AMA with BitDNS CEO – Karen
On October 13th 2020, at 2pm (GMT+8), BitCherry and Freecoins24 held a jointly (Ask me anything) AMA event. We are honoured to have BitDNS CEO- Miss Karen New in the session. This AMA has attracted a lot of users with many of their questions answered.
Interviewer: Before entering the topic, please introduce yourself to everyone.
Karen: Hi, I am Karen New from Singapore. I was a technoprenuer from the last 20 years. 8 years in the Internet 8 years in mobile app development. 4years ago, I discovered Ethereum and know this will change the world. This year, I will like to invite everyone to get your own domain name. A domain name that will also be your crypto wallet and it is totally in your control. My team wishes to give the power back to the people. Also, for the lucky community members here, you are about to discover the next wave of Domain name farming in the next few minutes. It’s our pleasure to have you here today
Q1: How is the traditional “domain name” hyped, can you please share with us?
K: During the 1990s, those people who have the foresight to see value in domain name made a fortune. They sit on hundreds of domain names that they see value. It only takes one or two to be resold for a high fee. Just to give you an idea, here are the prices of top domain names.
CarInsurance.com – $49.7 million.
Insurance.com – $35.6 million.
VacationRentals.com – $35 million.
PrivateJet.com – $30.18 million.
Voice.com – $30 million
Internet.com – $18 million.
360.com – $17 million.
Insure.com – $16 million.
Looking at the sales of centralized domain, would you be interested to have the chance to get these good domain names and keep it for a while and sell it for a higher price? I foresee decentralized domain may make higher highs.
Instead of yearly renewal fee, decentralized domains only have a one time fee. Instead of just content, it can also be used as a crypto wallet. Can you imagine, everyone will want to have a few wallets for different purposes? It is like having a few bank accounts. So, with 14 Billion people and millions of company names, I think the demand will be inconceivable.
Q2. Let’s look back at the BitDNS chain, what are the special characteristics of BitDNS?
K: Decentralization: The management and services of BitDNS are executed through smart contracts, which are completely decentralized, and has a high security and credibility level.
Cross-chain interaction: BITDNS can serve under the famous public chain ecosystems like: “Ethereum”, “IPFS”, and etc. The system makes file access, address transfers, and smart contract calls more convenient and faster.
Cycled economic model: BitDNS has built an attractive mining pool that provides high returns for liquidity pool providers. We accept USDT, HT and DNS as staking tokens.
Q3. What do you think are the advantages of decentralized “Domain Name System” over traditional “Domain Name System”
K: The 4 key advantages are:
Totally in your control and is secured. One Time fee only can be used as your crypto wallet. Maybe it can be resold just like an asset, like an art piece. Can you see the potential? A traditional domain name is paid yearly and after so many years, prices are still going so high. Now, we have a totally secured domain that is only paid 1 time fee. It will be yours forever. What do you think the price will be? It is like a gold mine waiting to be uncovered. It will take time for us to build the entire ecosystem for sure. Domain name is a billion dollar business. I leave you to do the math.
Q4.What other decentralized “domain name systems” are there? How does BitDNS stand out?
K: Compared to ENS which is the pioneer in this field, the process of purchase is not easy and they charge a low annual fee. Unstoppable started in Oct 2019 and has gartner more than 300,000 domain names as it is ebay to purchase domains and a ONE time fee.
BitDNS aims to create a simple easy to understand user interface where even your grandma will be able to purchase their own domain name. On top of that, having a decentralized domain name is only the beginning of our journey. Our next step is to provide a decentralized email system so that all your communications are also secured and in your control. Finally, the most distinctive difference in BitDNS, is that we are the world’s FIRST Cross-Chain DNS system. That means, regardless of whether you are on the Ethereum, EOS or even polkadot chain, your DNS will be readable on their Dapps. Come and grow with us!
Q5: What is the commercial value of BitDNS’s domain name system in the future?
K: Sale of domain name is the main source of income. In our pipeline, we will be building apps like decentralized mail. We will also support major browsers and wallets to ensure the domain can be widely used. Popularity of the domain will create an upward pressure to the price of the DNS token.
Q6: What are the ways that BitDNS generates profits/revenue to maintain your project and what is its revenue model? How can it benefit win-win to both investors and your project?
K: I just received news that Bittok, who list CORN as the first token in their new Defi platform and the results are astounding. Token holders should be aware of how BitDNS makes money. Very simply, we sell decentralized domain names. And we will add more products to let the company increase in revenue. We intend to buy back the tokens and possibly revenue share the transaction fee with our token holders Investors. For those investors who believe in Decentralized Domain, you must investigate BitDNS. If you are a veteran in defi, you can also stake DNS for CORN tokens. CORN is our governance token, it means, we have a long term plan to build a Decentralised autonomous Organisation (DAO).
Q7: What are the details of your tokenomy?
K: Currently, two tokens are introduced under the economic model of BitDNS, “DNS” token, which is a proof of stake token issued and maintained by the BitDNS Foundation. The total circulation of the current token is 1 billion. The governance token named “CORN” token, which is a partial dividend of the BitDNS domain name’s system, generated through staking the BitDNS tokens, and has a total supply of 100,000 CORN.
Both DNS and CORN holders can enjoy the transaction dividends and commission dividends of the domain name system, but the values are different. Since the total supply of CORN is lower, in theory, the dividend rights of CORN are more important than the “DNS” holders. In the BitDNS domain name ecosystem, the more DNS is staked (mortgage mining) and used, the less will be the tokens in the market on circulation. When DNS is staked, DNS are removed from circulation which then gives an upward pressure to the price. We will make further announcements on our partnership as we grow. Please follow our telegram, twitter or medium account for latest announcements. As I always say “Early Bird gets to Eat”. Late comers are left with crumbs. That’s all for me : )