The Everscale ecosystem continues to evolve, and new services and products are constantly emerging. Today, we’re going to talk about a fairly new ecosystem product: the EverName decentralized domain name service.
EverName is an infrastructure project from the Blockchain Family team. It is a decentralized domain name system based on the Everscale blockchain. In the first three weeks, it sold almost 1000 domains and locked around 300,000 EVER.
Besides decentralization, a key feature of the service is that each *.ever domain is a TIP-4 standard NFT, which can be owned, transferred to others, and sold on NFT-marketplaces. The length of domains can be from 4 to 126 characters.
Another unique feature is that domains of less than 12 characters in length can only be acquired through an auction with WEVER tokens. Domains of 12 characters or more are available for purchase immediately without any auction.
All prices for domain registration and renewal are fixed in EVER. On top of that, all tokens received in this way will be burned. Thanks to EverName, the number of EVER coins in circulation will thus be reduced, bringing value to the EVER tokenomics and the ecosystem as a whole.
How do auctions work?
Let’s get a picture of how the auctions work. As we said above, all domains shorter than 12 characters can only be purchased through an auction. To do this is easy enough.
Once you have selected and bought a domain, seven days after the purchase, other users are able to start an auction by bidding on your domain. The user who offers the highest bid will become the owner of the domain after seven days.
The renewal cost will be equal to the base value of the domain without taking into account the auction price.
In the future, the team plans for more integrations with the main Everscale services, primarily EverScan.
In addition, significant UX and functionality updates are expected, which will allow users to create subdomains, transfer domains, and sell domains.
Also in early December, integration with the alpha version of the Tokstock NFT marketplace is expected. This service will work with the secondary domain name market, allowing users to buy and sell domains, as well as track auctions. The team plans to release a full-featured version of the NFT marketplace in Q2 2023.
In addition, for the sake of decentralization, the project team is considering passing the management rights on to the EVER DAO service. At the moment, the service’s smart contracts are managed by Blockchain Family.