Patent application describes a novel way to use domain names as a currency.
So far, we’ve seen some innovation in how new top level domain names are distributed and sold, but not much innovation in how they’re actually used.
Minds + Machines has an idea that certainly seems innovative: using domain names as a currency.
The company filed a patent application on the idea last year, and it was just published by the U.S. Patent and Trademark office this morning. (Read the full application embedded below.)
The idea is that you can buy a domain name from your registrar that has a certain stored value facilitated by the registry. For example, I could go to GoDaddy and request a $500 stored value domain name. The registrar would then issue a domain name, such as USD500-781211.work, which corresponds to that $500. Click here to continue reading…