Quite hard to find definitive documentation but I've been studying it the last week, with a view to rewrite the good parts.  I'll let you know when I find out more.

But I assume it's the basic UTXO model:

1. UTXO allows you to create or mint a name
2. If two are minted, the first one wins
3. Indexers follow the chain and create an API according to the rules
4. UTXOs can be bought and sold on a market