Zbra is a name service with a magic in-protocol pricing mechanism that provides high liquidity and benefits both early birds and residents moving in in 2050. Based on .zbra domains, we build a decentralized Twitter on ETH.

An economic experiment on the pricing mechanism of Web3 land

Should there be demand-based recurring fees on ENS domains? Vitalik made my Eureka time about long-term domain pricing. Billions of residents will own web3 domains in the next decade. Therefore, an evolving, in-protocol pricing mechanism is critical.

We decided to use Hayek's method. The pricing should be dominated by users, which is more in line with the spirit of Web3.

History always repeats itself at an accelerated rate on the blockchain. In 1830, Chicago was just a small town with few cabins, but by 1933 it had become a metropolis with a population of more than 3 million. The rise of the ground value of that 211 square miles from a few thousand to five billion dollars. Isn't the Web3 domains just like the land of Chicago in 1830?

Hoyt Homer analyzes the relationship of the growth of Chicago to the rise in its land values ​​from 1830 to 1933 in One Hundred Years of Land Values ​​in Chicago. In the 100-year pricing process, the increases in value have primarily been driven by population growth.

We will simulate Chicago in 1830, provide a very low initial price, and accelerate 100 years to dozens of days through an incentive mechanism, allowing Lords to price domains through a free market (buy and grab). As the number of lords increases, we introduce a prosperity coefficient-based method to adjust the initial price and as the number of lords increased, the price increased. (For details, see the token economic section below)

Form the spontaneous order in Web3 land

In the existing domain project, each domain is owned solely by each user. Hayek's The Constitution of Liberty proposes that in a society where individual liberty is greatly guaranteed, civilization should be built by forming a spontaneous order. A new civilization cannot be established without communication between domain holders.

Gasset says that order is not a pressure that people exert on society from the outside, but an equilibrium established internally.

Zbra lords can send messages on the blockchain with .zbra domains. All residents can see that on the Zbra Plaza. More than Twitter:

• Account ownership: your Twitter account belongs to Twitter but .zbra belongs to you

• Content Ownership: These contents belong entirely to the lords, cannot be tampered with, and are never down.

• Lords need a domain to tweet: cut out the vast majority of spam and bots

• Trustless: if users don’t own a name or NFT, they can’t use it.

Zbra VS. ENS

If ETH is a country, ENS is Detroit, then Zbra is Chicago. Chicago vs Detroit:

Zbra Token Economics

We divide Zbra into 3 stages with different goals:

1. Chicago1830: Incentivize Lords to price domains

2. Land Boom: Zbra Token will be issued and first allocated among lords

3. Population Expansion: Lords will be incentivized to build a social network on Zbra

The first stage simulates the pricing process for Chicago land called Chicago1830:

When the number of sold domains is 1, the initial price of the domain:

As more and more domains are sold on the land, the initial price also increases. When purchasing the nth domain name with m characters, the price is:

Population Growth Incentive: Lord A invites Lord B, A will get 10% of B's ​​buying of domains in the first phase

Re-pricing of domains (grab): When a Lord buys an occupied domain, the price is 150% of the previous buyer's price:

• Can be bought for any number of years(not occupied). For the occupied, if the previous buyer buys 10 years, the grabber has to buy 10 years.

• 25% is credited to the Chicago1830 Pot; 1% is tax; the rest goes to the previous purchaser.

Chicago1830 Pot:

• When the domain is open for registration, there will be a countdown of up to 7 days;

• The clock is increased by 3 min for each transaction, multiplied if purchased for multiple years, but will not exceed the limit;

• When the countdown reaches 0, the pot stops increasing and will be distributed:

  • 40% to the last person to buy

  • 10% to Zbra developers

  • 50% to Zbra Token liquidity pool

  • When the pot distribution is completed, the first phase will end, and the second phase economic model will be announced after that.

  P.S. All proposals are welcome. The product roadmap will follow on Twitter.