XRD Domains is the primary developer of the Radix Name Service (RNS) and serves as a platform for domain registration and management.

Piers Ridyard interviewing Wylie from XRD.domains

Piers Ridyard interviewing Wylie from XRD.domains

Background

XRD Domains is a project that aims to make the process of managing domains on the Radix network as simple and user-friendly as possible. While XRD Domains is not the RNS itself, it is a prominent developer of the RNS - a domain registry and trust layer running on the Radix network.

The Radix Name Service is a separate entity, owned and governed by a community foundation and decentralized autonomous organization (DAO) called the RNS Foundation. XRD Domains and the RNS Foundation have distinct but related roles – XRD Domains focuses on building tools and services that allow users and developers to fully leverage .xrd domains, while the RNS Foundation develops and maintains the underlying RNS protocol itself.

One of the primary goals of XRD Domains is to help fulfill the development and bootstrapping requirements of the RNS Foundation and DAO. However, XRD Domains does not hold a monopoly over the RNS – the Radix Name Service is an open protocol, allowing many different dApps, service providers, and platform providers to interact with its smart contracts and build their own platforms and access points for domain owners.

Domain Registration and Management

Domain Registration Lifecycle

Acquiring a domain on the Radix Name Service involves a multi-step process facilitated by XRD Domains.

1. Domain Search and Commitment: Users search for an available domain name and commit to its base purchase price if available.
2. Settlement Period: Once committed, the domain enters a settlement period, which is a window of time that allows for price and demand discovery. During this period, other parties may initiate an auction if they are also interested in the same domain. The length of the settlement period varies based on the number of characters in the domain name.
3. Auction Process: If multiple parties express interest in the same domain during the settlement period, they have the opportunity to participate in an "advantage auction" facilitated by XRD Domains. This auction mechanism provides an "originator's edge" to the initial applicant, requiring others to submit incrementally higher bids with a minimum 20% premium.
4. Domain Claim: If no competing interest arises during the settlement period, the original applicant can claim the domain once the period ends. If an auction occurred, the winning bidder claims the domain after the 48-hour auction process concludes.

Base Pricing

Domains on the Radix Name Service are subject to a base pricing schedule, denominated in US dollars and payable in the XRD equivalent at the time of purchase. This base pricing can be considered the minimum price a user pays if the domain settles without competition from other interested parties. The same base pricing schedule also applies to domain renewals.

The current base pricing schedule is as follows:

The pricing is derived from the 90-day moving average price of XRD versus the US dollar and is reviewed every 90 days or if the XRD/USD rate moves ±20% within a 7-day period. Any pricing changes require an amendment voted on by the RNS DAO.

While this pricing may seem expensive for shorter domains, it is actually cheaper compared to many other Web3 name services. Longer domains intended for utility purposes have a very affordable $4 per year base price.

Domains are currently set to an annual renewal model rather than a single lifetime purchase. This incentivizes continuous innovation and development of services around the RNS by funding an ecosystem through renewal fees deposited into the RNS Foundation treasury.

Settlement Periods

After committing to a domain purchase, the domain enters a settlement period - a window of time that allows for price and demand discovery. During this period, other parties may initiate an auction for the same domain if they are also interested in acquiring it.

The length of the settlement period varies based on the character length of the domain: