Analyzing Decentralized Ecological Credential Products Bridging the Web2 and Web3 Gap

With the ongoing development of the Web3 industry, decentralized identity systems are becoming increasingly recognized and necessary. Since 2022, domain systems such as ENS (Ethereum Name Service) have gained widespread popularity.

The Web3.com project was subsequently established, with its flagship product, Web3ite Pass, being designed as an ecological credential that links the Web2 and Web3 worlds. It is an NFT issued on the Ethereum mainnet, adhering to the ERC721 standard. The term "Web3ite" is a combination of "Web3" and "Website," symbolizing the amalgamation of Web3 and traditional systems.

This article provides an all-encompassing comparison of Web3ite Pass and ENS, examining various aspects such as technical solutions, application scenarios, and future prospects.

ENS (Ethereum Name Service)

The Ethereum Name Service, or ENS, is a decentralized and scalable naming system based on the Ethereum blockchain. It provides a secure and decentralized solution for addressing both on-chain and off-chain resources through human-readable mapping names.

1. Decentralized Domain Name Service

   ENS offers a decentralized domain name service that is similar to internet URLs with the ".eth" suffix. This eliminates the need to enter a long and error-prone address, like - 0x329909A567b87b6123462c3062e8438BBB75c2c6 when transferring funds on the blockchain. Instead, users can enter a memorable combination of letters, such as "abcd.eth," to transfer funds to a particular address.

   
   

2. Decentralized Website (links to traditional domain name)

   Since its creation in 2017, ENS has evolved from simple Ethereum address mapping to supporting IP address mapping on the internet. This decentralized mapping management frees users from domain name resolution tasks.

   
   

3. DID (Decentralized Identity)

   Users can also add personal information to their ENS records and save them on the ETH blockchain, creating a decentralized identity.

   
   

ENS is a fundamental service in the Ethereum and future blockchain ecosystems. It is expected that every active individual in the Ethereum ecosystem will have at least one ENS domain name. ENS domain names are meaningful symbols for both companies and individuals and will become a significant part of the future metaverse space.

Currently, ENS is the most widely integrated blockchain naming standard, with a vast number of 2.8 million domains and 649k user communities.

Web3ite Pass

Web3ite Pass is an ecosystem credential developed by Web3.com that serves as a link between the Web2 and Web3 worlds. Each Web3ite Pass corresponds to a third-level domain on Web3.com, such as "bitcoin.Web3.com" for the Web3ite Pass named "bitcoin." Once users select a name and mint a Web3ite Pass NFT, they can enjoy the following benefits:

1. A showcase homepage with a Web3.com third-level domain as the address

Users who possess a Web3ite Pass can create and edit a third-level domain page with the same name as the Pass on Web3.com. They can use this page as a digital business card with integrated links and additional information. The Web3.com domain serves as the access link for the card, which has a unique display value and is easy to remember, suitable for personal users and projects/organizations in the Web3 space. It can also serve as a curated display page for specific theme content. Users can edit and display profiles, introductions, blockchain addresses, social links, and other information on the page, achieving the basic functions of a digital business card. In the future, enriched display content will be expanded according to different needs perspectives, individual users, and projects/organizations, including multi-dimensional information both on-chain and off-chain.

2. An on-chain domain name as an identity symbol.

Web3.com is a traditional DNS domain name and is not registered on the blockchain. However, with the help of some existing on-chain infrastructure (such as ENS), a bridge to the blockchain has been built for traditional domain names.

On the Ethereum mainnet, Web3.com will be registered on the ENS protocol. Web3ite Pass holders can use the third-level domain name corresponding to their Pass as an on-chain identity name in applications that support ENS. For example, entering "yourname.Web3.com" in the address field of a wallet can transfer funds to the wallet address corresponding to the Pass, providing a product experience similar to that of ENS domain name transfers.

However, Web3ite Pass is not limited to the Ethereum mainnet, and we will continue to explore its deployment on other blockchains. This means that Web3ite Pass will build an identity marker that integrates multi-chain data information and serves individual and project/organization users.

3. Web3 Mailbox

Committed to connecting the Web2 and Web3 worlds, we will open Web3 Mailbox services in the future, and holding a Web3ite Pass will qualify users to obtain an exclusive mailbox with the same name.

The traditional domain name system is an essential infrastructure in the internet world, with wide consensus and value recognition. We believe that Web3 cannot and should not ignore this consensus. Therefore, Web3ite Pass attempts to integrate the consensus of traditional domain names in the off-chain world into Web3 and endows it with new value relying on the characteristics of Web3. We will continue to explore more product forms to give Web3ite Pass more value, bringing better integration and development.

Product Comparison

When comparing the on-chain functions, Web3ite Pass is similar to ENS and other on-chain domain names, but its distinguishing feature is the strengthened connection between on-chain and off-chain information. The off-chain display homepage and on-chain domain name functions complement each other, with the authorization and authentication information on the display page enriching the identity information of the on-chain domain name.

Here are two examples to illustrate this point:

• Firstly, when obtaining information about a transaction record through a block explorer or other means, it may be desirable to know who owns the address associated with the transaction. If the transaction sender wishes to disclose their identity, using a Web3.com domain name is a good choice, as others can easily access the Web3.com display page to learn about the owner of the address.

  
  

• Secondly, in interactions with smart contracts, there is a risk of accidental operations or phishing contracts. If a project's smart contract address uses a Web3ite Pass domain name, users can conveniently access the domain name display page during interactions and verify the authenticity of the smart contract through the authorization and authentication information on the display page, protecting their assets.

These two examples demonstrate the benefits of connecting on-chain and off-chain information, and the significance of bringing consensus mechanisms that have been established in the current internet into the Web3 world.

Conclusion

ENS is a service that allows the mapping of Ethereum addresses to easy-to-remember combinations of letters. The service has been developed for over five years and has millions of registered domains, offering fast and convenient domain name services to users in the Ethereum ecosystem. ENS is fully decentralized and operates entirely on-chain. The service is also attempting to register the .eth top-level domain with ICANN to integrate ENS into the wider internet consensus system.

Web3ite Pass, on the other hand, is not a direct competitor to ENS. Instead, the service leverages ENS and other on-chain infrastructure to bring the existing Web2 domain name ecosystem and consensus into the decentralized Web3 world. This approach provides a complete domain name and identity system, along with information aggregation products that bridge the gap between Web2 and Web3. Web3ite Pass aims to become a Web3 portal, facilitating the transition of more Web2 users into the Web3 world.