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