Domraider is an open-source blockchain dedicated to the real-time decentralisation of auctions. It aims 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.
Domraider has just completed a very successful ICO and is on track to move their action network onto the blockchain in early 2018.
Cryptogaga interviewed Domraider CEO, Tristan Colombet, about his background, the Domraider project, its aims and objectives, as well as canvassing his wider views on current developments in the cryptocurrency and digital technology markets.
Tristan Colombet Interview with Cryptogaga
CG:Thank you for sparing the time to talk to us. We know you are very busy so we appreciate your time.
TC: That is my pleasure. I hope I can answer all your questions.
CG: Going back to the beginning, can you tell us a little bit about your background? I see, for example, you founded your first business at the age of 18. What made you interested in starting a business at such an early age?
TC:In fact, I started even earlier, and began programming when I was only 14 years old. I created my first website soon after, about the time that the internet first started. However, I had to wait until I was 18 before I could found my first company, Prizee, because the law in France did not let you start one before that age.
CG:When you sold your stake in Prizee, what made you start-up Domraider? Did you spot a gap in the market or had you always been interested in Domain Names and drop-catching?
TC: After selling Prizee, I started an investment fund called Eefficiency dedicated to funding start-ups. I was also working on a range of potential new business ideas with a developer and, in the course of that collaboration, needed to secure some domain names, and stumbled, almost by chance on the concept of drop-catching. We then found there was a market there after several of our clients asked up to secure expired domain names.
CG: Was the idea of the Domraider network always there from the start, or was there a “lightbulb moment” when you saw the potential and opportunities?
TC: In fact, it was through the trading of Domain names that the limitations of the current auction system and processes became apparent, particularly as regards transparency and openness, and the opportunity to revolutionise the whole ecosystem through blockchain became clear.
CG: When did you first become interested in Cryptocurrencies and Digital Technology, especially the concept of the blockchain?
TC: I had actually been interested in the whole subject for several years, without having the time to really it in depth. However, when I began to think about how we could improve the whole auction system, then the potential of blockchain to effect a revolution really came to the fore in my mind.
CG: Could you then explain the project, its aims and objectives?
TC:Domraider project is an open-source blockchain dedicated to the real-time decentralisation of auctions. It aims 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.
CG: What limitations in the current auction market system does Domraider look to address?
TC: Because most auctions are either local to a room or proprietary system, there is a lack of transparency to the whole system. This means that it is difficult to verify if bidders are real, or that their bids are authentic, and access to the auctions is restricted by closed system architectures. Domraider promises to make auctions global.
CG: Can the DRT tokens be traded yet or do investors need to wait until the blockchain has been finalised?
TC: Yes they can now be traded on a number of exchanges, including HiTBTC, and EtherDelta.
CG: What are the next milestones for the project and are these all on track?
TC: The next major milestone is the management of the auction process, and the bidding and allocation system on to our own private network. Everything is progressing to plan and we are on track to move the auction network onto the blockchain in early 2018.
CG Parts of the auction market are very conservative. Do you anticipate any resistance from the more traditional players in the market to your project? How do you plan to overcome that resistance?
TC: Not at all. It is important to understand that we are not looking to replace anything or anybody; we are instead trying to make things easier for them by offering them better prices, access to more bidders, and greater speed, efficiency and transparency.
CG: Will bidders only be allowed to use DRTs or can they also bid using fiat currencies?
TC: This has yet to be decided. We are going to test both options and then make a decision.
CG: What, in your opinion, makes Domraider different, or unique, from other related projects?
TC: The fact that we are not competing with other systems or projects in this area. Domraider is unique in the application of blockchain technology to the auction market.
CG: What do you see as the greatest risk to the project?
TC: That a competitor, as yet unknown, or identified, brings a similar project to market before us. We need to get our network up and running before somebody else launches something similar.
CG: Do you think the fact that you are backed by major investment funds, has an accredited list of respectable partners, are acting in accordance with French legislation and are audited by KPMG gives Domraider the respectability and legitimacy which similar projects lack?
TC: Absolutely. Unlike so many ICOs, we had credibility from the start. We are a real company, backed by real partners, and are not just some bootstrap operation trying to raise funds with no regulatory oversight.
CG: What next for you after Domraider? Or is that looking too far ahead?
TC: We have a number of exciting projects and opportunities we are considering, some in their very early stage at this moment. However, all will be developed under the Domraider umbrella, and I am not looking further than that just now.
CG: Looking more broadly, the value of the cryptocurrency market has just passed the US $200 billion mark, with Bitcoin trading at record highs. In your opinion, is this a bubble or is it sustainable?
TC: That is very difficult to say. Certainly, in terms of cryptocurrencies in general, I think we are at the start of a new era, and the future is bright. In that sense, I am bullish about cryptocurrencies in general. However, in terms of which particular currencies will prosper in the long-term – Bitcoin, Ethereum, or whatever – I think it is impossible to predict with any certainty at the moment.
CG: What about blockchain? What are some of the future applications of the technology you can predict?
TC: Blockchain is the future. It is as revolutionary as the Internet in my opinion. There is almost no industry or sector which blockchain will not impact. It has almost limitless potential.
CG: Thank you for taking the time to talk to us today and sharing your knowledge and opinions.
TC: Thank you.
The Domraider Team