The Federal Communications Commission recently launched the agency's first high-band 5G spectrum auction as it works to clear space for next-generation faster networks.

Bidding is began on Wednesday, November 21, 2018, on spectrum in the 28 GHz band and was followed by bidding for spectrum in the 24 GHz band. The FCC is making 1.55 gigahertz of spectrum available and the auctions will be followed by a 2019 auction of three more millimeter-wave spectrum bands — 37 GHz, 39 GHz, and 47 GHz.

"These airwaves will be critical in deploying 5G services and applications," says FCC Chairman Ajit Pai, who disclosed the planned auction in February.

5G networks are expected to be at least 100 times faster than current 4G networks and cut latency, or delays, to less than one-thousandth of a second from one-hundredth of a second in 4G and allowing for innovations in a number of different fields. While millimeter-wave spectrum offers faster speeds, it cannot cover big geographic areas and will require significant new small cell infrastructure deployments.