An auction is an economic mechanism whose purpose is the purchase, sale, or allocation of goods and the formation of prices for those goods via some competitive process like bidding. There are four major types of auctions, namely, English or Ascending auction, Dutch or Descending auction, Sealed Bid First Price auction, and Vickrey or Sealed Bid Second Price auction, along with many variations and additional modifications. DexAuction provides a decentralized online auction-based exchange for sale and purchase of goods through any of these four auctioning mechanisms facilitated by Smart Contracts over the Tezos blockchain. After choosing the desired auctioning model, the seller/auctioneer can further customize the auction to suit his/her needs giving incredible flexibility. Using audited and tested smart contracts based on Michelson (which facilitates formal verification) DexAuction makes the entire platform and the auctioning processes foolproof and secure, so that malicious and selfish peers cannot cheat. By eliminating the need for central intermediaries to conduct and manage the auctions, DexAuction not only does away with a single point of failure but also lowers the cost of auctioning and enables fair price development, bringing transparency and trustlessness in the process.
When will the project be completed and the auctions start?
Interesting project
Nice job, guys!
Wonderful. Good job
good project!!
cool project !!
good
omg that is cooll
very nice!!!