Chairman of the Board and Chief Executive Officer at VeriSign
Oh, good question. Thanks Ygal. Yeah, well, this is really a positive development for the DNS. First of all, I don't want to speak for either ENS, of course, or Godaddy, but what they did is make it easier to link a domain name to a blockchain address. So it's a very positive development for the DNS, and it reinforces the utility of a domain name and the already strong value proposition of a domain name.
We've spoken here for years about domain names as a stable global identifier -- a unique, stable global identifier that that's the role it can play. And the reason we think a domain name is the best way to obtain such a unique identifier is because of the reliability, the maturity of the underlying infrastructure like the part that we operate, the well governed, well regulated space that determines registrars and registries are well regulated in how they behave, how they serve up IP addresses, what they have to do. That's all part of our contract, that's part of our requirement to perform 24/7 without fail.
So they announced that domain names can be easily linked to ENS identifiers. ENS identifiers are typically linked to wallets holding cryptocurrencies. They're usually a difficult, unintelligible string of characters, and there are other uses of ENS identifiers, but cryptocurrency wallets are a very common one.
So basically, being able to link your domain name to it is basically using this domain name and tapping the DNS space with its globally unique and stable identifier, all the benefits and the security that's associated with it linking to blockchain spaces. I think is a smart move and really good. It adds more utility and I think significantly more value to domain names. And the linkage itself benefits from the cryptographic strengths of the DNS. Like DNS sec, the domain name system security extensions.
So the ownership, the provenance, the resolution of a domain name all benefit from the underlying DNS Sec cryptographic protections, the strong public key infrastructure based things. You don't see a lot of this work that we do. And I think many of you probably know that my previous company, RSA, basically invented a form of public key cryptography and build out infrastructure that was Verisign 1.0.
And so this underlying secure, reliable infrastructure along with a well governed space is why people are navigating with the DNS. It's reliable, you're going to get where you want to go, and the ability to get a domain name, register it, and have it activated and have it resolved is also well regulated. So having basically a unique, strong global identifier that you can use for all of the coming services and applications as we get more connected, more active, is a tremendous benefit. It's almost like that magical single password you can use everywhere in the world. Wouldn't that be a dream come true for a lot of Internet users?
In a way, a global, unique, stable identifier gives you that. And so this is actually a new Web 3.0 type of application, realizing that there's a stable and secure base out there that you can link to and get all the advantages of it, and let people use those identifiers they already have. So we think this is really good news.