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I think it makes a lot of sense to build a DNS system using contacts. Names can be auctioned off and given automatically to the highest bidder. It is also possi
by RexetBlell 9y ago
I think it makes a lot of sense to build a DNS system using contacts. Names can be auctioned off and given automatically to the highest bidder. It is also possible to set up a contract where you could trustlessly sell names. "Send $200 to an address and you will get the name". This solves the prisoners dilemma that is mentioned in the video at least for your dns addresses. There is an auction like this in progress already, and you can participate now if you like http://ens.domains http://ens.domains
- zilchers 9y agoYa, that's not a bad point, I guess really any completely virtual item that distributes on a first come, first serve basis could work. That's sort of a generalization of bitcoin itself (if you think of the proof of work is a first come claim on the new bitcoins).
- RexetBlell 9y agoYou could do even more interesting things than that trustlessly. For example say, you own a valuable domain. You could borrow money and use the domain as collateral. If you do pay back, or stop making monthly payments the domain is automatically and trustlessly transferred to the lender. Or it can be put up for a trustless public auction with the proceeds going to lender to repay the loan and the rest to you, the ex-owner of the domain who failed to pay back his loan. The cool thing is that it's possible to build all of this today and people are working on it right now.