40 lines
1.2 KiB
Markdown
40 lines
1.2 KiB
Markdown
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title: Auction
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description:
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published: 1
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date: 2024-02-09T04:13:43.915Z
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tags:
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editor: markdown
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dateCreated: 2024-02-09T04:13:43.915Z
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---
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# Auction
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To prevent price sniping, Handshake uses a blind second-price auction called a Vickrey Auction. Users can buy and register top-level domains (TLDs) with Handshake coins (HNS).
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In a Vickrey Auction, a participant is only aware of their own bid. The bids are revealed at the end of the auction when a winner is chosen. The winner pays the second highest bid instead of his or her own.
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- Names were released weekly during a pre-determined 52 week schedule (until Feb 2021)
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- Blind bids can be placed any time after a name is released.
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- Bidding is open to everyone for 5 days beforethe reveal period.
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- Bidders have 10 days to reveal their bid price.
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- A winner is assigned the name and pays the second highest bid at the end of the reveal period.
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- The winning bid is burned and permanently removed from circulation.
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- Losing bids are returned.
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- Names are renewed every 2 years by paying standard network fee.
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For more information, read the [Handshake paper](https://hsd-dev.org/files/handshake.txt).
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---
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Vickrey Auction's scheme and example
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