[Something1234]

It would be completely centralized with a micropayment rent seeking solution to update records.

[oblio]

I think it would actually be (pseudo-)decentralized and you'd have to mine a blockchain node containing each domain, where its creators will have reserved at least 10% of its node pool to make sure they became billionaires if it took off.

Plus micropayments, of course :-)

[TZubiri]

Nono, it would run decentralized in blockchain with a mircropayment rent seeking solution to update records.

[vvern]

You’re right that it would run on a block chain, but that fact would primarily exist to power some marketing. Everybody would end up interacting with it through a single centralized web site and API because it’s the only usable way to get it to work.

[ochronus]

I laughed at first, then I cried, because sadly, it's true.