Decentralized Naming On Bitcoin Network Proposed As Solution To Domain Security Issues

According to Cointelegraph, recent incidents involving centralized domain systems have highlighted significant security flaws, prompting discussions about decentralized alternatives. Mike Carson, founder of the Bitcoin-based naming project Spaces Protocol, argues that decentralized naming on the Bitcoin network could offer a more secure solution for domain names. Carson pointed to a recent attack on the Squarespace DNS registry on July 11, which affected over 100 crypto projects and exposed vulnerabilities that led to phishing attacks and financial losses. He believes this incident underscores the need for decentralized domains, particularly on Bitcoin, which he describes as the most secure and decentralized blockchain. Having extensive experience with domain registrars, Carson emphasized that domain names are digital assets that should be managed on a blockchain rather than by centralized third parties. He compared domain name registrars to banks, suggesting that individuals should not have to rely on third parties to secure their domains. He also cited instances of government censorship, such as the 2017 raid on DotCat (.cat) domains by the Spanish government, to illustrate the importance of decentralized domains. Carson, who has contributed to the Ethereum Name Service (ENS) and Handshake (HNS), believes that Bitcoin is the best solution for decentralized naming. He explained that Bitcoin's secure and decentralized proof-of-work blockchain makes it an ideal foundation for such a system. The Spaces Protocol, built on Bitcoin, adheres to cypherpunk ideals with no separate token, premine, or foundation, and requires no changes to the Bitcoin protocol. Carson also highlighted the scalability of the Spaces Protocol, which is designed to handle billions of names while maintaining a small footprint on the Bitcoin block space. He believes that decentralized naming could attract the next billion users to Bitcoin, noting that domain names and social media platforms have vast user bases. Carson concluded by stating that naming is as crucial as money for society, and Bitcoin's block space is valuable for its security and decentralization. He suggested that while Bitcoin's first significant application was as money, the next could be naming.