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Rationale
A naming system is an essential aspect of mass adoption and the overall improvement of the user experience when using decentralized applications built on the blockchain. This necessity comes from the fact that blockchain wallet addresses are not easy to remember. By connecting human-readable names to user addresses we can facilitate between members of the community and increase the chance of newcomers to remain in the space.
We strongly believe that a naming service should be community-driven and free. Unfortunately, letting everyone claim a domain for free without compromising the security and overall user experience of the community is not achievable. If minting is free there is a high chance that squatters will claim a sizeable amount of domains effectively disrupting and monopolizing the ecosystem.
To prevent domain squatting we decided to adopt the strategy used by the famous name service domain on the Ethereum blockchain. We will add a reasonable minting fee for each domain that the users want to claim. This will ensure that the minting is affordable for anyone and at the same time will render it non-convenient for squatters to claim a huge amount of domains. More information about the pricing model can be found in the pricing section.
Last modified 1yr ago