An Appeal To EOS Block Producers. (and the wider community)
I would like the EOS block producers to consider changing how they offer premium names as I don't believe the current auction process provides an equal opportunity for everyone.
Dear Block Producers
Myself and a few others in the EOS community feel very disappointed with the way premium names are being offered. The adopted auction process ONLY favours whales and block producers which means, regular users (who also support EOS) won’t win the opportunity to own a premium name as each day just one name is released to the highest bidder.
This is a terrible way to offer premium names and its so unfair to the wider EOS community.
A much better way of doing it would be to set a fair fixed price for any premium name and offer them on a first come, first serve basis. This would create an equal opportunity, across the board, for everyone. In fact, this is the way it should be within a decentralized blockchain.
For a very long time, EOS has been touted as blockchain real estate which means, by definition, premium names will become very important in the near future and it’s only right that the whole community of EOS gets an opportunity to own a premium name.
Not to mention the (much needed) positive press attention this would bring.
So much wealth has been created through the webs current domain name market because, in an information environment, name addresses become the property and a measure of authority. Within the EOS blockchain, these premium names create an important symbiotic relationship with EOS tokens being the land, and premium names being the property.
Having a single premium name gives the owner the opportunity to sell an EOS product of their own. Each single premium name has 1000’s of suffix/prefix addresses that can be sold privately or in a marketplace. I can’t emphasize this enough as it is a HUGE opportunity for the people who recognise it. Not only for the premium name holders but also the EOS blockchain because owners will be promoting themselves to sell their names and promoting EOS at the same time.
Also, equal competition for a premium name will automatically generate a gold rush because of the scarcity it brings which ultimately drives up the aftermarket price. Possibly the EOS token price too. Why EOS block producers wouldn't want to drive up the price in this way is beyond me.
A fixed price premium name marketplace may indeed mean that some people buy a load of names and hold onto them but I think this is being viewed wrongly by BP's.
Why is this being viewed as a bad thing?
How can it be viewed as a bad thing when it creates a huge market?
The current online domain market has unfairly received a lot of bad press over the years and people tend to remember this. The reality is, the domain market is hugely successful and it makes a lot of money for a lot of people. Like every industry, you will always have bad actors. In the domain world, a small number of people think its ok to cyber squat trademarks but this is easily solved within EOS. EOS believes in protecting property rights so you simply add this to the constitution and rule on any complaints of cybersquatting.
I honestly believe that replicating the current domain name market with EOS premium names is the smart way to go. After all, blockchain technology doesn't have to fix and change everything. Some things work just fine as they are.
The current domain market is valued at approx 300 million.
The current domain aftermarket is valued at approx 500 million.
People love premium names/domains and as this is an EOS USP, why not take full advantage of it?
In a decentralized community, I think its so important that EVERYONE is given the same opportunity regardless of their wealth. I know EOS is a DPoS blockchain but this doesn't need to apply to anything beyond producing blocks and governance. I don't think that's an unreasonable thing to ask.
The internet (and people) desperately need equal opportunities and EOS is in a position to support this idea and start a trend by demonstrating your generosity and supporting the wider community.
Block producers earn very good money for supporting EOS (and rightly so.) but is it right or even ethical that block producers will benefit the most from the current premium name auction due to their wallet size? Basically, BP's and whales can afford to capitalize on this opportunity and effectively get any premium name they wish. The wider community can't. The wider community is left fighting for scraps, if there's any left.
Most of the EOS community, regardless of their wallet size, support EOS in their own way so surely they deserve some reward too.
I predict that the current auction set-up will mean that 99.9% of all premium names will go to large EOS holding whales and block producers and anyone with less than 10 EOS won’t get an opportunity to own a high-quality name.
It's so disappointing because I think this is actually damaging EOS and it's creating a perception of unfairness and inequality which I know is not your intention.
This premium name opportunity could... if delivered fairly, assist with mass adoption too as it would encourage self-promotion and create a whole new market within EOS and potentially make a lot of money for EOS and the community. It would also encourage more users to build upon EOS, especially if they have their very own EOS product they can trade with.
Unfortunately, your current auction model pretty much kills the market and turns it into a slowly dripping faucet that stifles EOS. Preventing it from reaching its full potential. Also, this model more or less puts the whole premium name market into the pockets of whales and block producers only. I sincerely hope this wasn't intentional.
One final important point I would like to make.
I have also noticed that not many people are really aware of the potential with premium names.
As a word of warning, that will change and I have no doubt when the wider community becomes aware of the missed opportunity, the current auction process will get a LOT of bad press and it will further cement the idea that EOS governance is not playing fair. Nobody wants that.
I would be grateful if you could present this to the other block producers and make a decision to change how you offer the EOS premium names. I think the best way would be to replicate ICANN and the .com where EVERY name is sold for approx $10. This will allow the market to determine a premium names aftermarket price. The many benefits of doing this far outweigh the few negatives.
Please do the right thing.
Thank you for taking the time to read this.
From a disheartened but still optimistic EOS supporter.
If your an EOS holder/supporter and you agree with me, the best thing we can do is to make BP's aware of this appeal. Remember, we as a community do have some power to bring about change if enough of us use our vote.
Please share your opinion on this below. I'd like to hear both sides. If you think I'm right or wrong as it'll be interesting to get a feel of the overall opinion.
I really think this is important because a premium name allows you to create a much cleaner and smaller EOS addresses.
If your not aware, normal EOS usernames are 12 characters long only but a premium name is allowed to be any size up to 12 characters (inc the premium name) so for example, if you owned the premium name 'tree' you could have any address with the word tree + 8 or less character. Your also allowed to use a dot for premium names. (Also, I don't believe it's been decided if premium names will be a suffix or prefix or both yet)
Here are some addresses you could potentially own and sell if you owned the premium name 'tree' (as a suffix)
Here are some addresses you could potentially own and sell if you owned the premium name 'tree' (as a prefix)