AMSTERDAM, Oct. 21, 2017 /PRNewswire/ — Undeveloped, the fastest growing domain marketplace, has announced to enable all market features of the domain industry on the blockchain.
“Every single month 8 million new businesses get started that bump into the same problems when trying to find the right brand for their business. In the current market, it’s not a given that both sides of the table will effectively find each other, trust each other and transact together. There are just too many barriers and hurdles to overcome. We firmly believe that the industry is ripe for disruption and that this is the right time to change the domain industry as you know it today. Change through disruptive innovation is the only way change can have a truly significant impact. It’s sheer disruption, not mere incremental changes that can bring forward the industry that we all care about,” said Reza Sardeha, the CEO of Undeveloped.com.
The company aims to introduce the following innovations by harnessing the power of the blockchain:
No more long, complex and painful transactions
By adopting blockchain to automate all processes required to facilitate transactions (escrow), Undeveloped is about to make (close to) instant transactions the new norm in the market. This paves the way for our vision to introduce BaaS, Brands as a Service, because we can finally use blockchain to make this scale without any limitations. Learn more about BaaS here.
Flexible domain use
Undeveloped mentioned being fed up with seeing 147,000,000 domains scattered all over the internet, not being used at all for years. The company wants to put these names to use and get them activated by a startup or an ambitious developer looking to build something new. In the end, it’s all about democratizing access to quality brands. By introducing smart contracts between one or more parties, new businesses can set up a transaction for a domain purchase for an hour, a day, a week or 6 months for example.
“Renting shop space in a high traffic area is the standard for shop owners. Why do you per se have to buy the perfect brand for your business for four, five, six or seven figures? Quality domains have become unreachable for starters. We can make them accessible & above all affordable again,” said Reza Sardeha, the CEO of Undeveloped.com.
Unique Activity Reward Engine, powered by the Web cryptocurrency
Undeveloped has developed its own crypto-currency called the Web token. Web tokens are a cross-platform enabled utility token, that will be the centerpiece of the platform.
By incentivizing activity on Undeveloped’s platform we encourage users to engage in transactions and, in turn, reward them with our utility token. 50% of the 1,000,000,000 web tokens that we’re making available will only be harvestable by customer activity. We chose to not make our tokens mineable because the big mining companies with extensive resources eventually will dominate the market and that’s not per se the most democratic way to go for.
Web tokens can be used for…
- Trading on public exchanges like BitThumb, Poloniex & Kraken
- Purchases on partner sites (registrars, hosting providers etc)
- And of course for transactions on Undeveloped
The company will announce the exact date of their utility token sale soon.
Fractional domain ownership
Domains are currently illiquid assets. Undeveloped aims to change that. Anyone will be able to invest in premium domains and entire domain portfolios after the company introduces fractional domain ownership. This can lead to the inception of the first stock exchange for domains. The core innovation here is that multiple parties can legally own or represent a domain, brand package or portfolio. This can also create the path forward for crowdsourced domain purchases (ask your friends and family to help you acquire the right name for example) and more.
The company also announced to be entertaining partnerships with other industry players to join Undeveloped in their path to disrupt the domain industry. Undeveloped aims to make the Web token the standard de facto currency used to purchase web related services like domains and hosting.
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