The recent DomRaider token sales that have been concluded might have gotten all Blockchain enthusiasts excited with the different kinds of opportunities that this technology can provide. However, DomRaider as a concept needs some discussion and what it brings to the forefront. As a concept this is an auction house or platform for multinational domain names that have either lapsed or expired. The company gathers together domains that become available and they are put up for auction. Many might wonder what would be the price of a domain. That would probably depend on the company it was associated with and when that company allows the domain registration to lapse and loses ownership of the same. Such domain names are put up for auction where the value of the same is decided.
Basis of DomRaider
This platform has a defined business purpose, but has worked upon creating an auction platform that would work as per the Blockchain technology. That is what makes auction on this unique platform as it works with the Blockchain technology and not on the basis of how existing online auctions are usually conducted. The company believes that this new and innovative technology will help to revolutionize the way auctions are conducted. They believe that the new framework will provide significant improvements over the existing legacy systems.
Features of DomRaider
There would be transparent, scalable and reliable features of this platform that will attract businesses as well. For businesses that are based on online auction operations, they will realize what this technological framework has to offer. Data and bids cannot be falsified and users can check their bids and others and know the whole auction process in a transparent manner that lends confidence to the users.
This kind of technological solution for online auctions will also ensure that users can communicate directly with auction authorities. Worldwide auction programs are easy to hold with such a technological solution. User base can be greater for such auctions, decision making would be simpler and easier and transaction or processing costs would be simplified as compared to other kinds of auction systems.
The platform ensures fast processing as well as irreversible records of the outcomes and bids. The infrastructure will also lead to faster consensus of bids and help conclude auctions very fast.
The planned ICO
DomRaider is not a new company in the foray, but the company realized that it could do something unique in the field of online auctions by using Blockchain technology. As a result, they have sought to introduce such a solution whereby there would be a decentralized system of users who would manage any auction that is held through this platform. The auctions could be digital or physical and in real time. The company has a proven track record of business success and hence the digital product that they have developed has much to convince potential investors who can be certain that what the company wishes to offer would be viable and a business model that would work. Investors would be looking at the kind of management and business knowhow that has gone into the building of this auction model. Being assured of the Blockchain technology and it’s working for the auction processes as it does for different crypto currency transactions is another point of assurance that the investors can bank upon.
The initial coin offering of this business started on September 12th. It was set to be concluded with DRT digital tokens issued by October 11th.
About the ICO
The launch of the ICO was planned to be able to finance the auction model as proposed by the company that would be based on Blockchain technology and applicable on a worldwide scale. The value of tokens that were sold at the ICO totaled to $45,000,000. A hundred percent of the tokens were allocated by the end of the ICO process. This French startup that started operations in the year 2013 specialized in drop catching that was about catching domain names that were dropped and selling them through an auction mode. Having an established track record in conducting successful online auctions, the company is best placed to offer a new auction technology and platform as a business idea. As a result of the ICO about four million has been secured for funding the business with seven nationalities that are represented among investors.
The auction system guarantees an open source Blockchain technology that will decentralize any auction process that is conducted in real time. With this technology any business client is guaranteed an auction procedure that is reliable, interoperable, adaptable, reliable and transparent with incredible speed at which the auction process would be concluded. The system aims to promote a new kind of auction ecosystem whereby worldwide players on an auctioning network can be involved. This can comprise of auctioneers conducting auctions live as well as escrow and appraisal services or delivery services that are usually part of an auction network. All such services can be a valuable addition to this Blockchain based auction eco system.
The DRTs that were given out are exchangeable on different exchanges like HITBTC or EtherDelta. The company is poised to take this business model through several more layers of change and innovation with a roadmap already in place and how the operations would begin. The company is under the French legislation is an audited business venture.
Now that the ICO has been concluded and more than the proposed amount of funding has been raised, the company would be allocated a management team on developing the infrastructure and finalizing the auction process. DomRaider auctions would be moved onto this new platform by next year and partners program would also be launched in 2018 with further integration with third party vendors and others who can help to build and fortify this auction framework. Hence, now that the ICO has been concluded, the company can look forward to taking the first steps towards realizing the objectives of this new auction business model.
Todays’ ICO Reviews
An Initial Coin Offering (ICO) is an unregulated means of raising funds to support the launch of a new cryptocurrency or business venture. An ICO bypasses the traditional funding route for a start-up whereby a bank or venture capitalist takes part in a lengthy, regulated capital-raising process. Instead money is raised by appealing directly to supporters and enthusiasts who will buy some of distributed cyypto currency with fiat or virtual currency known as tokens – equivalent to the shares that investors in an IPO (Initial Public Offering) might receive.
ICOs have boomed in 2017, and it is estimated that they have already raised some US $2.3 billion in funding this year, although their growth could be restricted by a recent ban on such fund raising in China and regulation in other markets.
There are literally hundreds of ICOs from which to choose, although the following have been some of the most successful this year.
With over US $250 million raised from investors so far, Filecoin has been the most successful ICO of 2017 to date. The blockchain data storage network aims to take on cloud technology providers by offering a peer-to-peer InterPlanetary Filing System, with users able to earn money by donating free hard-drive storage.
The second most successful ICO in terms of attracting investment, Tezos directly addresses one of the biggest issues with regard to blockchain technology – the governance system of the network itself. Tezos has a self-governance mechanism built into its own protocol. This allows network members to submit proposals that will improve the working of the network itself, and dynamically change the network rules.
Damraider is an open-source blockchain dedicated to the real-time decentralisation of auctions. It promises to deliver a new auctioning ecosystem, bringing together auctioneers, bidders, appraisal experts and other interested parties who will be able to join the network and expand the blockchain. The project promises transparency, reliability and adaptability, with an auction organised by the company the first to migrate onto the blockchain network.
As at October 2017, the Damraider ICO had raised €56 million (US $62 million).
Entitled Block One, this ICO is a start-up aimed at providing blockchain solutions which offer efficiency, security and data integrity to companies operating in the corporate sector.
Bancor aims to meet the challenges associated with the introduction of more and more currencies and tokens into the crypto market, and recognises the fact that exchanges not only expose users to insecurity, but also fail to support all the tokens on the market. The project aims to create a decentralised exchange system that will allow holders of digital assets to trade directly peer-to-peer securely, and will support any token that has been issued, regardless of the number in circulation.
This is a browser, wallet and messenger app which also acts as a gateway to decentralised applications that are built on the Ethereum platform.
This is a blockchain exchange allowing users to buy and sell stocks, gold, property, works of art and other real assets using cryptocurrency.