discuss Open and Transparent Domain name Auction system through Decentralized Blockchain Technology.

[Pat8]

Hello NP,

Since many days I have been thinking about this idea to auction domain names on Blockchain. It's not an idea but it's rather a solution to existing problem of "Public Auctions" that are "Not so Public" . I understand that we need to respect everyone's privacy but if an auction is done publicly each individual has the right to know who they are bidding against or atleast those who participate must have that information.

This is a major loophole that I find in domain names industry and again if we try to create a 3rd party for handling this situation we would end up at same point.

Hence, I propose a sytem of domain name auction implemented through Ethereum Blockchain by programming Ethereum smart contracts that are compatible to domain names.The currency of exchange would be ether.

It's not a farsighted goal that I am talking about, because there already has been some work done in the area of trading Non-Fungible goods on Blockchain and here is one such example : https://github.com/dob/auctionhouse.
Through NP, I wish to spread this idea of building a decentralised community based Domain Name Auction platform and to get feedback on the same.

Click here to view the doc that briefly explains the idea and I wish to know if anyone would be willing to take this up further.

Thanks,
PAT (Prathmesh)
LinkeIn : https://www.linkedin.com/in/prathmesh-tokekar

P.S.: Please let me know if there is any technical or grammatical error

 

[Kuffy]

I can't see the advantage over a conventional auction site.

 

[Pat8]

I can't see the advantage over a conventional auction site.

Shill Bidding would be reduced to large extent.
Lowest Commission rates due to very little Human Intervention.

 

[Kuffy]

I don't see how you can stop price running. Also, if you don't allow the seller to push the price, then you may lose a lot of sellers.

 

[Pat8]

Also, if you don't allow the seller to push the price, then you may lose a lot of sellers.

Seller pushing the price on auction is Shill bidding which is not Legal.

If it's a good Domain price would go up automatically.

 

[Kuffy]

Seller pushing the price on auction is Shill bidding which is not Legal.

Not legal in which country? It may be against the terms of the auction house, but even auctioneers take bids "off the wall" to increase the price.

 

[ikhub]

Shill Bidding would be reduced to large extent.
Lowest Commission rates due to very little Human Intervention.

+
How does the blockchain reduce shill bidding? Blockchain is supposed to be anonymous when it comes to identity, only the transaction is public. So anyone can easily still bid shill taking advantage of it.

 

[Furquan]

Blockchain it's self an anonymous project, I don't see it's going to help, if it's was going to help, then WanaCry ransomware racket got busted and all culprit was sitting behind the bar rather then cashing there all bitcoin.

As per my knowledge most of illegal money laundering are rooting via so called digital money. Bitcoin hit all time high after tension arises between north Korea and USA.

 

[Pat8]

How does the blockchain reduce shill bidding?

Blockchain it's self an anonymous project, I don't see it's going to help,

I agree to the point that Blockchain is itself anonymous ledger. But in recent times there are several projects working to build platforms on top of Blockchain which will help applications to end the anonymity.
Civic.com is one of the best example. In fact you can check this API doc which states how easily you can authenticate identities.:https://docs.civic.com/api/index.html#Introduction

Not just Civic but there are various new projects that are being build to authenticate Identities over Blockchain. You can check these projects by just Googling "KYC on Blockchain".

Another fact to note is that coin Exchanges that have KYC compulsory can provide the verified information of the account related to an address because they have it stored in their Database.
We can easily partner with them to outsource KYC .

 

[vkkan]

Have you seen domraider? They have something like that

 

[Rob Monster]

This post from @Pat8 was from 2017. Within 24 hours of hiring him, I knew he was gifted. What I did not know is that he was also visionary. Young guy with a very bright future. Watch this guy.