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Guidelines For The .zil Auction

May 28, 2019

Hello everyone,

The auction is quickly approaching and it’s time to get ready.

Zilliqa’s decision to delay their smart contract launch until June 10th has pushed back our timetable a couple of weeks.

After receiving community feedback on our initial auction design we’ve made a few simplifying updates:

  • The auction will be split into two phases
  • During phase one, domains can be purchased with BTC, LTC, ETH, and BCH
  • During phase two, domains can only be purchased with Zilliqa
  • There is a price cap of $10,000 on every domain

Why the updates?

Price cap limits fomo

We saw in 2017 when the market got too far ahead of itself. Our mission has been and always will be to get a blockchain domain name to everyone on the planet. We want to focus on usage. Price caps prevent wild speculation.

Buy now is easier

Having the option to buy now makes it simpler to prepare for the auction. If you really want a certain domain, no need to watch the bidding and continually update your bid. You can just buy it immediately for $10,000. eBay has a buy now button for many of their auctions.

Getting Zilliqa is hard

It’s still hard to get Zilliqa currency. Because of this, we have enabled payment in multiple cryptocurrencies during phase one of the auction for the most watchlisted domains. This will increase the number of people that can have a chance to own the top domains.

Auction Phase One

What domains go to auction?

Only the most watched domains will be available

How does buy now work?

You can purchase domains instantly for $10,000. First payment accepted gets the domain. This is the only way to buy a domain during phase one. There is no bidding during this phase.

Which currency will be accepted?

Credit Cards, BTC, ETH, LTC, or BCH

Expected Start Date:

June 27

Auction Phase Two

Which domains will go to auction?

All remaining domains will go up for auction.

Which currency will be accepted?

Zilliqa Only (get Zilliqa here)

How do bids work?

Bids start at between $10 and $1,000 depending on the price of the domain in the pre-order phase. Each subsequent bid must be at least 5% greater than the previous bid. If you are outbid, you immediately get your funds back and can bid again. New bids will add additional time (~1 hour) to the auction to prevent auction sniping.

How does buy now work?

Every domain has a cap of $10,000. This means that you can buy any domain immediately for $10,000 instead of bidding.

Expected Start Date:

September/October. Expected to 3–4 days.

Where to get Zilliqa currency

Binance, Huobi, and Coinhako all currently support Zilliqa. We expect more exchanges to announce support soon.

*Note — Zilliqa also has an ERC20 token on Ethereum, which many exchanges and wallets currently support. You will not be able to use these tokens for the auction.

Domain distribution

Domains will be distributed after phase one of the auction. This is set to occur July 9th. You will receive an email from us asking you to claim your domain. You will generate a private key at unstoppabledomains.com, and then the domains will be transferred to your control. At this point, they will be freely transferable by you. You will also be able to backup your keys via the Unstoppable Domains mobile app.

Buy now

After phase two of the auction is complete and all domains will be available at a buy now price. From this point forward, you will be able to purchase any domain instantly. Payments in credit card and major cryptocurrencies will be accepted. The price for standard domains will increase to $20.

The prices will be:

Standard domain — $20

4 or 5 character — $100

1,2, or 3 characters — $250

Premium Domains — $250

Top domains — $1,000

Listing Service

We are building a zero fee listing service to enable anyone to sell their .zil domains. This was not on our short term roadmap, but we received feedback from the community and decided to prioritize it now. The current launch date is August 7th.

Here are the two use cases that we will support initially:

  1. Listing — List your domain for sale. You can include a price, your contact information, or both.
  2. Sell now — Put your domain up for sale by specifying a price and putting the domain in a smart contract. A buyer can simply pay that contract and get the domain.

If you’re interested in keeping up with the auction, you can see the most watchlisted domains here.

Smart Contract Audit

The dates listed above are our current targets for launch and we are working hard to hit them. The .zil smart contracts are currently undergoing a security audit with Chain Security. We could be subject to delays depending on the result of that process. We appreciate your understanding as we work hard to make the .zil launch successful.

Thank you all for being on this journey with us.

The Unstoppable Team

Links:

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