How to prevent rush on new TLD/namespace over time

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khal
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How to prevent rush on new TLD/namespace over time

Post by khal » Fri May 20, 2011 9:51 am

Vince has designed namecoin to support several namepaces. The first to be used is "d/" the is used for .bit domains.
When others TLD will be added, they may use other namespaces (this is still not defined, because it can be done several ways). But, namespaces can be used for other things that domain names.

To prevent rush on "d/" namespace, vince has put the decreasing cost of a name. But, after one year, this system will be much less efficient, because a name will cost 0.62NC and 0.01NC after 2 years.

So, with 50NC, you will be able to register 5000 names (excluding miners fees which are 0 by default now).

If we don't put a lower limit on name prices, rush there will be.

Currently, here is how it works :
- you pay a decreasing amount (lower limit is 0.01) which is lost
- miners may receive fees

Vince say that miners may refuse transactions with too low fees in the futur, depending on the domain name : "sex.bit" for ex may cost a lot of fee. I don't think that custom fees for each different domain (and even any other name in other namespaces) is a possible way to manage that...

I propose to put a lower limit on registration price of a new name of about 5NC.

This will cause another problem : limit the total number of new names to 525'600 per year (50NC/5NC*6*24*365) because coins are lost on registration. The solution is simple : give the price of a registration to miners. Miners will own more namecoins, and they will sell more for the same price (don't forget that each 4 years, block reward is divided by two : 25NC, 12.5NC, 6.25NC, etc) because it will be easier to get namecoins.
So, first year, we can register 500'000 new names, second year 1'000'000, third year 1'500'000 new names, etc, up to 4'200'000 per year (21'000'000NC / 5NC). As you can see, we just have to chose another value (1NC or 2NC) to allow more registration at the end. But, changing that value after setting it is not a good idea, this will disturb the economy.
So, should we found a solution that calculate the price of a new name that depends on what ? total number of already registered names ? number of registered names last 365 days ? total number of coins in circulation ?
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ribuck
Posts: 8
Joined: Sun May 22, 2011 8:57 pm

Re: How to prevent rush on new TLD/namespace over time

Post by ribuck » Sun May 22, 2011 9:01 pm

Names themselves shouldn't be made artificially scarce. Let the name reservation fee keep decreasing, and let mining fees stop it getting out of hand.

Domain names must be regularly renewed, and miners can charge sufficient fees to make it economic for them. So if the system is economically viable, why place any limit on domain names? The cost of renewal will be enough to stop the registration of billions of frivolous names.

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