Auctions are an extremely important industry in the global economy, with a worldwide market value of around $300 billion in 2021. However, despite it's significance role, it is still a market with many problems to be solved.
The core issue of auction activities is the transparency and honesty of the auction – users often worry that they aren’t paying a fair price and that the auction has been cheated. For an online auction this can only depend on the reputation, the brand of the auction house. Therefore, reputed auction houses, such as Christie's, Sotheby's, Phillips or eBay, usually have a high commission fee, which can be up to 10%, 15%, 20% or even more, depends on the certain asset categories and selling price. There’s also the risk of the buyer not paying you, as well as the risk of the platform being hacked and sensitive data being leaked. These are all inherent characteristics of a centralized system.
Solution – build a decentralized auction platform – where the transparency, honesty, anonymity, transaction time will no longer be in the hands of any auction house or minority manipulator group.
• Transparency–> the assets will be tokenized to NFT, certified by responsible authorities. All the bidding actions are conducted by smart contract, verified by Cardano's blockchain platform. Even the auction houses don't have the rights to manipulate the results.
• Anonymity, information security for auction participants –> user data are encrypted, similar to e-wallet addresses.
The source code of the system will be available at a given Github account - which will be announced later after the project is funded, any user with technology knowledge can audit it themselves to ensure that the system is built completely transparency, bug free, and there is no backdoor.
The system is designed to be easy to use and operate, enable the organization of online auctions become simple, convenient to both buyers and sellers. The platform is designed with auction configuration presets that meet all the popular auction types in Vietnam as well as in the world. This is model example of digital transformation for the auction business.
This is a decentralized auction platform (DApp) that operates on Cardano blockchain platform, where auction houses can only list the assets without manipulating the results, it's transparency and objective, so that everyone can verify:
• All bid orders and transactions are based on smart contracts.
• Members' account information is encrypted, similar to e-wallet addresses.
• The system source code is public on the project's Github.
This platform will help drive the growth of the auction industry and attract more users to the Cardano platform.
• Large workload to handle –> professional work management process, applying Agile methodology, professional team, proven track record in software development. Besides, we organize bug bounty activities to leverage the community resources to boost up the progress of the project.
• Legal issues –> In the near future digital assets will be recognized by the law. We build an MVP to prove it is a certified auction platform. Get our platform ready for digital assets auctions.
• Most of the auction participants are not familiar with online auction and crypto platforms–> invest in UI/UX design to make the platform easy to use.
• Legal entity for online auction platform –> we are licensed and certified since June 2020.