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How to Participate in a Name Auction
First we should look at the current status of a name we want.
Once we know the name is available, we can send an “open transaction”, this is necessary to start the bidding process. After an open transaction is mined, there is a short delay before bidding begins. This delay is necessary to ensure the auction’s state is inserted into the [urkel] tree.
getnameinfo we can check to see when bidding will begin. Once the auction enters the bidding state, we can send a bid, with a lockup-value to conceal our true bid.
After the appropriate amount of time has passed, (1 day in the case of testnet), we should reveal our bid.
We can continue monitoring the status, now with the wallet’s version of getnameinfo:
If we end up losing, we can redeem our money from the covenant.
$ hsw-cli rpc sendredeem handshake
If we won, we can now register and update the name using
Formatting examples for each record type are listed here.
Renewals on mainnet are required within about two years!