4 ms·
> A very simple example is a domain name. Outside of blockchain networks, we have no mechanism for non-custodial ownership and peer-to-peer transfer of a domain
by scott_w 4y ago
> A very simple example is a domain name. Outside of blockchain networks, we have no mechanism for non-custodial ownership and peer-to-peer transfer of a domain name asset - like you would exchange cash where two parties simply swap the bills directly without the need for a third-party to oversee the exchange and potentially extract rent.
Prove it’s a problem
- whatisweb3 4y agoUser Alice and Bob want to swap domain names they own, but using an escrow to facilitate the trade safely and mitigate counterparty risk - and they want to do this instantly, without sharing private data online, and without paying a % commission to a rent extracting corporate third party entity. Blockchain enables this use case, for a small fixed fee that is directed to users upholding the protocol - which may include Alice and Bob themselves as token holders and block producers.