Where Slightly Different Rules Can Work Uniquely Well For Very Different Auction/Bidding Forums
Blind Government Contract Bidding
High-Networth Art Auction
With a *side-chain *DApp running parrallel with Stellar.org blockchain, the contract, the conditions, the qualifications, the bids received, bid awarded as well as future change orders would ALL be on public ledger; this could eliminate a great deal of the bid rigging, collusion and cohersion.
Contracts Get Smart
A government or Union Contract which is being awarded via a bidding forum, is deployed as a smart contract; all interactions with this contract (ie. bidding activity, as well as condition satisfaction attempts) are handled on our side-chain, and recorded on public ledger.
Now, even those who didn't win the contract can monitor the payout and change-order activity of any contract.
Fine Art Auctions
Clearly you don't want a teenager with good web browsing skills, to end up in your high-dollar/fine art auction.
Auction room ONLY allows access to Wallet Addresses which have (age, has minimum current art net-worth and average bank balance) data, verified in the last 60 seconds. Bidder remains anonymous, and even on our forum as the data itself did NOT include a name or other personally identifiable information.
Proof's (ie. authenticity, origin, ownership and more) can be stored on the blockchain as well, in an encrypted state using the SHA-256 hashing algorithm.
Client Side Encryption = Encryption for the End User
With encryption capabilities on the client side, we're able to, as users, encrypt or sign data before it is sent to an application’s servers; a selling point to any affluent or ultra wealthy bidder, to know their is secure.
It also enables interactions with distributed storage solutions and ledgers; thus edge compute devices such as security systems and ledgers such as Stellar blockchain can be relied on and updated respectively.
Leave it to the seller, the'll get those bids going : )
Seller Never Bids
Unfortunately, there's quite a bit of instances where Seller bid's from other accounts, causing price inflation to their benefit. Using blockchain oracles again, we can ensure bidder may remain anonymous, while also further preventing the Seller from bidding :
- No two bidders in a single forum (an auction room, containing one or more items for sale), may share a common GPS location and bid on the same item;
- Every bidder must have an active wallet;
- Every bidder's wallet must have a minimum balance of 50 Bid Coins to bid, NOT to be logged in;
- Every bidder's wallet is activated with KYC information;
- Wallets establish trust the more points of data they connect, such as bank account, email, phone, computer, etc.