Please describe your proposed solution.
The smart contract we intend on creating would cater to the following possibilities:
- Allow assets to be auctioned with the following options
- Reserve Price
- Starting Price
- Minimum Increment
- The contract would allow multiple tokens to be entered as payment:
- ADA
- FTs
- Currencies/Tokens
- The contract would allow auctions in the following format:
- English Auction
- Dutch Auction
Some functionality may need to be removed depending on current on-chain limitations.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The contract once open-sourced would help developers in the ecosystem create their own tools and platforms. Apart from that, this contract combined with our other open-sourced contracts would allow for innovations and expansions by the community.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
The biggest challenge in executing this project is to ensure security and battle testing the contract so it can be trusted by the community at large.