I find this to be a better solution.
At the time of expiration; ENS Immediately assumes custody of the expired domain.
Immediately at the time of expiration; a 168 hour timer (7 full calendar days) begins allowing the previous registrant to extend the registration time of the expired domain to remain registered in his or her name. Standard registrant prices per length of time to be registered will still apply with a 30% tax of the registering fee to be added in the total to reclaim the domain.
From the start of the 168 hour post expiration time period; for each hour that passes 2% of previous registrant total (registration fee Including the 30% then 2% of that total is added for every hour that passes without receiving payment from previous registrant)
regFee = baseFee(regTime)
regFee(0.30)
numHours=Total number of hour passed since expiration
totalDue=regFee(0.30)[1+(0.02/numHours)]^(24•7)
totalDue=Amount you must pay to reclaim expired domain if completed within seven days from the expiration.
during this 7 day period:
A sealed auction takes place. Bidders may place bids on the expired domain that the previous registrant so far has failed to re-register, but previous registrant still has the seven days or 168 hours to complete the registration extension of said expired domain. Only the bidder during this time period / sealed auction is able to see their bid amount and their bid only. If the previous owner fails to re-register the expired domain the seven days , bids will become public in the order and time and amount will be displayed in a table that shows clear and concise values and the highest bidder will assume the lead bid and is obligated to purchase the domain by staking the amount into the contract. if no other bids are placed until the auction is complete after 30 days from the day of expiration, the high bidder will assume custody and control over the registered name. If you so happen to change your mind about acquiring the domain that you have the placed your staked bid into the payment contract, you may withdraw your bid with a 25% fee of your max bid plus gas fee. When a bid exceeds the previously placed bid amount, that amount is immediately staked and bound for payment unless a newly placed bid occurs exceeding the max bid. The previous max bid is then released from its staked payment contract back to the bidder. The new max bid becomes the new amount that is staked and bound for the payment contract by the new high bidder.
mplementing this method will provide the community a fair and reasonable opportunity to assume custody and control of expired ENS Domains. For I see this as a snatch and grab bought proof implementation that is inclusive for all community members and or those who are attempting to acquire a ENS domain for the first time. @nick.eth I see what you’re going for and don’t get me wrong I think it’s a good idea but I believe that that will Exclude a huge amount of people from the competition of acquiring these domains. Now if we were to implement what you are Suggesting it would only enable the ENS community to be inclusive to those of which and only to those who know how to program and code bots, this again creating an adverse and unfair advantage.
This right now is pinnacle moment in time where this has got to be done right. This literally could be a make or break the project for ENS domains. I know that if I were trying to include myself into a community and that community already had an unfair at bandage over me trying to be a part of the community then I wouldn’t wanna be a part of that community at all. especially a community that runs on the decisions of delegates and the use of a DAO.
Why would anyone want to take part in a community where my ability to participate fairly was taken away from me before even having the opportunity to be a part of the community.