Dynatiq is a decentralized blockchain-based marketplace specializing in domains and websites. Find out how it works today in our review.
What Is Dynatiq?
Dynatiq, found online at Dynatiq.com, aims to build a domain and website marketplace on blockchain technology. The Dynatiq whitepaper claims the industry is worth $400 million.
An ICO for Dynatiq’s tokens is taking place from April 25 to May 9, 2018.
The goal of Dynatiq is to decentralize the domain and website marketplace industry. Today, we purchase websites and domains from centralized authorities and resellers. Users have limited control over the fees they pay or the rules set by the platform.
How Does Dynatiq Blockchain Domain Website Marketplace Work?
Dynatiq allow you to sell websites, domains, and entire online businesses. The marketplace is spread across a decentralized network. Dynatiq charges 0% fees.
Dynatiq also plans to use a domain verification system to prevent scams and frauds.
Users can participate in the Dynatiq marketplace without the need to trust in a central authority. There’s no need to input your personal information, for example, or lose business from a single point of failure. There’s also no censorship: governments and centralized authorities have the ability to shut down certain website and domain sales, but decentralized networks cannot arbitrarily censor sales.
Dynatiq will use an escrow solution to keep funds safe during the website transfer. Obviously, website and domain sales are a unique business. Typically, you need to trust that the seller is going to transfer the domain and related online properties to your name, or grant you access to the online properties with a special password. Some people have been victims of fraud: they sent money to an online reseller, then the reseller never sent access information for the online properties.
Dynatiq will combat fraudulent behavior with an escrow solution, where funds sent by the buyer are kept verified and safe. The website or domain will only be sent to the buyer when the payment is completed. The escrow and payment technology will ensure the transfer is completed on-time and according to the terms and conditions listed in the transaction agreement.
Dynatiq emphasizes all of the following benefits:
- Data is protected with blockchain-based security
- Never store your data on centralized marketplaces or trust a centralized third party
- No need for usernames or passwords
- No more data breaches
- No more chargebacks
- No need to trust third party payment gateways
- An API is available for merchants and customers
- Buy and sell online businesses anonymously
- Complete real-time transactions with 500+ cryptocurrencies
- A trust and feedback system
- Funds are held in secure, decentralized escrow during the transaction process
Dynatiq offers the following core features:
Dynatiq uses an escrow system based on blockchain technology. This escrow system will protect buyers and sellers. Dynatiq will verify funds sent by the buyer. Then, funds will only be released when the payment is completed.
Trust And Feedback System:
Buyers and sellers on Dynatiq will have a rating based on their previous transactions. Domain resellers and other professional businesses can grow their reputation over time – similar to how sellers maintain high eBay ratings. Buyers and sellers with high reputation are expected to rise to the top of the marketplace.
Dynatiq will have a staking process that allows the general public to acquire tokens. “A certain percentage of the generated funds will be channeled to operations pool in order to provide merchants with the amounts of tokens that will be paid out as rewards to customers,” explains the official Dynatiq website. It’s not totally clear how it works, but you can expect a staking system similar to other PoS coins (although to be clear, Dynatiq’s coin is based on the PoW Ethereum blockchain).
Dynatiq DTQ Token ICO Details
The Dynatiq ICO will take place from April 25 to June 9, 2018.
The company is releasing a total supply of 11 million DTQ tokens, with 10 million tokens available for sale during the ICO. The exchange rate is set at 1 ETH = 2,000 DTQ. Bonuses are available during the first few weeks in the ICO.
90% of the total supply of tokens is going to the ICO, with the remaining tokens going to the team (5%), and bounties (5%).
DTQ tokens are ERC20 tokens on the Ethereum blockchain.
Who’s Behind Dynatiq?
Dynatiq is incorporated in Dubai, UAE. Listed members of the team include Abd al Uzza (Founder), Rayhan Saliba (Co-founder), and Bassam Kattan (Full Stack Developer). All three have experience in blockchain technology and programming. The team has previously worked for companies like Oracle, eBay, Thuraya, and Tamweel.
Dynatiq aims to disrupt the online domain and website marketplace by creating a decentralized marketplace with 0% fees. That marketplace will hold funds in escrow during the transaction process, then release the funds when the buyer approves the transfer.
Dynatiq is releasing 10 million DTQ tokens during its token sale, which is taking place from April 25 to June 9, 2018. Meanwhile, the beta launch of the platform is expected to take place in Q4 2018.