Tezos Domains allows you to associate domain names like alice.tez with addresses like
tz1VBLpuDKMoJuHRLZ4HrCgRuiLpEr7zZx2E and other information.
Domains can be used to associate an address, share an avatar, publish contact information and more. Wallets and other projects in the ecosystem will let you use domain names directly instead of addresses and show domain names where Tezos addresses would be normally.
The long term plan for Tezos Domains includes allowing websites to be built on Tezos Domains using decentralized content hosting like IPFS. This could serve as an alternative to traditional centralized solutions (i.e. DNS with centralized content hosting). Please stay tuned for futher updates on this.
The information you can currently associate with your domain include:
Once you register your domain, you will be able to change this data in the domain details screen.
By registering a domain you get control of your own personal namespace. You can create any number of subdomains and use it for different purposes. For example when owning acme.tez, the owner could create a structure like this:
Reverse record allow other users to see your registered domain instead of your long Tezos address. Reverse records can be set up from your domain details screen.