I see. I don't like it. It makes distribution in my opinion quite unfair.

This kind of distribution scheme works with bitcoin - all tokens are fungible - if you join mining late, those late mined bitcoins are fungible with early mined bitcoins. I argue that it makes it fair in bitcoin case.

But not so in names case. Names are not fungible. Short/better names are more desirable and are going to be taken first. So late joiners are at the mercy of early joiners - you cannot own a good taken name without a permission of early user who took it.

(Also it kinda explains why you don't have a token to finance yourself - early users will have short names that are worth more).