Solana is quick, modest and extremely clean when contrasted with dApps based on other blockchains. So when a DNS solution became possible on Solana, I needed to guarantee jamiefreyaknott.sol before any other person.
In this blogpost, we will examine a few critical purposes for buying this type of domain, a few distinctions and deficiencies when contrasted with UD (Unstoppable Domains) lastly, how to get one on the off chance that you decide. Let’s get things rolling.
Solana Naming Service with Bonfida
Why You Need a SOL Domain?
Current domain names are unified and overseen by ICANN. Companies like GoDaddy and Blackrock essentially lease these out to us and charge a yearly expense. While there is an element of ownership a person still has to go through someone else to acquire this “online real estate” know as a domain.
Decentralized domain spaces are unique. They move the proprietorship to the purchaser, with approval coming from the unchanging records on the blockchain.
You see web3 is about the genuine ownership of your assets. Furthermore, that is the very thing that items like Bonafida, ENS and UD are offering on numerous blockchains.
Using these domain names as your twitter handle and a more user-friendly wallet address are added bonuses.
How Does it Work?
It is fairly easy to make a .sol address with a small gas charge. The affordability of Solana allows for the acquisition of many domains especially in comparison to the ENS naming service on Ethereum.
Another feature with the Solana Naming Service is that Bonafida operates with a bidding process. When you choose to purchase a domain name, it is put on auction for the next 3 days. Assuming nobody outbids you, you are permitted to purchase the domain on the base cost. The idea behind this is to limit the ability to exploit the accumulation popular domain names.
How to Buy a SOL Domain?
Before you begin, there are a few things you should have in place:
Create a Phantom wallet account in step one. It’s a piece of cake. All you have to do now is go to THIS PAGE and install the extension on your browser.
After you’ve installed the extension, all you have to do now is sign up and follow the instructions. It will just request a password and need you to remember and re-enter a seed phrase.
Seed phrases are, once again, incredibly sensitive information. You lose your crypto if you lose or compromise your seed phrase. Forever!
The next step is to purchase $SOL on a centralized exchange such as CoinDCX or Coin Base. As you may be aware, gas fees are required for all decentralized transactions on the blockchain. This is done by $SOL in the Solana ecosystem.
You need about $25 worth of Solana for buying domain. This is assuming that no one outbids the domain that you have picked.
* Be aware that you can also use USDT (Tether) and the official Bonfida coin (FIDA) to purchase the .sol address as well.
Step 1: Transfer Solana to Phantom
In the past, we’ve transferred cryptocurrency from a Coinbase to wallets like Metamask. The procedure is the same in this case as well. Copy the depositing SOL address from your phantom (or Solflare) wallet.
Go to the Centralized Exchange where you bought this token and select the withdraw option. Enter the address you just copied, double-check the information, and complete the OTP formalities, and you’re done!
Transferring SOL is really cheap as compared to something like ETH.
Step 2: Choosing Your Domain
Go to Bonafida and select the domain name you want to purchase. There are four possibilities at this point.
A. The domain you selected is already in use. You can view the holder’s wallet address, but that’s all there is to it.
B. The domain may have been unclaimed but has already been auctioned. You simply pay the highest bid price and claim it at that point.
C. It’s possible that there was no auction for that domain. In such situation, you put the lowest possible bid (which varies by domain) and wait 72 hours to see if someone else outbids you.
D. The domain you desire is available for immediate purchase.
Step 3: Buying $FIDA for Auction
There is the option to trade $SOL for $FIDA but truthfully, it’s easier to utilize platforms like Coinbase and just purchase the needed amount of both coins in the beginning of the process. Exchanges like HotBit and Kraken allow for purchase and exchange of the $FIDA coin as well.
Step 4: Placing a Bid
This step in the process is pretty self-explanatory. Decide on the desired amount you are willing to place up and move forward to the next step in the process.
Step 5: Recheck and Claim
This is one area where web3 can improve. If you are outbid or the auction has concluded, you will not be notified. You must check and adjust your actions on a regular basis.
There was no other bidder for pandatechie.sol, so after three days, I just returned to the site and claimed the domain.
By claiming it, you are merely paying a little gas fee and transferring possession to yourself.
Transfer SOL Domain from One Wallet to Another
Once you have purchased a domain on the Solana blockchain from Bonfida you will have the ability to transfer this domain instantly to another wallet if you choose. This process is irreversible, and you should be sure you are prepared to make the change once you decided to proceed.
How To Send Crypto from One Wallet to Another
The most immediate obvious functionality behind the SOL domain is the ability to easily send crypto funds from one wallet to another by simply typing in the domain address which is connected to a corresponding Solana wallet. Currently, Solflare and Phantom recognize these domain names and will allow the transferring of funds with use of .SOL domain names.
Check out a quick tutorial on the transfer and transaction process for yourself below.