Domain buying and selling are some of the major financial areas that are centralized to its core. There are a number of websites that include middlemen to buy/sell domains. Those websites charge as much as 20-25% on a single deal of domain. For e.g. if you have a domain say flying.network which you want to sell it for $100k, Now according to those websites (taking a minimum fee in account), They will take a $20k direct fee and you will trust them and transfer the domain to them.
So with current technology growth over Ethereum blockchain, We finally at a point where we can strongly talk outside the chain with Chainlink oracles.
Having that power in hand. Having such a problem in my mind for a very long time inspires me to make it on the Blockchain ecosystem.
What it does
It basically decentralizes domain Buying and selling and makes it trustless with no fee.
Sedo Network Takes your domain with parameters of your choice (Like want to sell, If so then for how much). Then It saves your choices, Talks to chainlink Verifiable random tool to get a trusted random value for the future to verify the domain. Then you add that value to your domain records. Hit verify domain from the contract, let the oracle handle this for you.
After verified, You find sellers or let them, sedo.network website hosts the front end that helps you find domains that you like to buy.
After one buys your domain, Your domain on chain gets locked with those funds, Once you transferred your domain to the buyer then click on the release Funds option and once again let the oracle handle this for you with a whois scan of the buyer email with the current domain owner email. After success, you will have funds and the buyer will get registered as the current claimed owner of that domain.
What I learned
I watched many awesome tutorials and workshops these months from where I learned a lot of new things.
I learned a lot:
- How to run chainlink node
- How to define custom job
- How to use graphql queries with thegraph.com
- How to work with external adapters
- How Ethereum states should be taken care of.
and much more which will come handy on my next great ideas.
What's next for Sedo Network
Custom domain management system: A system that lets users manage the domain, transfer them with ease, and interact with smart contracts from a single place.
More refined and Much more featured smart contract: Like Currency conversion on-chain. Staking on-chain etc. while your funds are on hold. Making contracts more secure, arranging storage, and making use of more events with thegraph.com.