Changes

* Failure: If a bid is entered early and the winning bidder fails to pass ICANN's evaluation process, the string could go unclaimed.

* Failure: If a bid is entered early and the winning bidder fails to pass ICANN's evaluation process, the string could go unclaimed.

[[Donuts]]Co-founder [[Jon Nevett]] says that Donuts will handle as many of its contention sets as possible via this method, as auctions will be cheaper and faster for applicants than ICANN's original method. "The cost of losing an ICANN auction is greater than the cost of losing a private auction," Nevett said. "If you lose an ICANN auction you get nothing, zero, you lose your asset... [but with private auctions] it doesn't hurt as much to lose, so the theory is the second-place guys won't stretch as much."<ref name="domainincite"></ref>

[[Donuts]] Co-founder [[Jon Nevett]] says that Donuts will handle as many of its contention sets as possible via this method, as auctions will be cheaper and faster for applicants than ICANN's original method. "The cost of losing an ICANN auction is greater than the cost of losing a private auction," Nevett said. "If you lose an ICANN auction you get nothing, zero, you lose your asset... [but with private auctions] it doesn't hurt as much to lose, so the theory is the second-place guys won't stretch as much."<ref name="domainincite"></ref>

CEO of Top Level Domain Holdings [[Antony Van Couvering]] has come out in support of private auctions over ICANN auctions, as well. In a article written on June 3, 2013, he discussed the benefits and drawback of each model. ICANN auctions would only deplete applicants' funds, he argues, which could be used for marketing, research, and technology.<ref>[http://www.circleid.com/posts/20130603_icann_auctions_or_private_auctions/ icann or private auctions] Published 3 Jun 13 Retrieved 4 Jun 13</ref>  

CEO of Top Level Domain Holdings [[Antony Van Couvering]] has come out in support of private auctions over ICANN auctions, as well. In a article written on June 3, 2013, he discussed the benefits and drawback of each model. ICANN auctions would only deplete applicants' funds, he argues, which could be used for marketing, research, and technology.<ref>[http://www.circleid.com/posts/20130603_icann_auctions_or_private_auctions/ icann or private auctions] Published 3 Jun 13 Retrieved 4 Jun 13</ref>