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.
For more information please contact us via
support@undeveloped.com - interview requests will be assigned to
the right representative automatically.
Related Files
Undeveloped-BaaS-blog-version.pdf
Related Links
Undeveloped's Blog
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SOURCE Undeveloped.com