We need to establish auction protocol for Naming auctions.
One of the most urgent issues is fair access to names.
This is why after a bid we need to give chance to counter bid.
As aeternity is not widely use now, the time to propose couter bid should be very long for the most interesting names (below 5 characters) and quite long for sub 9-chars. I also added minimal timeout for fairly long names. My rationale was to make it cheap to monitor auctions and once a day chain scan would do the job.
There is only 4 ranges:
1-4 characters - 2 months (62 days) to validate claim
5-8 characters - 1 month (31 days) to validate claim
9-31 characters - 1 day to validate claim
32 and above - 1 block
Days will be expressed in blocks.
Long timeouts on short names may let popularize the whole framework.
- it’s great
- it sucks, I posted another proposal in comments
- bid timeouts don’t make sense