Primary auction

The primary auction has several rules:

The initial bid is determined by the length of the name, the shorter the name, the more expensive it is.

This is necessary to protect the space from "littering", so that short names go to the real beneficiaries of brands, commercial and government organizations, as well as large influencers.

Betting takes place on the project token $TRUE.

In case of token absence, the auction provides automatic conversion of ETH to $TRUE and the bid. All this happens natively and does not require any extra actions from the user.

The minimum bid threshold is set by the contract and is adjustable. This is done for the moment of multiple growth of the token so that the value of the name has adequate values.

The auction has a minimum time triggered by the first bid. This value is dynamic and is set in the contract.

The next bid threshold and its minimum value are determined by the contract logic.

The increase in the auction time after the bid is determined by the contract logic.

The bid contains 3 variables:

Name, bid amount in $TRUE tokens, name selected as provider(default trustnamespace$)

At the end of the auction time the name is released, its owner is the wallet that made the last bid, as well as under the name is released NFT to its owner.

The contract confirms ownership of the name and preserves its history.

Last updated