🌅 Will there be a rush to register Smart Media Token names?
Since the birth of the web there has been the chance to profit buying the best domains and usernames. If you were lucky enough to be the first to buy Insurance.com you could have sold it for $36 million dollars in 2010.
When Smart Media Tokens are launched there will be a chance to register your token name. As we all know the blockchain never forgets. So... will there be a rush to register the best token names? And how will registration work?
I have been reading through the whitepaper and on GitHub. Name registration was discussed at length here. Here is what I can report.
Your token name can be up to 6 characters.
The hash in the memo would consist of a symbol name (at most, 6 capital letters), a dash, and then a nonce.
How many tokens does 6 characters provide? There are 26 characters in the alphabet. So that is 26 to the power of 6 or 308,915,776 possible combinations. Should be enough ✌ then again when they invented the internet they thought 4 billion would be more than enough IP addresses ¯\_(ツ)_/¯
To register your token name it will likely cost $1000 SBD.
Thinking this through, I have come to the conclusion that using the transfer op, a $1000 SBD fee (easily obtained from an exchange) and a hash in the memo is the easiest route forward.
Don't expect to sit on your token without doing anything
Unused coins have their names relinquished to the market after one one year.
Though it appears there is no agreement on how this would be assessed.
Coin names could be transferred. This would allow them to be sold.
Users can transfer ownership account control of the coin to another account (this needs to be possible whether the coin is launched or not)
What do you think will be the most sought after token names?
Off the top of my head...
GOLD NEWS SPORT USD 😉
That thread was from 23 days ago, based on the published white paper I think things may have changed. It seems like they have decided to keep the token names off of the blockchain and just use numerical identifiers instead. From the whitepaper:
The next section discusses SMT naming a bit more, but either way it doesn't seem like reserving names on the blockchain will be possible.
Additionally while the code examples in the whitepaper say 1000 SBD as the SMT creation fee, however I think they just forgot to update those since in the SMT creation fee section it specifically says:
Personally I think a 1000 SBD fee would be better since I think having too many useless SMTs will not be helpful to the usability of the platform.
Let me know if I'm misunderstanding anything!
Thanks Matt, seems I jumped the gun last night after reading that thread. I agree re the fee, a reasonably size creation fee of some sort would reduce the amount of non serious or spam tokens.
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