domains. If you like collecting things or you want to buy them for future use, this is for you. The domain name will remain yours until you decide to auction it out. You can also decide to sell your domain. This allows you to monetize the domains you have bought. So, people interested in the domain can bid to get it.
Should You Buy A Domain?
The blockchain industry is daily becoming interested in web3. Web3 is an upgraded web, where users need not rely on big tech companies. It will be decentralized and private. Because of this outlook, it makes sense to buy a decentralized domain name and be part of the movement. However, it would help if you did your research before buying a domain name.
Conclusion
The digital asset space is always welcoming new ideas and inventions. Creating your domain name can also help you link your wallet address, helping you reduce problems associated with copying it for transfers. In a way, this may help adoption.