INTRODUCTION

A Universal Cryptocurrency for Bidding

$203+ Billion Moving At Auction Globally

Globally, auctioning and bidding on government contracts, fine art, e-commerce, vehicles, jewelery and real estate is taking place, all using various forms of fiat or credit as the means for satisfying payment; BidCoins aims to streamline the bidding and payment activities in which a bid is the mechanism for an item, project or charitable situation to be won.


The aim is to reduce financial costs as well as the time it takes auction houses and "for hire contractors" to complete transfers of ownership of physical and digital assets (contracts and/or dollars), all upon a decentralizled, *oracles powered blockchain.

Who Can Benefit

Questioner: "What happens if one a winning bidder doesn't actually have an ability to pay?"


BidCoins Founder: "This couldn't happen when utillizing the BidCoins.io *DApp as funds remain permanently verified thus preventing in real-time any bids which are beyond affordability of the bidder."


Questioner: "How do you deal with "phantom bidding"?


BidCoins Founder: "Phantom bidding negated on the BidCoins.io DApp; as a DIGITAL AGENT is DESIGNATED and IDENTIFIED on the PUBLIC BLOCKCHAIN which exercises sealed bids. Unlike traditional auction settings, this would allow for post auction/bidding bids to be inspected for authenticity while still maintaining anonymity of the bidder(s)"

Blockchain Oracles

BidCoins Founder: Due to the use of "blockchain *oracles", users may elect to make connections, thus self-categorizing in ways like credit worthiness, spending power, experience, subject matter knowledge and more.


Because of this unique approach to using oracles for gathering critical data about the bidder(s) in real-time, all bidding remains authentic, efficient and executable.

Definitions:


*DApp: Decentralized Applications – DApps


Decentralized applications (dApps) are applications that run on a P2P network of computers rather than a single computer. dApps, have existed since the advent of P2P networks. They are a type of software program designed to exist on the Internet in a way that is not controlled by any single entity.

  • Decentralized applications don’t necessarily need to run on top of a blockchain network. BitTorrent, Popcorn Time, BitMessage, Tor, are all traditional dApps that run on a P2P network, but not on a Blockchain (which is a specific kind of P2P network).


  • As opposed to simple smart contracts, in the classic sense of Bitcoin, that sends money from A to B, dApps have an unlimited number of participants on all sides of the market.


Note: These definitions are not set in stone and there are different views on this subject.


*oracles: An oracle, in the context of blockchains and smart contracts, is an agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts.


Smart contracts contain value and only unlock that value if certain pre-defined conditions are met. When a particular value is reached, the smart contract changes its state and executes the programmatically predefined algorithms, automatically triggering an event on the blockchain. The primary task of oracles is to provide these values to the smart contract in a secure and trusted manner.


Blockchains cannot access data outside their network. An oracle is a data feed – provided by third party service – designed for use in smart contracts on the blockchain. Oracles provide external data and trigger smart contract executions when pre-defined conditions meet. Such condition could be any data like weather temperature, successful payment, price fluctuations, etc.


Oracles are part of multi-signature contracts where for example the original trustees sign a contract for future release of funds only if certain conditions are met. Before any funds get released an oracle has to sign the smart contract as well.