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.
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.
Owned by GoogleFlare with public spec, but most of it would be run as closed source application that uses extended spec akin to EEE - making it impossible to use without relying on GoogleFlare.
Ill try answer it myself with more questions. If ranking search results is such a hard problem perhaps dividing domain names should be a tad more complex than giving all the words to the first person to ask as long as they have the money. Perhaps A web directory of some kind but that still doesn't answer the riddle of ordering.
