That’s a completely impractical suggestion, that ignores how domain names are actually used. Domain names are used primarily by organisations, not individuals. But even for individuals this wouldn’t work. Vanity domains are still going to be scarce, and the names in demand for organisations are still going to be scarce. And why should there be any limit on the number of domains you can buy? What if I have 6 projects I want to host? What if I own a company and want to buy my name in multiple TLDs to prevent phishing? What if I want to have a different domain for my dev/test/sandbox/prod environments?

“For every complex problem, there is an answer that is clear, simple, and wrong.”

Businesses can still buy all the domain names they want just like they can now. The owner of a small business just needs 1 domain for their cafe and maybe one more for personal email.

You know these speculators are businesses right? What problem do you think your suggestion is solving?

I propose a .pubkey TLD that doesn't need any registration and can be administered by the owner of an associated public key.

The mapping to the nameservers could be maintained on a blockchain (to fund the storage costs).

https://en.wikipedia.org/wiki/Namecoin ( 2011 )