MXC AMA Recapitulation- BitDNS (DNS)
Guest: Karen New , BitDNS CEO
Hi everyone, I am BitDNS CEO Karen New. She was a technoloprenuer for 20 years, before embarking on the Blockchain technology in 2016. In the last few years, she provides strategy guidance to various blockchain projects and is well verse in smart contracts, tokenomics and dapps. She is honoured to be involved by MXC matcha overseas community to share some knowledge about BitDNS.
At present, our team is relatively mature, including:
CTO Kingsley Low with more than 20 years of development experience supply chain field. Kingsley leads the development of the core modules of BitDNS;
Our COO, Sorbon, with years of work experience in the world’s top consulting company PricewaterhouseCoopers. Sorbon has also participated in the strategy formulation and promotion of large multinational companies and governments;
Liang Ng, a technical architect with a doctorate from the University of Southampton, has extensive blockchain research results; and
finally our consultants
Mr. Amir Eslampanah and Mr. David Armstrong. The rest of the team comprises of many outstanding talents who have been deeply involved in the blockchain industry for many years.
Maffie:What is BitDNS, what’s the story behind creating it?
Karen:BitDNS is committed to building a decentralized cloud computing platform to build the core infrastructure of Dweb4.0. Our vision is to build a truly decentralized network ecosystem.
This project is created to resolve the pain points and drawbacks of traditional (Domain Name System (DNS).
Traditional DNS domain name system is highly centralized in design. The stability of the entire system relies heavily on the central node. The centralized structure creates a conflict between security and performance. Thus, the DNSSEC security extension protocol was introduced but has yet proven to solve the issue.
As you may know, DNS being one of the underlying foundations of the entire Internet service handles billions of Internet access requests from around the world every day. Anyone who types a website address is making a request on the internet.
If the DNS server goes down, users cannot access the Internet. Due to the fragility of its architecture, it is easy to cause large-scale network paralysis, such as the two large-scale downtime incidents that occurred in AWS at the end of last year created a huge impact.
Can you imagine, A decentralised computing platform, which is truly decentralised, there will never be a website that will ever go done.
Maffie: Please tell us a bit about DNS token and its role?
Karen:DNS Token, is used as global token connecting BitDNS application.
DNS tokens will be used on the BitDNS ecosystem. The total supply of DNS tokens is 1 billion, The specific distribution plan and lock-up period are described as follows:
DNS, like ETH, is to the Ethereum network, generates value circulation in the process of users exercising their rights, thereby maintaining the development of the BitDNS value network. In the future, as the ecosystem continues to grow, BitDNS will provide users with a more complete incentive system.
As the BitDNS ecosystem continues to expand, DNS will have more usage scenarios, such as mortgage transaction fees, regular airdrops, redemption of DNS tokens, platform event tickets, lock-up rewards, etc. In the BitDNS economic system, DNS covers multiple dimensions of business scenarios, forming a fully closed-loop economic system centered on users.
Questions from community:
Maffie:Q1.What are the distinguished features of BitDNS compared to other similar projects?
Karen:Compared with other similar projects, are there any different features of BitDNS.
From the perspective of the domain name product alone, there are Ethereum-based ENS and Unstoppable Domains. The current applications of both projects are also relatively limited compared to BitDNS. Here is a comparison chart for easy reference;
Maffie:Q2.1. Can you share with us the “domain name system” of BitDNS? What’s the role of CORN in this system?
Karen:Wha t BitDNS aims to create a decentralized domain name system.
BitDNS focuses on providing blockchain domain names and domain name data analysis services for blockchain networks.
With a domain name, enterprises and individual users can participate in digital asset transactions easily and safely.
The key difference between traditional DNS is BitDNS uses smart contracts to replace the roles and processes of most registrars.
Also, any organization or individual can create subdomains in accordance with the rules of the registry. BitDNS plays the role of translation, converting names into hash addresses and some mainstream public chain addresses.
Based on the cross-chain design, BitDNS can serve the existing public chain, such as Ethereum, IPFS, etc., making file access, address transfer, and smart contract calls more convenient and faster.
What’s the role of CORN in this system?
In the current economic model of the BitDNS domain name service system,
we have introduced two tokens, one is DNS, which is a proof-of-stake token issued and maintained by the BitDNS Foundation.
The total circulation is 1 billion pieces.
The other is Corn, which provides dividend corresponding to the sale of BitDNS domain names, which can only be generated through mortgage mining, with a total of 100,000 pieces.
In addition to its own currency price appreciation, DNS and Corn holders can also enjoy transaction dividends and commission dividends from the domain name sales system, but the weights are different. Since the total amount of Corn is small, Corn’s dividends weight is higher than DNS holders.
After the launched of our BitDNS’s domain name sales products, to receive dividends of domain name sales, you must hold Corn, and Corn is obtain via DNS yield farming.
DNS and Corn differs from most other DeFi projects who only has tokens as rewards for liquidity providers. DNS has value as users are able to use it to purchase domains names. And domain prices will increase when demands builds up.
Let me briefly talk about the appreciation logic of our two tokens.
After BitDNS’s domain name sales products are launched, the income from domain name sales can directly affect the value of DNS and Corn tokens.
Reason is , the more domain names are sold, the higher the demand for DNS tokens. This will lead to a higher DNS token price. Thereafter, users who believe us in long term will have DNS tokens in our liquidity pool to yield corn tokens which provides more dividends. This will further reduces the circulation supply in the market. Therefore, a reduction in market circulation and increase demand of DNS tokens lead to an increase in the price of our tokens.
For those who are experience in mining pools. here is our mining pool address: Corn.BitDNS.vip/ . If you need help, feel free to contact our customer service staff.
Maffie:Q3.What are the technical characteristics of BitDNS? What are the technical highpoints that others cannot achieve?
Karen:As the builder of DWeb4.0, BitDNS provides a multi-dimensional core infrastructure.
Smart contract technology provides core analysis services for DWeb4.0;
OAuth2.0 and JWT technologies provide a large number of loyal users for DWeb4.0;
AI personalized recommendation technology provides application distribution services for DWeb4.0;
edge computing technology provides hardware for DWeb4.0 Infrastructure;
IPFS and IPv8 technologies provide massive storage resources and high-speed communication networks for the DWeb4.0 ecological website/APP.
Other than being able to resolves traditional web address, BitDNS can be use in user identity authentication, as encrypted mailboxes, decentralized edge computing, and decentralized DApp stores.
For users, the BitDNS domain name system aggregates a new generation of DWeb4.0 applications and opens up ecosystems, such as distributed websites, peer-to-peer encrypted mailboxes/instant messaging, social networking, video conferencing, distributed information flow and distributed commerce.
Moreover, the BitDNS domain name registration fee is low in price and does not requ ire KYC (know your customer. Any individual, or organization can own a domain name, support domain name transactions. You can even register a root domain name through first-mover advantage and share of lower-level domain names.
In general, the blockchain domain name system does not only resolves domains names, it will also connects the various blockchain that will speed up the adoption of the blockchain ecosystem.
Maffie:Q4.What’s the application scenario of BitDNS?
Karen:In the future, we plan to have services that are based on BitDNS’s decentralized cloud computing platform. This includes: elastic computing, edge computing, Internet of Things, distributed AI computing, distributed application components (database, storage, CDN, streaming media, micro services, messaging services, etc).
Application scenarios include: websites, APP servers, forums, blogs, chat tools, cloud computers, cloud live broadcasts, cloud games, e-commerce/O2O, etc.
Among them, BitDNS’s domain name resolution technology will serve as the core component and key interconnection tool for the realisation of a truly decentralized cloud computing platform.
Maffie:Q5.What’s the roadmap of BitDNS, what can investors expect in 2021?
Karen:The following is our technical roadmap:
- 2020.12.31 BitUID+BitDNS domain name registration, transaction, management APP(online, under stress test)
- 2. 2021.3.31 BitDNS domain name resolution client/APP
- 3. 2021.6.30 BitDNS wallet version 1.0, and the core module of the BitMail mailbox system
- 4. 2021.12.31 BitDNS one-click cloud access, one-click chain tool online, BitMail mailbox system
- 5. 2022.12.31 dWeb4.0 system
- 6. In 2023.12.31 IPv8/rTCP decentralized cloud computing network
- BitDNS’s native token DNS was launched on Uniswap on October 1, 2020. There are currently more than 15,000 currency holders worldwide. Next, we will promote it in Europe and other places. ,
- It is expected that the domain name resolution system will be launched in Q1 of 2021, before we kick off a global market expansion program. As per our plan, we will continuously build to realised our vision to have a truly decentralised cloud platform.