Smart contracts have revolutionized the way businesses operate, and the e-retail industry is no exception. By automating and streamlining processes, smart contracts can help e-retail companies reduce costs, increase transparency, and enhance overall efficiency. Here, we will explore how smart contracts can be implemented in e-retail management and the benefits they bring to the industry.
What are Smart Contracts?
Smart contracts are self-executing digital agreements that automatically enforce the terms of a contract when predetermined conditions are met. They are built on blockchain technology, which ensures that all transactions are secure, transparent, and tamper-proof.
Smart Contracts in E-Retail Management
Smart contracts can be used in various aspects of e-retail management, such as supply chain management, payment processing, and dispute resolution. Let’s take a closer look at each of these areas.
Supply Chain Management
Smart contracts can be used to automate the various processes involved in the supply chain, from ordering and purchasing to shipping and delivery. By using smart contracts, e-retail companies can eliminate manual errors, reduce the risk of fraud, and increase the speed of transactions. Additionally, the use of smart contracts can improve communication and collaboration between different parties in the supply chain, making it easier to track the progress of orders and deliveries.
Smart contracts can be used to automate the payment processing process in e-retail. For example, they can be used to automatically release payment to suppliers once the goods have been delivered and confirmed to meet the agreed-upon specifications. This eliminates the need for manual checks, reduces the risk of fraud, and speeds up the payment process.
Smart contracts can also be used to resolve disputes in e-retail. For example, if a customer disputes a charge on their credit card, the smart contract can be programmed to automatically refund the customer if the dispute is determined to be valid. This helps to reduce the time and resources required to resolve disputes, as well as improving customer satisfaction.
Benefits of Implementing Smart Contracts in E-Retail
The use of smart contracts can help to increase efficiency in e-retail by automating and streamlining various processes. This can help to reduce costs and improve productivity, leading to increased profitability for e-retail companies.
Smart contracts are built on blockchain technology, which ensures that all transactions are secure and transparent. This can help to increase trust between e-retail companies and their customers, as well as improving collaboration between different parties in the supply chain.
Smart contracts are tamper-proof, making them much more secure than traditional contracts. This reduces the risk of fraud and ensures that all transactions are properly executed, even in the absence of intermediaries.
By automating various processes and reducing the need for manual checks and interventions, smart contracts can help to reduce costs in e-retail. This can lead to increased profitability and competitiveness for e-retail companies.
This article provides an overview of the supply chain scenario chosen for our analysis, the architecture and technologies used for creating a blockchain network and smart contracts, and a reference implementation. Additionally, in the appendix, we assess alternative approaches and make recommendations for our implementation.
We applied our understanding of blockchain by creating a use case for a consortium network involving a supply chain. The supply chain includes four actors: Producer, Distributor, Retailer, and Customer. Transactions occur between a seller and a buyer, with the actors taking on different roles depending on the step in the process. To simplify, we focused on the relationship between the Retailer and Customer. To implement this, we created two smart contracts: one for storing items and their stock information, and one for managing the workflow of creating, accepting, canceling, and delivering orders. The latter contract also operates the Stock contract to ensure orders are valid and updates stock accordingly. We chose to use two separate contracts to maintain clear distinctions in responsibilities.
The diagram below illustrates the process when a consumer places an order with a retailer. Smart contracts are used to facilitate the operations between the two parties, with some operations accessible to the consumer and some restricted to the retailer. Notifications are sent when relevant operations are completed, allowing the consumer to track progress and the retailer to confirm and deliver the order.
If an operation fails (e.g. an item in an order has no stock), the transaction is reverted, which means all the state changes it produced are dismissed. However, the application will return a message explaining what went wrong.
Our solution was implemented on Azure, using various resources to create the entire workflow. All of these resources were deployed under our Azure AD subscription. We developed two smart contracts (Retailer and Stock) in Solidity and deployed them on an Azure Blockchain Service consortium network. These contracts generate events to notify and provide necessary data about the operations within them. To communicate with these contracts and provide entry points into the entire system, Azure Functions were created that let users call contract functions by means of any REST API client. Additionally, Azure Blockchain Data Manager was used together with an Event Grid Topic to capture emitted events from the contracts and send them as notification emails and entries to a Cosmos DB instance.
Azure Blockchain Service provides a set of tools that simplify the creation and management of consortium blockchain networks, which allows developers to focus on the business logic of their deployed apps, rather than the underlying infrastructure. Azure Blockchain Service has built-in consortium management. In this context, a consortium is a logical group used to manage the governance and connectivity between blockchain members who transact in a multi-party process. Pre-defined smart contracts determine the actions that a consortium member can take. The administrator can invite other parties to join the consortium. Azure Blockchain Service resources are isolated in a private virtual network. Transaction and validation nodes are virtual machines (VMs) that can’t communicate with other VMs in a different network. This ensures communication remains private within the virtual network. Transactions can be sent to blockchain nodes via an JSON-RPC endpoint. The JSON-RPC endpoint includes the provider member as well as an access key. JSON-RPC is a type of RPC protocol which uses JSON to encode requests and responses between client and server. The JSON-RPC interface uses Ethereum JSON-RPC Protocol with Web3 authentication. The JSON-RPC calls can be done over HTTP or WebSockets (See documentation ). Clients communicate with a transaction node using a reverse proxy server that handles user authentication and encrypts data over TLS (see Azure’s official documentation for more details). The reverse proxy is getting the RPC and then looking up the authentication information using the OAuth Protocol. The Reverse Proxy uses TLS Protocol to communicate with the transaction node.
The Venn diagram below illustrates a consortium of three members. All nodes within the network can view data, but the Quorum protocol enables certain transactions to remain private among participants (as outlined in the “Private transactions in Ethereum” section of our Basic Concepts post).
In this sample consortium, transactions will follow this path:
A new RPC-JSON transactions comes from a client, the entry point of each member will be this reverse proxy.
The authorized transaction pass through the proxy to the Transaction Node.
The Transaction Node sent it to the Validator Node.
The Validator Node broadcast the transaction between all the Validators. Then it is queue to be validated.
Azure Blockchain Data Manager allows loading blockchain applications to capture, transform and deliver transaction data to Azure Event Grid Topics , which are endpoints where events can be sent. There are built-in topics, but users can also create custom ones. When a custom topic is created, an Event Grid API endpoint is created and associated to it. Azure Blockchain Data Manager internally performs an HTTPS POST request to this endpoint to send events to it. For more details, see ‘Capturing and viewing events’ section below.
We used this tool to capture events from our smart contracts and consume them. Azure also provides a way to connect Blockchain Data Manager with a Cosmos DB instance, which we explain later in this post.
Consumer action flow
In this section we explain how each Azure component fits into the action flow from the consumer’s perspective.
The consumer creates a customer profile through the Consumer API which is identified by a unique user id which is returned.
The consumer creates an order through the API using the user id from the created user profile.
Internally, the corresponding endpoint creates an JSON-RPC transaction with the transaction node of the consortium member where the contracts are deployed.
The createOrder function from the Retailer contract is called, which generates a transaction in the blockchain.
A Logic App , consortium-events, triggers when the Event Grid receives events and sends them as notification events, while also storing them in a Cosmos DB instance.
Smart contracts are self-executing agreements that help to automate processes and verify the performance of contractual obligations. They are written in code and stored on blockchain networks, allowing them to be securely and efficiently executed without the need for a third-party intermediary. OpenZeppelin provides contracts that allow for ownership to be handled using modifiers that can be applied to contract functions to restrict access to certain addresses. These contracts enable the creation of a contract owner or a whitelist of addresses that are able to operate the contract, as well as allowing for the transfer of ownership.
The Stock smart contract
This contract holds the supply chain’s inventory in the form of a collection of stored items together with their basic info and available stock. Whitelisted addresses can only operate this contract.
In the basic scenario, with a retailer and a consumer, the retailer and the Retailer contract must be added to the whitelist. This will allow the retailer to add and remove items and update their info and stock. It will also allow an item’s stock to be decreased once an order is accepted, through the contract.
On the other hand, the consumer will not be whitelisted and will only be able to view items and their stock (which are public operations in our scenario).
In the following subsections, we explain this contract’s implementation.
Stock contract data structures
Items are organized as a Solidity mapping, which allows to index elements in a key-value format. This mapping is called items, where the key is an unsigned integer value representing its id and the value is a struct called item. This struct contains the following fields: name, description, category (strings) and stock (integer).
The items mapping uses 32-bit unsigned integers as keys (item IDs), which means there will be a maximum of 4,294,967,296 (2³²) available keys. We consider this number is more than enough for our application, so we don’t need to use larger integers as our item IDs. On the other hand, 16-bit integers might have been a bit limited.
Stock contract functions
We implemented the following functions for this contract:
itemExists (private: only accessible within the contract)
createItem (only whitelisted addresses)
removeItem (only whitelisted addresses)
increaseItemStock (only whitelisted addresses)
decreaseItemStock (only whitelisted addresses)
updateItemName (only whitelisted address)
updateItemDescription (only whitelisted address)
updateItemCategory (only whitelisted address)
Stock contract events
Events are emitted from some of the functions, returning messages as arguments for logging purposes and/or obtaining relevant values.
The Retailer smart contract
This contract contains the logic that allows orders to be created and delivered and relies on the Stock contract to query, select, and decrease items stock.
As every contract it has an owner, who in the consumer-retailer scenario, is the retailer. Some functions are accessible to the consumer to perform operations such as creating an order, canceling an order, and confirming a delivery. Others are restricted to the owner, for instance, accepting, rejecting, and delivering an order. OpenZeppelin ‘s Ownable contract is used to accomplish this. This smart contract provides a modifier called onlyOwner that can be added to specific functions in a contract, which only allows the contract owner to call them (the owner is the address that deploys the contract by default, but this can be changed or ownership can be transferred at any point).
In the following subsections, we give details about the implementation.
Retailer contract data structures
Orders are organized in a mapping that indexes them by ID (unsigned integer). Each order is a struct that contains three fields: customerAddress, customerEmail, status and items. The last field is another mapping that holds the selected items, each of which is a struct that contains itemId and itemQuantity.
Below is a diagram showing the different states that an order can be in:
Retailer contract functions
This contract contains the functions listed below. Some functions are restricted to the contract’s owner, which is done with OpenZeppelin’s Ownable contract, using the onlyOwner modifier. Others require that the customer who placed the order is the caller. When an order is created, the user’s Ethereum address is stored in the order struct as the customerAddress field. This is achieved by assigning msg.sender (the address of the function’s caller) to this field. When attempting to cancel an order, comparing msg.sender to the customerAddress field that was stored in the order will determine if the caller is in fact the same user who created it.
orderExists (private: only accessible within the contract)
getOrderStatus (only the owner or the customer who placed the order)
checkOrderItemsAvailability (only the owner)
cancelOrder (only the customer who placed the order)
getNewOrders (only the owner)
acceptOrder (only the owner)
deliverOrder (only the owner)
rejectOrder (only the owner)
confirmDelivery (only the customer who placed the order)
updateMinItemsPerOrder (only the owner)
updateStockContract (only the owner)
Retailer contract events
The following events are emitted from the contract. All of them provide a message and relevant data in their arguments.
Entry points: Azure Functions
Azure Functions implementation
Azure Functions is a serverless compute service that allows the user to run event-triggered code without having to explicitly provision or manage its infrastructure.
You can leverage the Solidity extension for Visual Studio Code (follow this tutorial) to generate C# API classes for each contract, which were then consumed by our Azure Functions.
For each contract, the extension automatically generates two C# files: the contract definition and service. These allow developers to interact with the smart contracts from C# applications. In this case, we used them to develop the code for our Azure Functions. Here you can view the Azure Functions to interact with both the stock and retailer contracts. The image below shows the project’s folder structure, highlighting the auto-generated files and the ones that correspond to the Azure Functions.
Capturing and viewing events
As we explained, both contracts emit events when certain operations are executed successfully. Azure provides tools to capture these events and process them to be consumed in different ways. We chose to store them in a Cosmos DB instance and send email notifications.
To accomplish this, we had to set up several things, which we explain in the following sections.
Azure Blockchain Data Manager
The steps to configure Blockchain Data Manager are explained in detail in the official documentation . However, here we provide a summary.
First, we created an Event Grid Topic. For testing purposes, we deployed a web app that Microsoft suggested in the same guide to view events. We added the app’s URL as an Event Subscription within the Event Grid Topic.
Then, we created a Blockchain Data Manager instance, which points to the Event Grid Topic we created, specifying the transaction node of the corresponding consortium member.
We added a blockchain application for Blockchain Data Manager to decode its events. To do so, we executed the following steps:
We saved the contract’s ABI and transaction bytecode (a hex code that identifies a contract that was deployed to the blockchain).
We created a Storage Account and uploaded the two files.
For each file, we generated a Shared Access Signature (SAS) URL from the portal.
On the Blockchain Data Manager instance, we added a new application, specifying the SAS URLs for both files.
4. Finally, by triggering events from our application, we could see them in the deployed web app. The event shown in the image below corresponds to an address added to the whitelist in the Stock contract.
Storing events in Cosmos DB
Azure provides tools to create a Cosmos DB instance and to connect it to Blockchain Data Manager. This tutorial explains the steps to send data from Blockchain Data Manager to Cosmos DB. The first few steps are how to configure Blockchain Data Manager and add an application, which we already explained. The following steps are:
Create an Azure Cosmos DB account and add a database and container.
Create a Logic App to connect Event Grid to Azure Cosmos DB. We named ours consortium-events.
Add an Event Grid trigger that fires when an event happens, or a condition is met. In our case, the trigger is when a resource event occurs, for which we specified our Event Grid Topic.
Add a Cosmos DB action to create a document in Cosmos DB for each transaction. In this case, we used the message type as the partition key to categorize messages.
With this setup, we could capture events from our applications and view the data in an ordered manner.
Using events to get the function return value
There are two kinds of functions in a Solidity smart contract: calls and transactions. A call is a function that does not change the state of the blockchain, while a transaction does. For example, a function that just reads a value stored in the contract is a call, while one that updates its value is a transaction.
Any function in Solidity can have a return value. However, in Nethereum, only calls allow an application that uses the contract to access this value. As no state changes occur and, hence, no transactions, the return value is immediately available. Transactions, on the other hand, return a receipt, which contains details about the transaction, but not its return value. Transactions must be verified by the blockchain’s consensus mechanism, which makes the value not immediately available. See the Nethereum documentation for more information.
As a workaround to get the function’s return value from within a transaction, we can publish the function’s return value in an event. By doing this, the return value can be made available to any application that is listening to the event.
To run our solution, you will need to clone our repository here.
Then, you will need an Azure subscription (a free trial is available).
Finally, you will need an IDE. We used VS Code as our main one, although we also used Remix to test some things. Remix is an online IDE, which is very convenient for running quick tests.
Once in VS Code, we used the following required extensions:
In our scenario, we are passing the contract address (Basic Concepts [⁷]) as a parameter in all API calls for the sake and simplicity of it. The user id is being past to link the consumer to the operation and is used to obtain the user profile. We get this contract address as part of the result of the contract deployment. Unfortunately, the contract address is a 42-character hexadecimal number, which must be known to make any API calls involving smart contracts. In a real scenario, the user will not need to know the contract address. The user would be able to use a more user-friendly name, for example, the company’s name, to identify the smart contract.
Also, for simplicity, we have not secured our APIs. For a customer to call an API endpoint, they just need to provide an ID, which is used by the backend to obtain their Ethereum credentials from a database. In a real-world scenario, the APIs will require the customer to have an authorization token obtained through a login flow. Additionally, the customer’s credentials would be stored in a safer environment, such as a key vault.
In our solution we stored wallet’s passwords in a CosmosDB collection just for simplicity. In a real application, those wallet passwords should be stored properly in user profile encrypted and salted at least. Remember that those passwords can’t be changed or recovered.
A different approach: Logic Apps
Another approach could be using Logic Apps to act as entry points for our contracts. These allow calling contract functions through REST API requests.
Using the Logic Apps builder, the developer must specify input parameters and the smart contract functions that must be called. To reference the contract’s instance, the user must provide the contract’s ABI and bytecode (a hex code that includes the constructor logic and parameters of the smart contract, also known as constructor bytecode or creation bytecode). For all functions except contract deployment, the contract’s address must be provided as a query parameter in the endpoint’s URL.
We chose the Azure Functions approach over this one because it provides more capabilities. Moreover, the Ethereum Connector used in Logic Apps was deprecated last August.
To identify different customers in our distributed app, you can use our Consumer API, where creating a customer profile is as simple as running an Azure Function and it will be stored in a database with its name, email, id and key. This will create a wallet that will be associated to the customer.
Authenticating Contracts Using Whitelisted Role
To authenticate a contract (A) into another contract (B) we recommend using WhitelistedRole access control. It allows you to whitelist contract A and anyone who needs access. With this approach, there is no need to add anything into contract A for authenticating. Plus, the usage is like Ownable’s access control.
NFT Domains are hosted in a decentralised way and exist in a smart contract form, posted on the public blockchain. They include extensions that are valid mainly on the Ethereum and Polygon blockchain networks, like .nft, .crypto and others.
There are multiple benefits if you buy an NFT domain. For example, you can own it for life and you do not have to pay any fees. This allows you to retain a complete ownership of the domain and nobody else can assume this domain in Web 3.0. You also have the capability of using this domain the way you want to administer it, without any outside influence from big tech.
The primary method through which such domains are kept alive is to be stored on a cryptocurrency wallet that belongs solely to their owner. Once this owner gets such a domain, they obtain its full ownership, which allows them to sell it, create an NFT domain website in IFPS and modify it the way they want without any restrictions, compared to traditional domains.
Other benefits of of having an NFT domain include the following:
No one can register this domain or take it from you.
You can send it, sell it or transfer it to anyone.
You retain a complete control of the domain.
You can turn your cryptocurrency address into your NFT domain name, for example “yourwallet.wallet” instead of the long wallet combination ID.
Why Sell NFT Domains?
Selling NFT domains has its benefits and according to recent statistics it has seen a dramatic rise in demand. Unlike traditional NFT art, these domain names have an actual use and can be really beneficial for the users of web 3. This is what has turned them into a really successful business and there are a lot of people who purchase them for both personal use and to flip them. NFT domain flipping can bring you quite the profits if done right, because there are domains that can be sold from $10 all the way up to hundreds of thousands of dollars with most expensive domains reaching prices way of $100,000.
How to Buy and Sell an NFT Domain?
In order to be able to sell an NFT domain, you need to first know the technical aspect of the situation. This is why in this section we will show you how you can first buy such a domain and link it to your wallet and then how you can list it for sale.
For this guide, we will use the No. 1 NFT domain seller in the world right now, known as Unstoppable Domains. It is the largest service that is made to make it simpler for you to buy and mint an NFT domain over at marketplaces, like Opensea, which is currently the largest in the world. It has the following perks:
1. Simplify cryptocurrency addresses with NFT domains – Attach your BTC, ETH, LTC and 275+ other cryptocurrencies to your NFT domain
2. Login with your domain – A single, easy-to-remember username on the decentralised web
Step 1: Go over at Unstoppable Domains site and initiate a sign up or log in if you already have an account:
Step 2: Type a domain which you are interested in, in this case we will use an example domain for demonstration purposes:
Step 3: Choose among the suggested domains in case this one is occupied. You can also go to the last page, where you can find the cheapest ones in case you are on a budget.
Step 4: After you have selected your domain, go over to your cart to complete the purchase and add the domain to your Metamask wallet and your account.
Step 5: Choose the payment method via which you would like to get the NFT domain. You can choose between several different methods, depending on which one is convenient for you:
How to Sell an NFT Domain for Free?
If you have bought an NFT domain, you have now full ownership of it. This means that you have the freedom to do absolutely anything with it, including to sell it for profits, also known as NFT Domain flipping. You can also accredit it to a new wallet or use it as you own wallet name, for easier remembering and usage. Below we will show you how you can mint and list an NFT domain for sale.
Step 1: Go to Unstoppable Domains, and then from the home page, select Domains > My Domains. When you see your domain in the list, you can list it in the network by minting it using the “Free Mint” button:
Step 2: Confirm your e-mail address for security reasons (confirming your identity) by typing in the unique code you have received from Unstoppable Domains:
Step 3: Select the method via which you wish to mint the domain. This ties your domain to the crypto wallet and makes it possible for the domain to be sold on other platforms that are tied to the same wallet or work with it. Our recommendation is for you to go for the Metamask wallet as it is the safest and most widely adopted.
Step 4: Click the “I understand” tick box and then the “Confirm” button to mint it:
Now it is time to show you how to sell the domain. If you use Metamask or any other wallet that supports Opensea, you can create an Opensea account or log in your account using the Metamask wallet and when you do this, the domain should automatically appear on your items list:
Step 5: When you see it, you can open the NFT domain’s profile by clicking on it, which will take you to its own profile page:
Step 6: From this page, to list the domain for sale, you can go over at the top-right and click on Sell, which will take you to the selling page, where you can select the network you want to list it for sale in (Polygon is gas-less, which means no fee requested to sell it). You can select the parameters, the period for which you list this domain for sale and others:
Step 7: When you have selected all of the preferences, simply click on complete listing and. your domain will be listed for sale:
How to Choose NFT Domains to Make a Profit?
Now we will go over some basic strategies via which you can become a better trader of NFT domains. Unlike traditional NFT art, these domains are more valuable asset, and the main reason for that is because they have an actual application within the decentralized web. You can use them as names for your wallet, or you can create a web 3.0 website and publish it on the IPFS network. This is why choosing the right domain name is very critical, because it can make the difference between you becoming a successful trader or not. This is why we will go over some recently discovered research about statistics on which NFT domains are better and which ones you should be focused on investing in.
The research below is published by YouTube NFT domain expert Matt Garcia and aims to explain to you the most recent statistics concerning NFT domains and which ones sell better. In it, we will cover the following points:
Most sold NFT Domains based on the number of characters they have.
Most sold NFT Domains based on the number of words.
Most sold NFT Domains that are singular or plural.
Word types of NFT Domains that are mostly sold.
NFT Domains Mostly Sold By Number of Characters
Now the first thing we are going to look at is the number of NFT domains that are sold based on how many characters they have. This is important since it will help you make an informed decision on how long should the characters of the demand she will be investing it be. As mentioned before, the research that is conducted by YouTuber Matt Garcia returned the following statistics for the NFT domains sold based on how may characters they have:
Source: Matt Garcia (YouTube)
As you can see from these statistics, the most sought after NFT Domains have 6 characters with 20,8% of the total sales, followed by 4, 5 and 3 character names. This is very likely due to the simplicity of the domains when used in combination with Blockchain wallets. This is a very clear indicator that you should be targeting the domains you are investing somewhere within these limits.
NFT Domains Mostly Sold By Number of Words
Now let’s take a look at the domains that are sold, based on their word count. As you can see from the statistics below, expectedly the one-word domains are most sought after:
Source: Matt Garcia (YouTube)
There are a couple of factors that may be the influence this decision the buyers make, like simplicity, easy to remember, catchy and so on.
NFT Domains Mostly Sold Based on Being Singular or Plural
Now let’s take a look at the domains that are being sold, based on their word type – if it is singular or plural:
Source: Matt Garcia (YouTube)
As you can see from the analysis above, the most percentage of the NFT Domain names that are bought are mostly singular names with plural taking only about 19% of the sales. Of course there are different kinds of domain names, but it is only natural that users prefer to buy names that are singular, then plural.
Word Types of NFT Domains That Are Sold
Now let’s dig in a little deeper and see what kind of what types are the NFT domains that are bought:
Source: Matt Garcia (YouTube)
What is surprising by the statistics is that users who are interested in web three and NFT domains very keen on purchasing Emojis as domain names, as this is something new and fresh. About 14% of the sales go to Emoji names, while the leader expectedly are nouns as it usually turns out to be with regular domain names as well. Another thing that is not worth missing out on when investing is acronyms and adjectives as they take the 3rd and 4th places in buyers’ liking.
What Kinds & Terms Are Most Interesting When Buying NFT Domains
As you can see from the table below, users often choose different kinds of topics and types to register their domains. One thing not to miss is number domain names, which can drive the domain price very high up:
Source: Matt Garcia (YouTube)
Given that users have bought number type of domains, one possible strategy could be to register different types of easy to remember or popular numbers or even phone numbers of popular companies or people or something like that. Of course you have the freedom to choose any type of domain and as we can see from the statistics below different kinds of buyers prefer different types of NFT domain names and for different purposes as well.
What Are The Exceptions in NFT Domain Investing
Yes every rule has its exception, you should know that some demands are very popular, because they may be associated with different kinds of factors that influence their value externally. For example a new hype, a popular brand or a new kind of event that may occur, which may significantly drive the price of the domain up. The bottom line here is that you should really keep track of the new trends that are developing and make your investments accordingly.
Conclusion on Selling NFT Domains
Selling an NFT domain can be very profitable, but you really need to know what you are doing. The best selling domains are always the result of a deep and extensive research and informed decisions when investing in such domains. At the moment, there is a high demand for these domains and this is the right time you should start, but always be careful and do not buy just any domain you have a feeling will sell.
We hope you enjoyed this article and found it helpful. If you want the instructions in a video form, we are happy to announce that we have created a video guide on how to buy and sell NFT domains and you can check it out below:
Make sure to leave us a comment if you have any questions here or in the comment section in the channel. We will try to respond the best way we can to help you or simply talk NFT domains.
NFT Domains – FAQ
What Is an NFT Domain?
An NFT Domain represents a virtual web domain that is hosted in a decentralized manner in web 3.0 and runs in the form a smart contract, which is listed on the public Blockchain.
NFT domains include many domain extensions, that are new, such as .nft or .crypto, which are available on the Polygon and Ethereum blockchains.
How NFT Domain Works?
NFT Domains are hosted in a decentralised way. This means that there is no specific server doing the hosting, similar to what is Cloud Hosting, but with the difference of a clear decentralization across all of the devices supporting the blockchain.
This allows the owner of the domain to have a complete control over their domain with root permissions, unlike what you would have with traditional domains, making them the only ones in power to decide what they can do with the domain (make a web 3.0 website, flip it for profit, tie it to a wallet, etc.)
What are NFT Domains Used For?
Having no clear control due to decentralization allows NFT domains to have the following applications, when compared to traditional domains and web hosting:
1. They can make your long and boring crypto address short and easy to use by changing it using an NFT domain name instead. This works with most of the cryptocurrencies, including LTC, ETH and BTC.
2. Simple and easy to remember, making working with them a breeze.
3. You get a full control and ownership of the domain for life.
4. You pay only once when you get the domain to own it and there are no other hidden fees and monthly charges as it is not controlled by big tech.
5. There is no limit to how many NFT domains you can own and you can sell them very easily.
How to Get an NFT Domain?
In order to register NFT Domain to your name and then link it to your wallet, you should complete the following steps:
Step 1:Create an account at Unstoppable Domains.
Step 2:Type in the domain name you are interested in registering and you will get an extended list of suggested domains available at different prices.
Step 3:Choose your favourite among the suggested domains and add it to your cart.
Step 4: Open your cart from the website’s top-right hand corner and complete your purchase by selecting the payment method.
Extra Tip: Unstoppable Domains is by far the first and best platform for NFT domains so far, but you can also check other NFT Domain sellers if you are interested in other platforms or blockchains.
How to Mint NFT Domains for Free?
Below are the steps it takes to link your domain to your crypto wallet and mint it for free using Unstoppable Domains:
Step 1: Go to your profile on Unstoppable Domains. After your have purchased your domain, go to Domains – My Domains and you should see it there. Once there, click on the “Free Mint” button next to it.
Step 2: Make sure to confirm your e-mail address by entering the code sent to it as a security measure.
Step 3: Choose to which wallet you want to tie the domain to. If it is not supported, you should create a wallet on one of the supported platforms. We suggest using Metamask as it is the safest option.
Step 4: Click “I Understand” to confirm and the “Confirm” to mint your NFT domain.
Minting an NFT domain means making it a part of your wallet and owning it completely. You can later sell the domain for profit or use it to build a web 3.0 website.
Earnlytical – Leading DAO Development company provides high secured decentralized services to our valuable clients. Decentralized Autonomous Organizations(DAOs) is like a business club for the crypto enthusiasts that runs under the shared goal where each person in the club has equal rights in making all decisions.
Earnlytical a well known blockchain development company is now also expertise in developing a well organized and high performance DAO for our clients across the globe. Depending on the clients business requirements, we design and build a high level functioning DAO.
Introduction To DAO
Crypto space is continuing to occupy the headlines in the financial market conversation. The DAO experts claim that they are the next stage in a decentralized future. As the year 2021 was the year for NFTs, they year 2022 will be for DSOs.
There are various shifts in technology and the environment all across the world. In the future the work culture of the people may also change drastically. People will set minds in working manner like investing, gaming, content creation, etc. This mechanism will replace the traditional office working culture.
This technique will make people to main oneself independent with no controlling authority. This self-sustainable working environment will be developed up on various networks powered by blockchain. Our traditional work environment operates on the “work-to-earn” concept. But this new culture will operate on the basis of “create-to-earn”, “play-to-earn”, “contribute-to-earn”, etc.
For making them come into the action, we will need DAOs to make people explore and make profit.
What Is A DAO?
A Decentralized Autonomous Organization(DAO), also called Decentralized Autonomous Corporation(DAC) is a kind of organization that operates by rules encoded as a computer program. These are very transparent, controlled by the members of the organizations, and not governed by a central authority. Technically speaking, there is no centralized leadership. The transaction records and the program rules of a DAO are maintained on a blockchain. A decentralized autonomous organization is a work platform based on open-source codes. The blockchain networks and the smart contract based decentralized applications are mostly supported by DAOs.
The decisions in the organization are made on the basis of the member’s proposals. Each member in the organization can voluntarily vote for making any change inside the organization by giving the ability for everyone to make decisions. The majority of the votes will be calculated and implemented inside the smart contracts with the rules coded. So smart contracts are the core of the DAOs.
Why Do We Need A Decentralized Autonomous Organization?
There are many useful benefits for DAOs but one the main reason for the need of DAO is conviction between two parties. This is the major benefit of the DAO when compared to a traditional working environment.
In classic organization, trust is required more among the investors. But in the decentralized autonomous organizations, the code itself is enough to trust an investor as each action is going to be updated on the smart contracts only after the approval from the community members.
The community is fully transparent and verifiable. The internal problems are mostly solved smoothly via the voting system that has pre written rules in the smart contract.
How Does A DAO Work?
The organization’s core team will introduce the DAO rules with the use of smart contracts.
These smart contracts are visible and auditable by all the members in the organizations. The smart contracts are the groundwork for the DAOs.
To make decisions on different ways to receive funding, the DAO platform provides tokens.
The tokens offered will be helpful for making profit and fill the treasure. The protocol only allows the DOAs to sell the tokens.
The right to vote is offered to the members having tokens in return for the members holdings.
The launch of the DAO will be realyu after the completion of the funding. The code will be pushed to live and that cannot be modified. By voting method consensus can be done.
Do They Work In The Real World?
This new DAO concept is looking great on papers and working quiet well inside the world of cryptocurrency and defi. But how is it possible for real world corporations?. It is something to be desired.
These computer algorithms can predict the rise and fall of a product cost. But it cannot solve the problems that arise inside the factory. For example a worker strike. Here the power of DAOs can be understood. The AIs can’t account for it. The DAOs are also work great in handling fraud and security issues.
What are the Benefits of a DAO?
The below listed are some benefits of Decentralized Autonomous Organization:
It is a trustless platform, The Authority was not under CEO or management, users have partial ownership
Voting Mechanism allows users to make major decisions on the platform.
Completely Democratic environment
Fully transparency and open source
Root Supports Of DAO
These employees are who work completely full time for a project in an organization. The demand for these embedded employees will never decrease. Due to greater extent of software and smart contracts the contributors now tend to have fewer influence when compared to the past.
People who are specialists in the sectors like finance, engineering, designing, etc will serve in a large number of DAOs simultaneously. They do specific jobs with some bounds. They get revenue from the DAOs actions and activities.
The large number of activities and participation will make the network strong. The behaviors which will be beneficial to the network will be turned to profit. The participants will make money just by living online, shopping, etc.
This comes under the gaming concept. This is a revolutionary concept in the gaming industry as the people earn money just by playing games.
This is a new education concept in which the person gets profit for learning something instead of paying for learning something. THis happens when the person’s learning skill and knowledge gives value to the network.
Individuals with the internet and a crypto wallet can invest in high growth organizations. They become the investor in that enterprises. These investors are the key source of the income of the enterprise.
DAO Development Services
There are three main elements for the DAO Development Services. They are:
Centralized legal entity
Self-enforcing code also known as smart contracts,
Tokens for incentives for the validators.
The development process of a DAO will start from inclusion of all the features and functionalities in the projects and the smart contract will be created based on the discussion. Then the testing of the smart contracts will be done. Fundraising stage will take over and finally the launch on the client’s server.
Some of our DAO Development Services:
Node Development For DAO
DApp Development For DAO
Smart Contract Development For DAO
Features of a Decentralized Autonomous Network
Open Source Code
DAOs are formed by frames of codes that are independent & makers can create open source code that are easily accessible to each participant of DAO.
To maintain proper functioning of DAOs, the rules are coded as blockchain smart contracts which are executed automatically.