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So if anyone can do it, does that mean that the rights to a specifically named community that is potentially extremely popular would be on a first-come, first-served basis?

The accounts will use NCIs (Numerical Community Identifiers) where the community account will be named, for example hive-10001.

The community's display name will be an attribute set in settings. That's where the name will be set.

You can read more on the technical details here, under the section Registration.

That is a good question and possibly. I foresee some creative names if the basic ones get snatched up quickly. Stuff like the krypt0 community... etc.

I see drama ahead...