What does the Handshake names auction process look like?

Users can buy or register domains through a Vickrey auction using HNS coins. All possible names are released weekly over the first year after launch. Users may submit blinded bids on the Handshake blockchain anytime after a name is released for auction. Bidding is open to everyone for ~5 days after the reveal period, and have ~10 days to reveal their bid price. A winner is assigned the name and, as it is a Vickrey auction, pays the second highest bid at the end of the reveal period. The winning bid amount of HNS coins is burned and permanently removed from circulation. Losing bids are returned and not burned.