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I have only skimmed the whitepaper, but I did not notice any mention of handling of the loss of the private key.

Sooner or later, any servers get hacked, and attackers can get the private data stored there. If this happens, is there any way to recover the TLD? Or are we going to end up with a network where many names point to ransomware pages?

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To update DNS records, you need to submit a valid transaction to the network. People generally do not keep their keys connected to the internet to prevent this type of problem. It is possible to use Bitcoin Script to describe policies regarding updating the DNS records, ie a 2 of 3 multisig to update.

There’s a mechanism that prevents this. If your key is stolen you can submit a transaction that opens your key for public auction again, so an attacker would have to outbid you in the auction to win the name. This will prevent most ransom attacks.

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