Unfortunately, you can’t really do DNS in a decentralized manner as the concept is based on a hirarchy.

You very much can! As long as you understand that every . is a new level of hierarchy. And that hierarchy can be arranged, in any manner one desires. You can even have a different . as the root.

For example, you can be THE ROOT for all .stoy domains. You just have to get others to honor that, and ask you for addresses of anything in .stoy’s inventory. Of course, they can all tell you to piss off, and instead trust someone else is the true owner of .stoy.

And, honestly? Nothing at all is wrong with that!

What is wrong is right now, EVERYONE agrees that a handful of never-changing owners of .com, .org, .net domains (And other TLDs) is THE ONE TRUE ANSWER FOR US ALL. I didn’t agree to that. Did you? Do you enjoy Verisign being the one true keeper of .com?