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Finech firm Dynatiq, which aims to decentralize the domain name and website industry via its blockchain-based marketplace, has announced a token generation event for April 25th, 2018.
Attempting to move away from the centralized hegemony of the current domain name infrastructure that exists globally, Dynatiq is aiming to be part of the new backbone for the domain industry.
The growing industry with tremendous commercial value
This year, almost 400 million new internet users were recorded since the last figure of 3.42 billion in 2016, together with recording 6.58 billion Google searches every day. While Asians continue to make up the numbers, their majority saw a slight drop from 50.1% to 49.7%, but still virtually half of all users globally. In Europe, this figure is 17%, while Latin America and Africa are close to 10.4% and 10% respectively. North American users only made up 8.2% of overall figures.
Taken into comparison by country, China’s 738 million users are about two and a half times that of the 287 million users from the US. Russia, meanwhile has almost 110 million users, while the region of Latin America lags behind with 18.5 million users. However, America records the highest rate of penetration, with 88.1% of its population having access.
In terms of commercial value, digital marketing will bring in revenues in excess of $237 billion throughout the world this year. Search engine advertisements remain the most popular form of digital ads, and this year, marketers will spend $113 billion on that.
All this translates to a burgeoning market of domain name registrations. In the first quarter of last year alone, 1.3 million new domain names were registered, up 3.7% from the same period in 2016. Popular .com and .net domains still lead the pack, together making a total of 143.6 domain names registered by the end of 2017.
An industry in need of change
With concerns over privacy continuing to build up globally, and a worry from the mounds of personal data stored on centralized servers, Dynatiq hopes that its platform will be the first step to protecting data and personal privacy since domain name registrations are the initial process of having an online presence for businesses.
Using the transparency and security afforded by blockchain, data is stored in a decentralized manner of distributed storage.
Dynatiq’s marketplace also features the innovative use of escrow, which offers the advantage of assurance and protection for all parties involved in transacting on the marketplace. Both buyers and sellers of websites and domain names are protected from fraud and have an open platform to settle potential disputes.
The marketplace will also allow for transparent ratings of products and services, much like a typical online review, except that Dynatiq’s method allows for a fair and transparent reviewing process, ensuring that only trusted users are able to give feedback.
Particularly during its crowdfunding stage, Dynatiq will also give an option for the general public to acquire new tokens via a staking process. All funds raised will contribute a certain percentage to an operations pool, which will award tokens to merchants, used as rewards to give out to customers.
Customers who transact with participating merchants will gain rewards in the form of tokens, which they can either redeem or trade on the open market.
Tokens will be available for use once the Dynatic platform has launched.