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This is done through a committee for planetary nomenclature of the
International Astronomical Union. The process usually takes about 3
years, or if it involves moons of other planets it can take 20-30
years.
The name of the recently discovered 'planet' "Sedna" might stick or
could be thrown out. When the moon of Pluto was discovered, it was
unofficially named 'Sharon' by the discoverer after his wife, but the
IAU refused to accept the name and named it 'Charon' after the
ferryman in Greek mythology, a decision inspired by the discoverer's
original choice.
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