ΒΆ 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.
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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.
For more information, read the Handshake paper.
Vickrey Auction's scheme and example