10 October 2018

How To Start A NEO Domain Name Auction!

NNS has now officially launched the NEO domain name service. The long awaited .NEO era is here! In this tutorial, we show how to start your own .NEO domain name auction! You’ll notice that the claiming process is somewhat different to what we are used to when purchasing domain names for your websites. In this (NNS) Neo Name Service tutorial we’ll try to set you up for success and guide you through the process.

We show you how to convert your GAS into CGAS, how to Top Up your Auction account, search for an available domain name, initiate the auction process & bid. We also describe the auction rules so that you can make sure that you end up with the winning bid for your .NEO domain name!

The .NEO domain name service (NNS) is the result of a project initiated by NEO developer community NewEconoLabs and allows you among other things (Future) to convert/link your alphanumeric Neo wallet address into a readable .NEO domain name.

Going from this: AaFUVzrzxkQp9XNuZSVKz8mB5uHvqvYWuY to perhaps this: myneodomain.neo

Now remember that NNS is currently holding a ‘domain name mining’ event between October 9th to October 23rd. During this limited timeframe, early adopters of .NEO domain names will be rewarded witch a proportional amount of NNC tokens for every CGAS they have spent for winning bids.

How To Start A NEO Domain Name Auction (.NEO)? (Video Tutorial)

Here you can enjoy a short 2m:26s overview of how to start a domain name auction for the .NEO domain of your choice! If you rather read about the process step by step, simply continue reading this tutorial on how to get started with a NEO Domain Name.

How to get started with ‘NEO Name Service’? (Written Tutorial)

Before we get started, you should know that while (.NEO) Domain Name auctions are said to be supported by other NEO wallets in the future, right now the way to do it is by using the NEL Wallet.

If you want a quick overview on how to get started with the NEL Web Wallet you can check out the video and written tutorial on how to create a Neo Wallet Address with NEL Wallet.

Going forward, we are going to assume here that you feel comfortable with the different ways to login in order to access your NEO Wallet Address with the NEL web wallet.

So whether you have created a new wallet and are transferring GAS funds to the new NEO Account, or have decided to import your existing Neo wallet address through the use of your WIF key or through an encrypted key, in this tutorial we are going to show you how to ‘Start a .NEO auction’ in 4 simple steps.

How To Bid For (.NEO)

How To Bid For (.NEO)

Step 1: Exchange Neo Gas into CGAS

Now that you are presumably logged in with your Neo wallet address in the NEL Wallet, you should ensure that you have GAS balance on your NEO account.

First, let’s exchange some of our GAS tokens into CGAS tokens. CGAS tokens are being used to bid on the .NEO domain name and will also be used for all other ‘payments’ within the NNS ecosystem. GAS and CGAS are traded 1:1, so you are not incurring any exchange rate risk. In other words, you can easily exchange leftover CGAS tokens back to GAS tokens at any time – 1 for 1.

Click ‘CGAS Exchange’ if you want to proceed and convert some of your GAS into CGAS!

Step 1-Exchange CGas

Step 1-Exchange GAS to  CGas

Here you can simply ‘enter the amount of GAS’ you want to exchange into CGAS and click ‘Exchange’. 

Note that the exchange process can take a while, so be patient. You can easily check the correct status and approximate ‘waiting time’ when clicking the ‘alert/notification bell ‘on the top right part of your screen. (see the red message reminder).

Step 1 - Exchange Neo Gas into CGAS

Step 1 – Exchange Neo Gas into CGAS

Step 2: Top up your ‘Auction Account’ with CGAS

Now before you can start bidding on domain names, you’ll still have to allocate CGAS to your auction account. The process is straightforward. Simply, click TOP UP

Step 2 - Top Up 'Auction Account' with CGAS

Step 2 – Top Up ‘Auction Account’ with CGAS

In the popup window you have the opportunity to allocate a specific amount of your CGAS balance to your Auction account. Enter the amount + click ‘ Confirm’.

Step 2 - Top up Auction Account

Step 2 – Top up Auction Account

Step 3: Choose A Domain Name & Start an Auction

Great! You now have CGAS available in your NNS Auction Account and you are ready to spend your CGAS.

Now, while in this tutorial we are focusing on ‘how to start an auction’, you are now also ready and able to simply participate in ongoing auctions initiated by other users.

In the search bar, you can start searching for the domain name that you would like to ‘purchase’. So, let’s assume that you wish to claim ‘mydomainname.neo’ as the example suggests, you’ll quickly see if your chose .neo domain name is available or not.

If there is already an ongoing auction for the domain name of your choosing, you’ll be prompted to Join Auction.

For those who missed it, NNS has recently changed the domain name character length. You can now purchase domains from 2 – 32 characters long! (NNS Twitter Statement)

Now ‘search for an available domain’ name and click ‘Start Auction’

(Remember: You’ll have to wait for blockchain confirmation before you can ‘bid’ for your domain!)

Step 3 - Choose Domain Name and Start Auction

Step 3 – Choose Domain Name and Start Auction

Step 4: Enter opening BID for (.NEO) Domain Name

So, here you can see that we have blockchain confirmation that the Auction period has been activated and you are now able to place a bid! Click ‘Place Bid’

Step 4 - Bid For NEO domain name

Step 4 – Bid For NEO domain name

Enter the amount of CGAS you want to bid and confirm by clicking ‘Place Bid’.  The minimum CGAS Bid amount is 0.1 CGAS! 

Step 4 - Bid For NEO Domain name - Confirm BID

Step 4 – Bid For NEO Domain name – Confirm BID

Following up on the auction timeline & Neo domain name auction rules

That’s it, once you confirm your bid you are ‘in play’, you can follow the bidding process on the timeline.

In case you are wondering how the bidding process gets concluded, this section of the tutorial is for you. We will quickly discuss the ‘(.NEO) Auction Rules’.

NNS has opted to allow a minimum period of 3 days before any domain name auction gets concluded. If nobody puts in a higher bid on the third day of the auction, the highest bidder until then will ‘win the auction’  and there will be no auction extension. Once you have won the auction, you’ll be able to claim the domain name and start managing the domain in the ‘domain name management section.

Now, image that a higher bid has been initiated on the third day of the auction, it will automatically result in an auction extension period of maximum 2 days.  NNS has chosen to randomise the ‘time extension period’. In other words, you are incentivised not to wait with your bidding as you can not be sure when the auction extension will end. – Gentlemen, place your bids 🙂 –

We hope this tutorial was helpful. Feel free to leave us a comment if you have any additional questions. We’ll do our best to update this tutorial as we go along & best of luck with the .NEO bidding!

Neo Domain Name - Auction period

Neo Domain Name – Auction period

Leave Comment

Your email address will not be published. Required fields are marked *