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In this link stark had suggested that I use IP address instead of a domain name. He had also suggested that, if your ip address changes dynamically then the dynamic update client will update the dns server. I have created an account in DynDns but am unable to understand its working.
My requirement is I want to use my machine as the server. Now will DynDns be able to provide me with IP address. Right now the I am using usb device to connect to the internet. Each time I plug it in and connect. I am provided with a public Ip Address. The problem here is that this Ip address changes each time I connect.
How will Dyn Dns solve my problem? I am stuck here.

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DynDNS provides you with a domain name. As long as the domain name always points to your IP address it will work.

The update client runs on your computer, and periodically checks your IP address. If it detects that your IP address has changed it updates your DynDNS account so that your domain points to your new IP address.

Because of this no matter what your IP address is your domain name should point to it. As long as the update client is running to detect when the IP address changes.

If you go with only an IP address, as mentioned in the post you linked to, you will need to change the IP address in whatever is connecting to the server every time your IP changes. it is usually much better to use a domain name, especially in cases where your IP address will always be changing.

DynDNS will provide you with a free domain name which can do what you need. You won't need to purchase anything from an ISP like GoDaddy.

EDIT As pointed out in the comments DynDNS no longer offers a free service. However another site offering a similar service for free is: http://www.no-ip.com/

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okay..What will dyndns charge me for if they provide a free domain name? –  Ashwin May 19 '12 at 7:51
    
Unfortunately DynDNS no longer provide a free service - as of Dec 2011 I believe prices start at $20/yr. –  w3d May 19 '12 at 15:25
    
w3d, thanks for the information. I have updated my answer to include a different provider of free dns services. –  Sherwin Flight May 19 '12 at 16:56
    
@w3d : Can I do every thing that Sherwin Flight has told in his answer about dyndns, in no-ip.com also. Like will it provide a dynamic update client. My machines ip address keeps changing. So I will need a client to detect this and map this IP address to the domain name. I am ready to spend money. I don't want any fancy domain names. –  Ashwin May 22 '12 at 6:44
    
@Ashwin : Yes, as far as I know, both DynDNS and no-ip provide the same core functionality. Their primary goal is to solve the problem of a changing IP address. Both provide an update client to inform the service of your updated IP address. Note that the free services probably only offer a free subdomain of one of their already registered domain names - so it's not too fancy. (Note also that some routers also support some of these services, which does away with the need for the update client - if you are always connected on the same LAN. Which, by the sounds of it, you might not be.) –  w3d May 22 '12 at 7:25
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