Den Domains AMA with Venus Queen & Friends Transcript
Q. Thanks for being with us today guys. It will be pleasure to learn more about DenDomains today. Can you please tell us little bit about DenDomains and what problem it is trying to solve?
So, I have been into Domaining since 2008–09. I made a reasonable amount of money trading premium domains since then. But I have faced a lot of issues while my tenure as a premium domainer. The troubles and experiences I have faced during my trades has got me thinking about the solution and I rightly believed blockchain is the solution for the domain industry.
Some of the troubles the domainers face is very high commission fees to use any existing marketplaces, difficulty in liquidity, privacy, etc to name a couple which are trying to solve.
We have already launched a marketplace to solve these existing problems. We have our mainnet ready where you can trade domains without losing any commission fees. Now we are working towards new innovations in the field of domains to make it easier and more interesting. Some of those are — Domain Lending, a Domain NFT, Domain Token Offering, a DeFi Domain Dex, etc.
Q. My question, as a noob, is how do you manage to interconnect the crypto world with the activity of a domain registrar? So, if I buy erifmaz.com from Den Domains, what will happen with my domain from a crypto point of view? In other words, what added value does crypto bring to erifmaz.com or any other domain?
Answer: Firstly, when you register on our platform, your account will also be created on our blockchain and a public key will be allocated to you.
Now, if you buy a Domain, we will process your request as a traditional domain registrar, you will earn some ddn tokens as reward along with that we will log the details of your registration on our blockchain. We will enable users of our platform to sync the nodes of our blockchain on their machines. So, our community can always verify which domain is owners by who.
@williams answer might be a little technical, so for those who want to understand it in more layman friendly language, if suppose you register your domain erifmaz.com on Den Domains, as you or others might have already tested, you will be receiving an equivalent amount of DDN tokens through our unique loyalty rewards system. You can use these tokens to buy more premium domains or use it in our other platforms like Dom Wallet, to buy Domain NFT’s, to trade on DeFi Dex. Thus, you would be literally receiving what you’re paying us back within seconds. Making it a free domain.
Q. Can you tell us what benefits will people get who have premium domains in opposition to people that don’t have premium ones.
Answer: The premium domain owners are facing a lot of issues to sell their domains to a buyer. They have to shell out a minimum of 15 to 20% commission and a huge transaction fee. Overall, in my research and experience, we were ending up paying an average 23% of our transaction value to make it a success. Thus, our platform will solve this commission and now the domainers can save their 23% of funds.
Q. Oh wow, so you’ll be running your own dedicated blockchain? Impressive. Den Domains sounds quite original. Do you have any competition?
Answer: We started in 2018 and after a few months, I realized there was a little related product name DomRaider. There main idea was dropcatching the domains, unlike providing liquidity and solving the domain issues. I guess they disappeared after raising $60 million. Did googled them last year but couldn’t find much info about them.
Dropcatching is one of the many things of domain industry. You will have to research more about it to learn it. It is more like catching expired premium domains. We are not really focussed on drop catching for now
We are running a customized blockchain by utilising bigchainDB. It allows us to run public blockchain network.
Q.. Yeah, I read about a guy in Argentina who was able to register google.com.ar for a few bucks. So, if I understand correctly, such things as losing my domain will be nearly impossible with Den Domains, as it will be recorded on the blockchain?
Answer: Yeah. Losing the domain will be impossible with our added blockchain security. It will also allow you to trade your domains easily without worrying about losing it.
Your ownership is always recorded on the blockchain and can be verified by the community and stakeholders.
Q. Den Domains aims to remedy this problem (Flippa problem) by offering only the highest-quality online businesses and revenue-generating websites, vetted by our in-house experts. What if your in-house experts fail with selection, will you have some compensation for the people?
Answer: Yes, we have not yet launched the business marketplace. Before launching it, we will be making sure it passes through several blockchain verifications to be listed on our platform. Thus, we will make sure security of next level.
It’s too early to comment on Compensation but I do not think such condition may arise because of our blockchain verifications.
Q. So, let’s move onto the token now. It’s called DDN. What’s its role in your ecosystem? You mentioned that I buy a domain with money, and get back the same money in DDN tokens, making the domain free. What can I do with the DDN tokens after that?
Answer: The DDN tokens will primarily be used to reward our community for using our platform through our Unique Loyalty Rewards System. It can be also used to buy the domains listed on our marketplace. They can also be used to buy Domain NFT’s and also trade on DeFi Dex.
Q. Is the domain NFT some kind of certificate that I own some domain? Does the NFT have other uses?
Answer: We will be minting the domain NFT by accepting the domain as a collateral, if you have the NFT it will simply signify that you are the owner. Apart from that, it will also enable the traditional domains to get traded in crypto markets and exchanges.
Work is already on it and we plan to launch it before the end of this quarter or max next. We are also exploring to add more markets to be added to our NFT Marketplace. Since our announcement, we have been approached by some famous artists and they are super interested if we can also give us them some exclusive space. Good things ahead.
Q. Hey guys sorry late to the party I have dealt with multiple domain registration systems and its pain to transfer the domain from one to another is the process different for you guys?
Answer: It is currently the same, because we cannot control other registrar’s speed. I think if we partner up with other registrars it will be swifter, we will keep evaluating.
Q. Now, a thing has caught my attention, you mentioned a DeFi Dex? How does that fit with the activity of a domain registrar? What features you plan to introduce?
Answer: We plan to tokenize premium domains through Domain Token Offering and also, we also plan to let NFT’s be traded on our dex, there’s an interesting thing which I have never shared with any other person other than my team, but I will type it here related to our DeFi Dex. Here’s my idea about the platform. Platform where people can deposit funds into a pool. Individuals come and borrow money (for various lengths and interest rates). Borrowers deposit collateral.
A present value of the repayments is calculated, and the loans are bundled together (either a mixture of loans or similar loans lumped together).
A 3rd party comes and buys the cash flows of those loans for an amount that is slightly higher than the amount that was initially deposited by the lenders.
The lenders make a quick profit from the sale, the borrower is unaffected, the 3rd party has saved the time and cost of lending to individuals, and is able to collect the future repayments from the individual borrowers.
* All programmed into smart contracts
Q. Are you guys completely feature ready in your development or is there any big feature in pipeline that users can look forward to?
Answer: Actually, not one, there are many big features we will be introducing
1. DOM wallet
2. Domain token offering (DTO)
3. Domain NFT marketplace
4. Domain Defi dex
5. Domain lending platform (added)
I am pretty excited about Domain Lending Platform too other than the ones which has been mentioned above. We will be launching the world’s first marketplace where you can lend your domain.
Premium domains are super expensive. Not everyone can afford it, and it’s difficult to find the end user. Thus, we will be launching a platform where the domain owners can rent their premium domains using our blockchain technology until they find the end user. And because the records will be on blockchain, there won’t be any security issue.
Q. So, back to the token. Where will you guys launch? ERC20? BSC? The new kid on the block Solana?
Answer: We were planning to launch it on ERC20. But because of high fees, we have recently migrated to BSC chain. However, our chain will be compatible with Ethereum, Polkadot and also Solana as we move forward.
Q. Let’s talk tokenomics. What will be the total supply and market cap at launch?
Answer: Ok, the total supply will be 10 billion, however a majority of them (over 75%) will not be in circulation. Our initial circulation will be 100 million and we plan to introduce our token for 0.01. So, the total marketcap would be 1 million at launch.
Q. Also, will there be any progressive token release like vesting, or perhaps token minting?
Answer: We are evaluating and we should decide and announce something this week or the next max.
Q. Introduce, so the launch will take place in what manner? Presale? Direct listing?
Answer: Currently we are evaluating. Theres a lot of interest and of course when there is a sale, we definitely plan an allocation to Venus Queen group members along with current telegram users.
Q. Is there any third-party firm are you using to audit the smart contracts?
Answer: We have done the audit internally, but we have planned to get it audited by a third party before CEX launch.
Q. Great QAs so far. Love reading it :) So when is the TGE? What are the milestones for quarter 2?
Answer: Trying to speed up the things, but no matter how much we work, there’s always something left :) Was hoping to launch before mid — May. In less than a week or 2 I can confirm this. Currently there’s a lot of marketing happening. Just today were featured on USA Today as evidently posted on our twitter.
Q. That is great to hear it. Please do share the TGE info and tokenomics with us when it’s finalized. Our community would love to get that info for sure.
Answer: Undoubtedly, this group is filled with brilliant traders and investors. We definitely would love their participation.
I would recommend everyone to join our telegram and subscribe for email notifications which we will launch. https://t.me/dendomains
Our goal is to be among the world’s top 5 registrars and top 30 usable blockchain tokens and I am pretty sure we will achieve it in coming years.
Of course, a lot of community support will definitely be encouraging :)
Q. Since the supply won’t be available everything at once, will there be some token staking, or DDN token farming in exchange for providing liquidity?
Answer: It’s too early to comment on staking, but yes sir, that’s in my mind and we plan to do it.
Follow up comment from Venus Queen:
Thank you @william @Michael for your time. It was pleasure to learn about DenDomains. I will unmute the group if in case community has any questions. Personally, I am looking forward to Den Domains launch.
Q. @Michaeltradesc We have one staple question that we ask all our AMA participants: you meet the real Satoshi Nakamoto, he’s there right in front of you.
What’s the only one question that you always wanted to ask him? 😜
Answer: No Questions. Just a Thank you :)
Q. What domain extensions will you be offering? From what I understand it are “regular” domains but you are verifying the ownership etc via blockchain. Not hosting the entire domain on the blockchain like Unstoppable domains, correct?
Answer: We will be focussing on top TLD’s. .com will always be the king. However, their purchasing records will be stored on blockchain.
Q. Another great AMA folk. Who are your competitors in the crypto space and how are you different from them?
Answer: Like I said before, Domraider was our closest competitor. Their main focussed was drop catching, but they are currently inactive as far as I can see.
Q. Interesting project. I’ll keep an eye out on the developments. Will. crypto domains be something that might be possible in the future?
Answer: No. Those are completely decentralized addresses which won’t open in a regular browser. Our aim is to take the crypto industry mainstream. By introducing. crypto, we will take the crypto industry away from mainstream. Thus, we are not interested at the moment.
Q. Dope project Queen, one question can Den domains allow to register with fiat or always with crypto currency?
Answer: Currently we are accepting just crypto. But as we complete our upcoming milestones, we will surely accept fiat too.
Q. Do you know why they got inactive and anything can be learnt from their mistakes? (Dom raider)
Answer: I got in touch with one of their advisors in 2019. He didn’t answer much. They raised 60 million during ICO boom in 2017. Not sure why they left. Can’t comment on them.
Wow 60M ICO and you guys have not raised much or anything for that matter… amazing :)
Answer: Well, I was advised by a great person Dejan. He is the CEO of GoCrypto community. He told me, don’t focus on the fundraise, focus on the product and if you develop a good product, the funds will automatically come and here we are
Q. @Michaeltradesc I have question. have you shown this project to some prominent names in the space and what did they say? very awesome idea btw!!
Answer: Well, up until 2019, we kept working on this silently, because we didn’t want our idea to be copied. Once we have filed for patents, I have shared it with one prominent person, the first time I have shown this project to someone in 2019, he said, had we launched it in 2017 — we would have owned a beach on Mars planet by now :)
Of course, a majority of the advisors/influencers has appreciated it. Can’t recollect a negative review so far.
Comment: This bull run is stronger than the last one :)
Answer: yes sir :) But I take my mentor Dejan pretty seriously. He did same thing and today his company is worth more than 40 million euros in Europe and I am hoping we will also be one of the few big ones
Q. Hey @Michaeltradesc! great idea here!
I have a question regarding the DeFi usage of domains as collateral. what happens when your team evaluates a domain and offer a loan, but the domain after that devaluates or becomes a lot more valuable? is the lending renegotiated?
Answer: Premium domains are compared to real estate. The more they age, their value appreciates. I have been a domain trader since 2008–09. I don’t think value depreciates as we move forward.
Q. Do DenDomains have support from the government or Start-Up in your country? What is the regulation on governing the Blockchain?
Answer: Currently there is none. We are not really looking for their support either. More focussed on our own work and making future partners
Q. How much can I save as domain trader switching to your platform from something like Godaddy?
Sorry if already answered I may have missed it.
Answer: If you’re planning to trade your premium domains, then you can use our marketplace and save a minimum of 20%
Comment: Idea is amazing
We already have a product ready sir :) Not just idea
Q. Thank you!
do you plan to add a feature so that users withs a lot of domains like me can bulk transfer them in Dem Domains? 🙂
Answer: I think it’s already in our features
Q. Can you explain the major difference between current Non-blockchain based domains and DenDomains? Can we set multiple crypto wallets with one domain?
Answer: No, currently not. But our revolutionary Dom Wallets will let all your domains to act as 1 single wallet. We plan to launch it on a very major scale in less than a couple of months after listing.
Q. Security and Privacy features should be the top priority for any organization. How Den Domains various methodologies to Validate the participant’s and also to protect the user data’s privacy?
Answer: The basic security features like password hashing, jet token authentication on the APIs, no third-party accesses to our database. The domain transfer is not possible with proper verification from the user and Den Domains.
Regarding the privacy, you can opt for privacy like you would do traditionally on the registrars. On the blockchain, your identity will be your public key. Hence, the security and privacy are taken good care of.
Q. If DenDomains IP is blocked or deleted, how will this solve everything for censorship? And how is DenDomains protecting user information and blocking censorship?
Answer: If we are already compliant to a country’s policies, we don’t have to worry about censorship.
Q. @Michael can you give us some updates on the exchange listings?
Answer: Exchange listings are a priority to provide liquidity to our users. Definitely famous dexes are involved, but we also are already in talks with some tier 1 exchanges. Will update as soon as I have some confirmations
Q. @Michaeltradesc before your crew has to leave could u elaborate on the Dom wallet?
Answer: Oh Sure, I think we didn’t talk much about our revolutionary Dom Wallet
So basically, Dom wallet in layman’s term is a crypto wallet using which people can transfer their crypto assets directly to their domain addresses. Example, if somebody wants to send funds to Venus Queen, instead of remembering long and lengthy hash addresses, they can directly send it to Venus queen personal domain — Venus queen. com — Currently only DDN tokens are supported for our Dom Wallet, but we plan to launch it on super large scale and accept all kind of cryptocurrency transactions using our wallet in coming months. It should be among top crypto wallets because of easy of usability
Comment from Michael: “I guess guys this is it and we have to leave. It’s been wonderful how you guys asked a lot of brilliant questions”