How does the .ETH auction work?

The .ETH auction is a 5 day "vickery" auction. When you order a domain you start the auction process and for the first 3 days of the auction your bid is hidden to other participants.  After the 3 days your bid will become visible for two days.  If you are the highest bidder at the end of the auction then you will be charged the difference between your bid and the second highest bidder.  If no other bid is received you will be charged the standard auction fee of 0.01 ETH, we will exchange this based on the exchange rate quoted when you first placed the order.   Your .ETH name will then be valid for one year.

Tags: .eth, Ethereum