Ethereum Founder To Change How Name Service Domains Are Priced

Vitalik Buterin, the creator of Ethereum, believes that prices for Ethereum Name Service ENS domains should be determined using a market-based approach. 

According to Buterin, registering an ENS domain is $5 today. 

He wrote that while this sounds reasonable from the point of view of one person trying to register a domain, it is very different when considering the global situation.

Buterin explained that a user could prepay a small amount to extend ownership - a hundred years - has created a situation in which domain squatters wait for people to purchase them at a higher price. 

He stated that ENS DAO has been able to sell these domains at a lower price than it should, which reduces its ability to make a difference in the ecosystem.

Buterin believes that demand-based pricing would be a better way to allocate domains. 

The fee is determined by market demand. These proposals would preserve real credibility and offer a high ownership guarantee. 

However, they also raise the cost of domain-squatting. Buterin stated that this would increase revenue for the ENS DAO 

So it can work on important public goods and improve people's chances of getting the domain they want.