The internet needs this: Smart contract to trustlessly transfer domain ownership

[bitedge]

Short version

The current methods to transfer domain ownership require one party to put himself in a position where the other party could rip him off or the use of a slow, expensive, fallible and corruptible middleman (escrow).

The bitcoin solution is an open source smart contract with an oracle that receives the buyers bitcoin then monitors the domain’s whois information for the change of ownership then transfers the bitcoins to the seller.

This requires no change to any laws, no change to the ICANN domain name registration system and no change at the domain registrars. We can do this today!  

Long version with more details

https://bitedge.com/blog/smart-contract-to-trustlessly-transfer-domain-ownership/

[LiteCoinGuy]

it will be done 

[BillyBobZorton]

Short version

The current methods to transfer domain ownership require one party to put himself in a position where the other party could rip him off or the use of a slow, expensive, fallible and corruptible middleman (escrow).

The bitcoin solution is an open source smart contract with an oracle that receives the buyers bitcoin then monitors the domain’s whois information for the change of ownership then transfers the bitcoins to the seller.

This requires no change to any laws, no change to the ICANN domain name registration system and no change at the domain registrars. We can do this today!   

Long version with more details

http://www.bitedge.co/blog/smart-contract-to-trustlessly-transfer-domain-ownership/

This is yet another case use of the blockchain. All those middle men will go bankrupt. Everything will be p2p and decentralized. We no longer need a third actor in which both parties put trust and HOPE will remain neutral. Technology as solved this, or may I say, the Bitcoin blockchain.. Millionaires are on the making right now.

[grahamdebarra]

This is very interesting and would really help save costs to both parties involved in the transfer of domains. Running ethereum could also work.

I'm going to ICANN 54 in Dublin if anyone from the bitcoin community is going let me know. It might be worth putting together a group of brilliant minds and bring forward proposals there.

[jonald_fyookball]

namecoin does that already i thought

[bitedge]

namecoin does that already i thought

Not with .com, or any extension average joe can access in his browser.

But for sure the things that have and have not worked well on the namecoin system would be a great case study for anyone making a system like the one I propose to study and learn from. 

[Dire]

I don't know why this idea should be restricted to just domains. What the Bitcoin world needs is a hands off escrow service where party A puts their offer in, party B agrees to pay the price (or not) and then it's done. BTC is then transferred. The promotion would be done elsewhere and people would just use the platform purely for the sales.

No bells or whistles, no technical jargon, just a simple A+B=C interface.

[bitcoinmasterlord]

Short version

The current methods to transfer domain ownership require one party to put himself in a position where the other party could rip him off or the use of a slow, expensive, fallible and corruptible middleman (escrow).

The bitcoin solution is an open source smart contract with an oracle that receives the buyers bitcoin then monitors the domain’s whois information for the change of ownership then transfers the bitcoins to the seller.

This requires no change to any laws, no change to the ICANN domain name registration system and no change at the domain registrars. We can do this today!   

Long version with more details

http://www.bitedge.co/blog/smart-contract-to-trustlessly-transfer-domain-ownership/

You are right about that escrows are a risk. Though at least it seems escrows on here are trustworthy till now. I did not hear of a major scam.

But what you say is very limited in usage cases. Escrow can't be automated for many cases. You need a third trusted party that can moderate in case of dispute.

Your way only can be used when all things can be done digitally.

[dzimbeck]

Short version

The current methods to transfer domain ownership require one party to put himself in a position where the other party could rip him off or the use of a slow, expensive, fallible and corruptible middleman (escrow).

The bitcoin solution is an open source smart contract with an oracle that receives the buyers bitcoin then monitors the domain’s whois information for the change of ownership then transfers the bitcoins to the seller.

This requires no change to any laws, no change to the ICANN domain name registration system and no change at the domain registrars. We can do this today!   

Long version with more details

http://www.bitedge.co/blog/smart-contract-to-trustlessly-transfer-domain-ownership/

This solution has been around for years with unbreakable contracts in BitHalo, just saying...
https://bithalo.org/bithalo/

[pureclckr]

I think even for domain transfer escrows should be used.