Undeveloped adopts blockchain and will release tokens, commission decreases to 9%

Undeveloped announced today that they are adopting blockchain technology and will soon release Undeveloped tokens.

“We’re convinced that the future of the domain industry lies in the blockchain and Undeveloped is taking a major step to guide this transition.”

50% of the Web tokens can only be harvested by user activity such as parking your domains with Undeveloped. You will be able to use these tokens to register, renew or buy domains.

Effectively from next week, the standard commission at Undeveloped will decrease from 15% to 9%. Once they have implemented the first roadmap items after the token sale, you can expect commission to further decrease. In the past 3 months, the number of parked domains at Undeveloped has doubled.

Undeveloped’s ultimate goal is to experiment with a new organizational structure by turning Undeveloped into a non-profit organization:

“By doing this we can provide you with more value and focus on making the Web token the standard defacto currency used for Web related services on both Undeveloped and beyond.”

Undeveloped even has more plans. Undeveloped aims to remove the middleman (the escrow provider in this case) so they automate all domain, brand & IP transfer transactions from one party to
another. By adopting blockchain to automate all processes required to facilitate transactions (escrow), Undeveloped want to make (close to) instant transactions the new norm in the market. They also want to introduce flexible domain use, an all-in-one market, making the primary market less fragmented (Register, renew, buy, lease, rent and sell domains in all extensions in the world at cost price, for ever.), fractional domain ownership, etc.

The exact launch date of our token sale will be announced in the coming days. Read here the in-depth blog post about all the Undeveloped plans.

Here is some more information on blockchain and tokens by Undeveloped:

“As Undeveloped has adopted blockchain technology, we’re also creating our cross-platform enabled cryptocurrency that will be positioned at the center of Undeveloped. Check out our blog post for more details about our token.

50% of the Web tokens can only be harvested by user activity. By for example parking your domains with us, you’ll be able to get free Web tokens that you can use to register, renew or buy domains. This, of course, decreases your dependency as a domainer on PPC income.

The exact launch date of our token sale will be announced in the coming days. However, from today on, you can already start reaping the benefits of us going in this route.

Here’s why:

All Undeveloped users that park their domains with us (counted from the end date of the token sale for at least 6 months) will get free Web tokens.

Example reward calculation:

Let’s say we raise $40M in our token sale and at the end of the token sale we count a total of 1,000,000 domains that are parked with us.

We then distribute 5% (50,000,000) of the total tokens we make available to the owners of those domains. No strings attached.

Let’s take Nils. He’s actually Undeveloped’s very first seller. Nils parks 27,000 domains with us and would get (27,000/1,000,000) = (0.027) * 50,000,000 = 135,000 Web coins.

This means that, with the initial value of $0,10 after six months, the net value of nils’ Web tokens will be $13,500.”

Sold.Domains

About Konstantinos Zournas

Konstantinos studied Computer Engineering and Computer Science in London and lives in Athens, Greece. He works on domain names, websites and software development. Has been online since 1995 & domaining since 2002.

14 comments

  1. Can I trade in Epik Bucks for these? lol

    Brad

    • Or try MasterBucks!

      https://www.masterbucks.com/about/

      Just dont use identity.net like they say, as it links to a parked page so all your personal info is already gone.

      Kosta why are you not calling out all these bums

      • @Bill Kara,

        In private, I invited you to apologize for maligning me and my coworkers as “bums”. Instead, you doubled down and accused me and everyone else at Epik of “scamming people out of money”. When I asked what on earth that meant, you proceeded to yowl and howl about “facts [being on your] side”, even though you presented no details whatsoever, only raving about how corrupt people (like me?) “sleep with dogs and wake with flees” [sic].

        This is all very confusing, not least because you confusedly assume that everybody at Epik works for DigitalTown. (Not true. DigitalTown is an Epik customer.)
        Likewise because, as you say, you’ve never been an Epik customer yourself. Ignorance about our company, of course, didn’t prevent you from confidently proclaiming us to be a “bum register for second rate domains” … whatever that means.

        Now endeavoring to respond, Bill, I find that you have “unfriended” me on LinkedIn, which caused 2 big teardrops to roll down my cheeks. : ( . Seriously, though, that seems a juvenile and cowardly way to avoid responsibility for your words. What’s more, it forces me to respond to you now in public for all to see.

        To be clear, Bill, I have never cheated anybody. I’d sooner take a bullet between the eyes than steal a penny. Before you attack my coworkers – whom you’ve never met – or me again in public, please remember that your money is no substitute for manners. Also, consider that once you kick an innocent person in the teeth, they might respond.

        If, apart from slander and innuendo, you have any concerns that you can actually articulate, Bill, you are welcome to contact me; and I will attempt to address them. Posting your paranoid accusations online is, of course, an option too. But unless you tell me that you’ve done so, I’m unlikely to notice, since I’m busy helping Epik customers and working to improve our products and services. Though nothing short of Bill Karamouzis in this world is perfect, we really do our best to come close.

    • Web Token . Cool name brah

  2. Hello Konstantinos,

    The Bitcoin/BlockChain Fad comes at a time when people are throwing money at fundamental gambling ploys. We are warning Domainers and our clients STEER CLEAR! We may be wrong on this, but we don’t buy the enchilada.
    JAS / Former (Rockefeller I.B.E.C. Marketing Intelligence Analyst/Strategist) (Licensed C.B.O.E. Commodity Hedge Strategist.)

    • Hello Comstantinos,

      The Bitcoin/BlockChain Fad is just another Marketing Ploy where the Marketers make money and the Investors lose money. Why Gamble when you can buy Prime .COM Equimoddity Platform Assets at 1/10 of their future valuations ???
      JAS / Former (Rockefeller I.B.E.C. Marketing Intelligence Analyst/Strategist) (Licensed C.B.O.E. Commodity Hedge Strategist.)

  3. That’s an interesting way to promote and acquire new parking customers. Would the currency just have an in-house value at first? What if the ability to cash-out later is delayed or no longer available, what happens to the in-house currency then? If the currency remains in-house, what can it be used to buy/exchange with to be more appealing to customers?

    • Thanks for bringing up these questions. The Web token won’t only have in-house value at Undeveloped. For any cryptocurrency to thrive beyond pure speculation, you need to focus on your currency liquidity (trade) and value increasing mechanisms. We see this lacking in the current crypto market as 90% of the existing cryptocurrencies have design flaws from day one and too much of the price fluctuations are based on pure speculations.

      With that in mind, we carefully designed our Web token to have a function within our ecosystem but also beyond. At Undeveloped the token can be used for any transaction type we offer. So you can buy domains with the market value of the token which is determined by the public exchanges the token will be listed on, but later you can also register domains, renew domains, buy hosting and so on with the token.

      Because the token is a cryptocurrency, no transactional fees will be charged, which also gives users a strong incentive to use the Web token to transact on Undeveloped and outside of Undeveloped.

      We’re not planning to make it an in-house token only. We’ve already started talks with medium-sized to big partners to make sure the token can also be used for transactions outside our platform.

      Now, as I said above we also need to make sure that people will trade the token on exchanges, to make sure there’s movement/liquidity in the currency. To accomplish that, we’re going to distribute a large part of our net revenue to our token holders. The better the business performs (getting new clients on board by providing them incentives also fuels this), the more significant the revenue share with our token holders will be. This inherently leads to more people getting interested in wanting to buy Web tokens as an investment and there you go, you have a liquid currency with a strong use case combined with the right mechanism to ensure that the value of the token increases.

      Also the fact that we only allow 50% of all Web coins to be harvested by user activity on Undeveloped we can further incentivize buyers and sellers to use our platform over others and allow us to fuel growth on all fronts mentioned above.

      We’re not interested to build an in-house credit system where our users can use proceeds from sales to just spend more money on the platform instead of taking that cash out of the platform. That’s a model that plenty of registrars already use.

      Web token can be traded on the first exchanges right after the token sale is concluded. So any token holder can already sell their tokens on the public market as soon as the token sale is concluded.

      The token sale itself is the least interesting aspect of what we’re doing. Developing the blockchain items we described require heavy investments from us. The token sale is a way to fund those activities as we’re now going in this route. Post token sale we’re also turning Undeveloped into a non-profit organization so all current Undeveloped shareholders will only receive an upside if we succeed in making the Web token liquid and increase in value. Undeveloped’s management will focus strongly on growing the business, increasing the adoption of the Web token and to drive liquidity. That’s the right way to do it.

      I think we have a unique position in the market. A strong foundation is already set. We now need to execute our strategy effectively so the Web token, which is our centerpiece, will find its way into becoming one of the most successful cryptocurrencies out there.

      Most cryptocurrencies out there today don’t have the commercial side, which is a weakness for the long term as the speculation bubble will burst. Just like when the dot-com boom happened. The better companies survived back then, same will happen in the crypto world. We aim to make the Web token one of the better currencies out there that won’t be impacted only solely by speculation.

      Take care,
      Reza

      • Domaining is Great

        Reza, interesting. are you tying a mathematical equation to it ? with limited possible answers ?

  4. Dont think it will work, its just waste of time and money from undeveloped.End users dont buy tokens, they want to pay for one domain and be done. Domainer market is really small, hope they ran the analysis before putting in effort into this.

    • Hi Jin,

      No worries, buyers will still be able to pay with the normal sources they’re used to like Paypal, CC and bank wires. But next to those options they’ll simply get additional options like BTC, ETH and our own Web tokens.

      Kind regards,
      Reza

      • Two Slit Experiment in Domaining

        Do you not need a mathematical equation, otherwise it wont by any different than RSA !?

  5. @Reza,

    Intriguing new feature.

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