> That's below the bit where they auction them off to the highest bidder. There are plenty of issues with ICANN, but it isn't a toy with a short term profit-maximization scheme attached...
The blockchain auctions domains off to the highest bidder thru a blind Vickrey auction [1] wherein the winner pays the amount of the second highest bid.
After the auction completes, the coins are burned (provably destroyed).
Both the legacy ICANN system and new TLDs on Handshake [2] are working together in harmony.
To be clear, everything on the internet including the internet itself started as an experiment.
The blockchain auctions domains off to the highest bidder thru a blind Vickrey auction [1] wherein the winner pays the amount of the second highest bid.
After the auction completes, the coins are burned (provably destroyed).
Both the legacy ICANN system and new TLDs on Handshake [2] are working together in harmony.
To be clear, everything on the internet including the internet itself started as an experiment.
[1] https://en.m.wikipedia.org/wiki/Vickrey_auction
[2] https://dns.live - Domain Adoption