An Approach Adopting Ethereum as a Wallet Domain Name System within the Economy of Things Context

Abstract

The interest in blockchain technologies has been growing in the last years. Decentralization, scalability, and data integrity are characteristics that can solve problems in different application fields. However, some issues need to be addressed, aiming to facilitate using these systems. Every day the number of users increases, and the possibility of using multiple cryptocurrencies, with several wallets in each one, also brought an issue: How to manage all these addresses? This work proposes a novel architecture, named Wallet Domain Name System (WDNS), to handle several wallets and contracts in different blockchains. Using the Ethereum network to develop a DNS approach, the WDNS uses smart contracts to store and resolve domains and enable multiple subdomains that are managed by the users. Our work provides an open and free data architecture where any person and system can connect and consume. The initial tests showed an average transaction time of almost 15 seconds and a price of 3.30 USD plus 0.0012 USD per character for the domain requests. Also, the tests showed a fixed cost of 0.71 USD plus 1 USD per each synchronized instruction. Comparing the proposed domain price and the average renewal prices for internet domains makes it possible to ensure our proposal’s feasibility.