It is easy to make mistake when dealing with blockchain addresses. This is because blockchain addresses consist of a series of alphanumeric characters, such as "0x9278...". The Ethereum Name Service (ENS) realizes the demand and provided a user-friendly solution — mapping blockchain addresses to easily reproducible, human-readable domain names. This move made ENS a shining star that cannot be ignored in the wailing of the bear market in 2022. ENS not only charges a one-time fee to register a domain name, but also charges a recurring annual fee to maintain the domain name. In other words, if you want to enjoy this convenience, you need to pay all the time.

Domain names are an old internet business. The annual fee has almost become a customary rule in the DID track. KEY3 proposes a free strategy for the first time, hoping to lower the threshold and increase adoption.

KEY3.id keywords: DID, multi-chain support, permanent free, first asset binding

1. Popular DID tracks

DID is the user's identification in the Web3 world, and DID can better build the user ecology of DeFi, GameFi, and SocialFi. Each chain has its own popular DID projects. KEY3.id is built on Ethereum and provides the basic domain name service that DID should have: simple suffix, support number, letter, emoji, etc., good security, high readability, easy to remember, and worry-free to check. Users can use .did to deposit any address and send and receive any cryptocurrency, token or non-fungible token.

2. Multi-chain support

It is impossible for a user to "exist" only in a single specific chain. The identity on the chain is the user's "asset", and personal assets should not be restricted in a single ecosystem or a single entity. KEY3.id supports multiple chains For transfer, there are currently ethereum, BNB chain, and Tron, and the official also stated that more chains are currently being launched. A DID can achieve the same function on different chains. It lowers the threshold for user registration, supports multi-chain binding, and is user-friendly while avoiding the possibility of preemptive registration of shadow name fraud to the greatest extent.

3. Ordinary users are permanently free

DID is the entrance of incremental users of WEB3. It is aimed at huge ordinary users. KEY3.id launched the .did digital domain name in the first stage, focusing on the concept of free claim and permanent free ownership. By lowering the threshold, attracting more users to join, so that users do not need to pay any prepayment for DID status, and start Web3 journey for free. In the DID track, this is the first time that a project is proposed to be permanently free.

4. The first digital identity bound by blue-chip NFT assets

Blue-chip NFT means that it dominates the secondary market list all the year round, has high transaction volume, strong activity, high project popularity, large market value, is trustworthy, and is recognized by the vast majority of players. Therefore, blue-chip NFTs are also considered to be investment targets with more resilience and growth prospects. The blue-chip NFT-bound domain name Premium DID (such as .bayc) launched by KEY3.id in the second phase uses the concept of Asset Bound Token (hereinafter referred to as ABT) to bring more value to NFT holders.

Starting with KEY3.id's Premium DID, your NFT adds yet another proof that you are the true holder of the blue-chip NFT. Binding the domain name through blue-chip NFT does not require wallet interaction verification, and only through the suffix, it truly realizes "asset is identity".

The particularity of the blue-chip NFT binding domain name determines that it will not be completely free like facing ordinary users. Premium DID is free for the first year, and a certain fee is required for renewal. Moreover, in order to ensure the consistency and seriousness of Premium DID and the high-quality assets held, the name of Premium DID must be consistent with the number of the NFT held. For example, only the true holder of BAYC#0000 can mint 0000.bayc. The domain name is for use only and is not transferable. Once the NFT is traded, the corresponding DID will also be destroyed.

When .bayc went online, it was sought after by a large number of BAYC NFT holders, including many well-known Web3 KOLs and influential people in the industry. Game Space CEO Michael Cameron mint 6669.bayc, and changed his Twitter name to "Michael Cameron 6669.bayc"; former Huobi Global CEO 0xLivio mint 2883.bayc, also changed his Twitter name. Discussions about .bayc have spread rapidly in various Boring Ape communities, which is also beneficial to the appreciation of BAYC's "premium assets".

Currently KEY3.id .id is cooperating with dozens of well-known NFT communities such as BAYC, Azuki, Clone X, Doodles, Mfers, Mimic Shhans and Moonbirds. And the community voting has officially started at 20:00 (UTC+8) on December 5th. Users who hold blue-chip NFTs can vote for the supported DID suffix, and the voting period will last for 10 weeks.

Can the total amount of blue-chip NFT-bound domain names support a sustainable market?

At present, there are roughly 100,000 NFTs that meet the definition of blue chips on the market.

Considering that many blue-chip holders hold multiple blue-chip NFTs at the same time, in fact, the number of users who actively seek a digital identity bound to a blue-chip NFT is far less than 100,000. In addition, whether there will continue to appear every year The new blue chips are also unknown. Aside from the social attributes of DID (pretty name), the added value of the digital identity that KEY3.id provides that is bound to the blue-chip NFT mainly depends on the recognition of the blue-chip community to some extent. Premium DID (such as .bayc) is free for the first year. During the free period of this year, whether users can really stay in KEY3.id and pay for long-term use will need to pass the test of time.

Team background

KEY3.id CEO Kory Pak:

Kory Pak has a deep blockchain background and has several successful entrepreneurial experiences. After joining the blockchain industry, he served as the core founder of several projects and helped projects list on various mainstream exchanges.

KEY3.id COO, Co-Founder Leo Chin:

Leo has extensive experience in the blockchain and NFT fields. He used to be the COO of iBox.art, the largest NFT exchange in the industry, and a former Huobi Global asset analyst.

CTO, co-founder Steve:

Steve is a blockchain technology expert. Former head of the technical team of the industry public chain, representative of Web3 geeks.

KEY3.id's team is different from general project parties, and has solid WEB2 successful entrepreneurial experience, which may be the reason why KEY3.id attaches so much importance to the concept of free. By lowering the threshold and attracting more users to enter, a new network ecology can be created, long-term construction, and ultimately a more inclusive Web3 world can be built.

Future

DID is the foundation of Metaverse and Web3, and DID is very likely to become the entrance of Web3 in the form of "smart contract account". KEY3.id attracts the influx of users by focusing on free, and provides a free and comprehensive identity as much as possible; it realizes the vision of "anyone can establish and use digital identity" to the greatest extent, and the follow-up will be through specific The application scenarios such as GameFi, social networking and other scenarios have accumulated a certain network effect for the increase of users.

To some extent, what KEY3.id wants to do is a "Web3 entry ID card" with broad application prospects. With the support of Web3 composability and financial attributes, starting from free, let assets equal to identity, and finally realize that with a series of DIDs, you can pass the entire Web3.

At present, KEY3.id has reached cooperation with dozens of DAPPs, including well-known Wallet, DeFi and exchanges, etc., and will support the analysis of KEY3.id in the next few months.