How to bid on your EOS domain name

How to bid on your EOS domain name

Written by Aneta Karbowiak - Senior Writer @ EOSwriter

You may have no realised it just yet but EOS will soon become the backbone of the free Internet and with its user authentication, cloud storage, and server hosting.

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It’s going to disrupt today’s Internet which was born to give us freedom but is instead being used as a tool for mass surveillance and user tracking.

Companies like Facebook, Amazon and Google use your smartphone to listen to everything you say. They break your privacy to show you ads immediately afterwards and profit on the data they collect from you.

Facebook tracks the things you say and also the things you don’t say. It also tracks you when you aren’t on Facebook. It ships VPN applications that explicitly give themselves permission to mine your data. VPN is normally used to provide privacy and safety but, thanks to its own VPN, Facebook gets to analyze which apps you use, which websites you visit, and how those trends change over time. It has signed secret data-sharing partnerships with at least 60 device makers — including Apple, Amazon, BlackBerry, Microsoft and Samsung, something you never agreed to. Facebook has also profited from the wholesale abuse of its systems by companies like Cambridge Analytica.

If this is not enough, Microsoft through their products like Skype with its Prism, Outlook.com, Hotmail allowed US intelligence services to intercept communications while NSA has revealed that they have “direct access” to the systems of many major companies like Microsoft, Skype Apple, Google, Facebook and Yahoo. NSA routinely share their findings with FBI and CIA.

The Internet is not as free as you think. It’s monopolized by big private companies and the abuse of people’s privacy through the devices connected to the Internet is enormous.

Blockchain and especially EOS is entering the space to decentralize what’s been owned by few companies so far. Rob Finch and Cypherglass are currently building a DNS on top of EOS and you’ll soon be able to use your custom EOS account names as domain names.

The EOS vision is to build a blockchain dapp platform that can securely and smoothly scale to thousands of transactions per second. It aims to provide a complete operating system for decentralized applications focused on the web by providing services like user authentication, cloud storage, and server hosting.

EOS allows users to buy domain names like .com, .gov, .us , .io or .eos etc..

I’m not sure if you can grasp the importance of this but let’s translate it: you can own your country’s domain name and sell accounts like you were a hosting provider. The sky is the limit and many have not waited to grasp this occasion to get best domain names like “io” which has been sold for a staggering 90,088.00 EOS or “cn” sold for 35,200.00 EOS or “org” sold for 6,700.00 EOS.  While these are surely high numbers, the return on investment will be much higher. Daniel Larimer has described these names as a “marketable commodity”.

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How EOS account names work

An EOS account name is 12 characters long and made up of lowercase letters from a to z and numbers from 1 to 5.

These account names are ordinary and can be bought for a very low price or created for free depending on who offers them.

Shorter names can be bought at auction. Daniel Larimer proposed that:

  1. Only account name "com" can register new accounts xyz.com

  2. At most one new "premium name" (those that don't contain a ".") will be sold per day and it will be the name with the highest bid.

How bidding on names works

Many wallets like bloks.io, eosx.io offer name auctions. If you want a name then you can make a bid on that name which must be at least 10% higher than any existing bids. The existing bidder will receive a refund of their bid when they are outbid. Every 24h the name with the highest bid of all is closed. The winner of the auction can then use the newaccount action to register the account and the memory allocated for the bid is released back to the bidder.

If you hold the highest bid for ‘us’ at 200 EOS, and someone holds the highest bid for ‘gov’ at 300 EOS, it will be ‘gov’ which is released on that day. The next day your bid of 200 EOS could still be the highest in which case you will win the auction and the namespace will be released to you.

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There’s a 24h waiting period between the last highest bid and the end of the auction which means that if the highest bid on a name has had a new bid within the last 24 hours, no names will be awarded on this day and the auction extends.

Once you have the name, you can create accounts for the users as "sub-names". Large DAPPs can reserve their own branded namespace and set their own policy on premium names. Once an account has been created by .io or .us it cannot be deleted but can only be transferred to another user. It is possible for companies to retain control over all accounts with “.io” in the suffix. For this to happen they need to set the "owner" permission accordingly.

To make a practical example of namespace bidding let’s say that I want to create an account named “it”. I cannot do this with a regular 12 char account so I need to buy it at auction. If my bid on “it” becomes the highest bid of all auctions for that day, I will win the auction. I’m then able to sell to other people names with a max length of 12 characters including the suffix. It could be rome.it or techcrunch.it or even do.it. I can set a price of 100 EOS per account if I wish to.

How to create an EOS custom account

eosnameservice.io (ENS) is the easiest place to create an EOS custom account name. It’s as easy as typing into the search field a word you want to be included in your account and you’ll be presented with all possible combinations. You then simply click on the desired custom name available for a fixed price and you’ll login to Scatter to pay for it.

There are also some custom names you can bid on. Only the top 3 highest bids in each auction block are sold every 12, 18, and 24 hours respectively.

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EOS Name Service uses mostly a fixed price system. That means every name has a fixed price depending on the suffix and the length of the name. Here’s the pricing:

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EOS account suffixes like .com, .io, .games, .bank, .eos are currently sold at auction. Only the top 3 bids in each of the following auction blocks will be sold each day. You can win the auction only if your bid is one of the top 3 highest bids and holds that position until the timer finishes counting down.

If you are the top bid in your auction block, you have to remain the top bid for 12 hours. If you are the second highest bid, you have to remain there for 18 hours. And for the third highest bid, you need to remain there for 24 hours to win your custom name.

To register the name as won, you need to click on it and your new account will be created under the keys you’ve created to buy the account. They can be changed though, at any time. Account bids can also be canceled at any time as long as your account bid is not in the Top 50 highest bids of your auction block.

Account Name Exchanges

eosnameswaps.com offers account names put on sale for a fixed price. These account names are usually considered “the most wanted ones” as many users or dapps would use them because of the brand or word combination they contain. On the website you can find some real jewels, you can create your own account or you can put on sale your existing account.

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Disclaimer. EOSwriter does not endorse any content or product on this page. While we aim at providing you with all the important information we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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