Eighty Thousand .zil Domains Registered as Fortune 500 Companies Prepare for the Blockchain Web
Unstoppable Domains, a software company building domains on blockchains, is holding a sunrise period until October 15 for trademark holders to claim their .zil domain(s). During this period, trademark holders will have the opportunity to identify their name(s), prove their trademark, and claim their .zil domain(s). Several Fortune 500 companies have already claimed their domains as well as top crypto companies like Consensys.
“As blockchain domains take hold, brands should be aware not just of how to protect themselves, but also to be proactive about their presence on the blockchain web”
Unstoppable Domains is a registry business similar to Verisign, owner of .com, except that domains are on a blockchain. To date, more than 80,000 .zil domains have been registered.
Blockchain domains provide an array of benefits to users, including:
- Payments – Domains can be used as a payment gateway for cryptocurrency payments. These are cheap, almost instant, and can be done from anywhere in the world to anywhere in the world.
- Uncensorable Websites – Other companies and governments cannot control the content you show on your website.
- Alternate Root – Not part of or governed by ICANN.
- No Custodian – Blockchain domains are stored by the owner. No 3rd party can move or seize them.
- Ownership is Final – Once distributed, only the owner can take them back.
- No Renewals – Pay once and it’s yours … forever.
- Transfer: Blockchain domains do not require an escrow agent to securely exchange the domain or funds. This transfer can happen in minutes, from anywhere in the world.
What happens when someone takes your trademark on the blockchain?
Unstoppable Domains is launching a sunrise period for .zil, a blockchain domain system that went live on July 9th. An important feature in applications is digital property rights secured on the blockchain. Blockchain domains are designed in a way that gives users complete control of their digital asset. Once an asset is transferred, it is irreversible.
“As blockchain domains take hold, brands should be aware not just of how to protect themselves, but also to be proactive about their presence on the blockchain web,” said Matthew Gould, Unstoppable Domains
What will trademark holders do with their blockchain domains?
The self-custody nature of blockchain domains gives owners the ability to create uncensorable websites and permissionless transfers. Once domains are transferred into a user’s wallet, those users have full custody over that asset. This means it is extremely important for trademark holders to protect their brand and claim their digital assets before somebody else does.
Many Fortune 500 companies have already started to experiment with cryptocurrency and blockchain technology. IBM and Alibaba recently announced patents related to blockchain domain registries.
Unstoppable Domains recently raised a $4 million Series A led by Tim Draper of Draper Associates.