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Explain auction process.

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handshake-web 2020-02-23 00:55:09 +00:00
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<p>Get a list of all names and the current state: <b>./bin/hsd-cli rpc getnames</b></p>
<p>See the documentation on more commands, such as renewals which must be made at least every two years.</p>
<p>Try googling/searching for <b>hns block explorer</b> or looking on an HNS Exchange for a list of bid blinds and bid status of names.</p>
<p>The state of auctions are as follows: OPEN (first ~six hours, cannot bid), BID (~five days, anyone can place bids), REVEAL (~ten days, you MUST reveal your bid or you lose your bid HNS), REDEEM/REGISTER (refund your money or update the DNS record, no time limit for REDEEM). This takes a long time to secure the network, while it is possible to make it fast, true decentralized systems must "confirm" chain states over time and therefore HNS biases towards security and correctness. Selecting instant redemption would be a foolish endeavor (as someone can claim high-value names cheaply) and fast auctions would prove inaccurate or increased vulnerability towards censorship attacks.</p>
<h2>Summary</h2>
<p>Handshake is a decentralized naming network with the majority ownership of initial coins are distributed to open source developers with available scrapeable keys. Certain kinds of decentralized systems were not historically possible as some entities could overwhelm the network and claim all the resources (in this case, register all names). Handshake is an experiment in distributing majority ownership to the open source community of this network as a method to bootstrap a decentralized network with limited resources, to prevent griefers taking up all the resources. It is hoped that this system could be used as a method wherever decentralized key authentication of names is needed (e.g. decentralized web applications where an association between a name and a cryptographic key proving ownership of that name). <b>In other words, an association between keys and names create the potential for the decentralized web by allocating cyrptographically provable resources to names.</b> This could be used to prove the owner of a name published a document, and distributed across a decentralized network. The more applications using this system to secure/prove documents in a decentralized way, the higher the useful aggregate economic/social value of registered names on Handshake (Metcalfe's Law).</p>
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