I/What is Canto to us?
Canto is a chain to experiment, to hack, and to grow as digital natives. No roadmap, and if all goes according to the no roadmap mindset, Canto might become an “Ethereum killer” killer. We are builders in a bear market, we focus on onchain experiments, this is our only way forward. We are dedicated to investing our time and energy in Canto.
Success = fostering a new generation of crypto natives
We promote the “cover your operating cost” mentality rather than “remember to take profit” mentality. We are builders, not traders. For us it makes no sense to extract value when the chain is nascent and the ecosystem is 5 months old.
II/Explain VRGDAs like I’m five
With CNS there is NO arbitrary price per domain character length. We will set an initial price for 6 VRGDAs: 1 character, 2 characters, 3 characters, 4 characters, 5 characters, 6 characters (includes 6+ characters). Then the market participants will decide if the price is right for them. The price will vary according to demand. The number of name registered impacts the reservation fee. If the demand is slow, the price decreases. This is our main tool to guarantee that relevant names are available in the future. Instead of setting a target price, we set a target release cadence.
VRGDAs are a great innovation to slow down the domain name release, nobody will be able to come on day one and claim the top 100 crypto VCs names to flip them asap. With CNS there is NO mass squatting from the get-go. And all the premiums paid by mass buyers, we will be used to build CANTO tools. We go over the release schedule of the domain names in our first blog post.
CNS won’t have an exorbitant renewal price because the fair distribution of the asset will be done from the get go.
Ultimately it’s up to the market to decide what has value, and Canto 1 and 2 domain characters will be available from launch, the canto community will value those letters at a fair price.
Apart from ENS, we are also inspired by Paradigm’s NFT project Art Gobblers, we will be the first project we know of to implement the Variable Rate Gradual Dutch Auction mechanism (VRGDA) to prevent domain name squatting. We want users to find relevant names on the Canto domain name registry in 10 years.
Canto Name Service is about community, layer 0 is the key layer. If CNS manages to stake a large enough portion of Canto and set up a proof of humanity system, we might deactivate yearly renewals and make our domain name service free. We believe infrastructure should be free, yet we need to fund our future development effort to bring world class digital identity ownership to Canto.
III/Release day
Canto Name Service will launch asap (🥳,🍾).
!RTs are highly appreciated!
Link to reserve a name?
lfg!