On September 30, Nametoken, the Ethereum blockchain network-based decentralized domain ecosystem and hosting service provider, is set to conduct its initial coin offering (ICO) to distribute 90 percent of its native token NAT.
Over the past few years, in spite of the work of leading domain and hosting service providers such as Namecheap and Bluehost, the domain market and hosting industry have struggled to scale efficiently. Security issues around domain hijacking and theft have also become difficult problems for both hosting service providers and domain owners.
Essentially, Nametoken’s decentralized ecosystem and domain marketplace launched on top of the immutable blockchain protocol of Ethereum creates unalterable and secure databases of domain names and identities that make it virtually impossible for hackers to breach.
More to that, the utilization of smart contracts and automation of escrow transactions for the facilitation of domain purchasing and selling with Nametoken’s native token NAT, the Nametoken development team has managed to design a secure, efficient and practical platform for the domain and web hosting market.
“All funds are stored in smart contracts, allowing fast and automated payments – eliminating counterparty risk. With no human intervention there is no human error! The secret weapon: Our proven domain appraisal algorithm combined with user generated big data. Only domains of interest will be shown to domain buyers – earn nametokens for voting and data maintenance,” stated the Nametoken team.
According to various sources, even premium 2 to 3 character domains such as HRI.com, ASZ.com, 988.com, OLP.com, FDE.com, EOL.com, NNN.com, WOK.com, WTV.com, JOL.com, Tang.com, Zhang.com and 864.com have been stolen over the past few months, due to the lack of domain protection and immutable ledger for domain identity storeage.
The decentralized and immutable nature of the Ethereum blockchain network also prevents central servers from being switched off, similar to how decentralized applications built and launched on top of the Ethereum protocol can’t be shut down by central entities.
Upon the closure of its Nametoken crowdsale or token sale on September 30, the company intends to purchase domains by October and begin beta testing of the platform by quarter 1 of 2018. By the end of 2018, the Nametoken development team will implement its application and become ready to fully launch the Nametoken domain and hosting platform.
In regard to the experience of the Nametoken team and its advisors, the Nametoken team emphasized that the team is formed by experts that have been involved in the domain and hosting industries for the past 20 years.
“The team has over 20 years experience in the domain trading business and in developing different applications. The founders have traded domains worth of several million USD. Furthermore they realized ecommerce projects that generated several million USD of sales,” said the Nametoken team.
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