nathanwoodburn/handypedia
nathanwoodburn/handypedia
1
0
Fork 0
Code Issues Pull Requests Packages Projects Releases Wiki Activity
bcafc89a50
handypedia/auction.md

1.2 KiB
Raw Blame History

title description published date tags editor dateCreated
Auction 1 2024-02-09T04:13:43.915Z markdown 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.

vickrey_auction.jpg Vickrey Auction's scheme and example