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Since the inception of the internet, many new and unexpected business opportunities have surged. One that has been captivating the interest of many is the web-domain industry. An industry that was once comprised mainly of individual investors or service providers is now attracting corporate money like never before. According to TechCrunch, big brands like Amazon, Google, Verisign and WordPress are investing heavily to own and operate entire domain-name extensions.
The internet has come a long way since the first domain name, Symbolics.com, was registered in 1985 and as reported by Verisign, the fourth quarter of 2017 closed with approximately 332.4 million domain name registrations across all top-level domains (TLDs) and a $250-$500 million volume worth of domains and websites.
Despite the huge interest around the domain and website industry, there are still issues to be addressed in order to make it a more efficient and transparent industry. One of the main issues seen is the centralized control of businesses which translates in problems such as, low transactions security, poor management and poor feedback. This is due to the inexistence of the smart contracts feature to create payments orders triggered only when specific conditions are met, and due to inefficient feedback systems as well.
What is Dynatiq?
That’s where Dynatiq comes in! A new project focused on changing the domain and website industry landscape, Dynatiq is a blockchain-based domain, websites, and businesses marketplace aiming to mitigate the poor management, the lack of feedback and low transactions security problems with a dynamic strategy. The Dynatiq project will take advantage of the transparency and immutability offered by this technology to store users’ data and provide escrow smart contracts to ensure maximum transaction security.
How will it work?
On the Dynatiq marketplace, the transactions concerning the purchase and sale of websites and domains will be recorded on the Ethereum blockchain where it is subjected to verification and permanent recording. Furthermore, the blockchain will be shared by all participating nodes based on Dynatiq protocol and every connected user will receive a blockchain copy which consists of records and proof of every executed transaction.
The marketplace will allow users to sell their online business (including domains, websites, source codes) with 0% fee and benefit of the escrow contracts feature to avoid fraud and the possibility to settle their disputes effectively according to the terms and conditions stated in the contract agreement. The whitepaper reads:
“With the aid of this escrow solution, funds sent by the buyer will be verified and kept safe. The website or domain will be sent to the buyer only when the payment is completed. The escrow and blockchain technology will help to track the domain or website and ensure that it is delivered on time and according to the terms and conditions stated in the agreement. In addition to this, the transaction will only be completed when the buyer accepts the delivery”
Moreover, a trust and feedback system will also be implemented. Typical online reviews are an important factor to take into account when buying products on the Internet. Research shows that 88% of customers trust online reviews as much as a personal recommendation. With this said, by implementing an organic feedback and review system the Dynatiq will provide customers with necessary information that will help them to make buying decisions.
Another benefit of the trust and feedback system is on-site ranking. On-site ranking can boost the company's organic search rankings in search engines. Any new review that is written about a certain product increases the number of unique content that is offered by the business.
Besides the problems previously referred, the Dynatiq project will use blockchain technology to avoid the need of a third party or a middleman, reducing the delay on transactions.
Dynatiq Token Sale
In order to fund the development and marketing of the Dynatiq platform, the project will hold a token sale. The token sale supply represents 90% of the total token supply, so there will be a total of 10,000,000 tokens available, for 0.0005 ETH each at the offering. The ICO is expected to end on April 20, 2018.
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