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.
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.”