MyDNS is a DNS server that uses MySQL database to store all DNS information instead of the usual conf files such as "Bind" or "djbdns". The advantage that MyDNS offers over other settings is that it allows you to manage and modify DNS records through a web browser through its administration interface. MyDNS simply reads the database records, and does not need to be restarted when DNS records are changed or zones are created, edited or deleted, this is probably their biggest advantage.
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