DOMRAIDER - Dealing with the challenge of online Auctions and buying domain names

gpes (29)in #blockchain • 7 years ago

This is one of those opportunities that once missed, would be a ripple effect of regrets because you you didn't invest while the public sale was ongoing and can be akin to searching for rubies but when you find one, you look past it just because it's not shiny due to the fact it is covered with dirt and you didn't care to check it out neither did you consider to clean the surface to appreciate her beauty and riches.

WHAT IS DOMRAIDER?

When I first read about Domraider I was confused as I didn't actually understand what it's meant for in a world where blockchain and cryptocurrency is gradually creeping into mainstream and taking over every sector but when I researched further and understood it's objective, I was amazed and happy that such an idea was conceptualized and is closer than we ever thought it can be.

Domraider is a free and open – source blockchain that will function in the capacity of ensuring the decentralization of real – time auctions all around the world, giving the Auctioneer the privilege and autonomy to cancel bids and make better offers in the comfort of his home or wherever he/she is.

Also, it's a DROP CATCHING start up, that is here to help you get those domain names you long to have due to the traffick they bring and is quintessential for your job publicity and advertisement.

WHAT IS DROP CATCHING AND HOW DOES DOMRAIDER HOPE TO ACHIEVE THIS?

Drop-Catching is the process of registering expired domain names by means of automated systems within a short period of time (even a fraction of a second) after being canceled by the registry. Simply put, It is the auto-registration of domains in the moment of their deletion. Drop-Catching is performed by various companies known as "drop-catchers". There's usually a Redemption Grace period (RGP) after which a domain name is deleted and can then be snipped on by drop catchers of which Domraider is the best as the future is concerned. How is drop-catching going to be done by DomRaider?

The steps are outlined below;

Firstly, REGISTRATION

They'd identify in each registry any domain name currently in the RGP phase. Then, for each one of them, they'd collect a series of third-party indicators (Google, Ahrefs, Majestic, Webarchive, Moz, Alexa…) which they'd then aggregate in the form of meta scores to reflect the potential value of each domain name.

Secondly, PRE-ORDER

The domain names which have been qualified are then indexed on Domraider site. Their customers can thus freely consult them, carry out searches and sort them. Once they have made their choice, they can preorder the domain names which interest them.

Thirdly, CATCH

They'd then monitor the preordered domain names and attempt to catch them as soon as they arrive in their drop period. Once the domain name is secured, we immediately deliver it to the customer which had preordered it, as long as it was the only one which had done so. If at least 2 customers had preordered the same domain name, it is then put to auction for a period of 7 days.

However there's so much competition in drop catching, as such it is often difficult drop catching domain names. For this bots have been developed to help ease this tension.

WHY DOMRAIDER SHOULD BE YOUR NEW DROP-CATCHER?

Some of the challenges encountered in drop-catching as it pertains to drop-catchers credibility includes the following but is not limited to it;

1. They are not transparent

Bidders have no way to ensure the origin, authenticity and legitimacy of a higher bid. Only the organizer has this information.

2. They are not open Every bidder must use the organizer’s platform for registration, authentication and bidding. So, as there are a huge number of auction organizers worldwide, a bidder must register many times over. They must therefore manage many different accounts and learn how to use a new and different interface each time.

3. The ecosystem is very limited Because not exactly one standard exists, each organizer has developed its own bidder interfaces and tools. But this proliferation has brought down the quality. For example, most auction organizers don’t have mobile applications – or their mobile apps aren’t ergonomic. Similarly, it is almost impossible to find associated auction services even though there is a high level of interest from buyers for services ranging from purchase finance to delivery.

4. Payment methods

Multiple worldwide auction platforms with a range of standards mean that bidders face additional limitations involving payment methods or the cost of making international payments (exchange rate charges and commissions).

5. Bad connectivity with Auctioneers

In the world of LIVE auctions, physically run by an auctioneer, most are not yet connected through an online platform. Even when this is the case, once again, the ecosystem is of extremely poor quality: limited ergonomics, poor quality audio and video streaming, a lack of delivery options…

Why you should be a part of DomRaider

How Domraider hopes to curb these challenges and resolve a lasting panacea to the problems, these includes the following steps;

1. Scalable, reliable and transparent:

Thanks to the distributed repository protocol, each operation will be registered within the network in a way that is transparent, publicly verifiable and virtually impossible to falsify.

2. Interoperable:

The client will be able to participate in auctions run by numerous worldwide auction organizers – using just one interface. In this way, each bidder will be able to select from numerous applications or interfaces in order to follow or participate in any auction in the world without changing their habits. This interoperability will also make it possible to link to other distributed repositories such as those processing identity or background data.

3. Fast:

In order to remain compatible within the “real time” constraint of live auctions (that is, those physically run by an auctioneer), the blockchain will offer the technical consensus mechanism detailed below, ensuring that each higher bid is validated in less than 1 second.

4. Very low transaction cost:

The technical consensus mechanism selected will make it possible to secure highly reduced transaction costs based on new tokens. This will make it very easy to join the blockchain.

5. In itself, the decentralized platform will be a low level layer. It will only provide the technical fundamentals required (detailed below) to register transactions when bidders and higher bidders create sales. But thanks to its open standard, it will be possible to superimpose numerous additional layers and modules to extend the functionalities and possibilities:

• Time limits

• Anti snipping

• Increments

• Payment guarantees

• KYC

• Legal limitations

• Escrow

• Instant purchase

• Reserve price

• Auctioneer payments

• Presentation of lots

• Real time audio and video streaming…