Making name registration not free is effective against recent abuse of name registration. However, how to determine the price of a name is very difficult. Existing on-chain name service (e.g. ENS) use a complicated bidding design. We think this is generally a good choice (and has been verified), but it’s better to implement such logic in VM. So we are proposing a very simple mechanism:
- Registering name will cost a constant but small amount of token (e.g. 1 NKN) regardless of which name is being registered.
- Name has an expiration (e.g. ~1 year), and can be renewed before expiration, but renew also cost some token (e.g. 1 NKN)
- Later we will implement name transfer function. Transferring name will refresh its expiration time but it will also cost some token (e.g. 1 NKN)
For the names that have been registered already, a short expiration will be set to them so they will become available pretty soon. This avoiding doing a hard reset while still being able to deal with the recent name abuse.
For a more complete but complicated name service, we will wait until we have VM and smart contract.
Feel free to leave your thoughts here and join the discussion.