With the amount of work done in the past few months, we have gathered a lot of technical feedback. It became clear that we have enough information to make a BIG overhaul of the Blockchchain ecosystem we have began to build.
Today, we’re sharing the latest updates for our product roadmap. Whether you’ve just been acquainted with it or you’ve had it bookmarked since the beginning, the roadmap will provide you with a snapshot of what’s to come for the Auctionity platform. Our product roadmap helps us share what we’ll be working on next and where we stand on our Development Schedule.
We are well on our way. Consult our roadmap below to get a better sense of our progress.”
A few months ago when we started Auctionity, we communicated with a first version of roadmap. We are aware that priorities and plans can shift and we didn’t want that shifty-ness exposed.
However, things have changed for 2018 and we now have a better vision of the different milestones. All of us have a general understanding of this behavior: we see it everyday in the GitHub repos we depend on and contribute to.
So, now we’re sharing an updated version of the roadmap as we want to share the next steps to come with the community. We will keep you updated if there are any changes. Meanwhile, we will be happy to hear any ideas you may have for this roadmap and discuss on a public repo. You’re welcome to contribute with issues and commentary.
Here are some of the technical details we think deserve some extra attention:
Private Ethereum blockchain for a fast and costless auction system — 100%
Ethereum LiveNet blockchain transaction mining time and gas costs are two major limitations to deal with before we can create an easy-to-use auction solution. To overcome these two issues, we have decided to use a private Ethereum blockchain for our initial product release. This Private blockchain is based on Ethereum open-source code, through Go implementation (aka Geth). This smart contract solution guarantees a transparent auction process. Here’s a list of the features we were looking for:
Private Ethereum blockchain for a fast and costless auction system .
A fast and secure API to communicate with our private blockchain. It will link all the Auctionity’s blockchain operations to an HTTP request.
This is the Minimum Viable Product (MVP) allowing you to see the auction process at work including customer API, the auction widget integration and a demonstration on the platform.
Auctionity has developed its own Block Explorer which allows you to check transactions in pool. This is a useful tool that can be used to track the history of transactions that have taken place on the Auctionity blockchain. All transactions are publicly recorded on the blockchain and you can search to find more detail about any one of them. The Auctionity Block Explorer is set to become a complete resource in the future.
The core API will be cleaned up and documented to allow anybody to use it easily and to bring their own auction implementation to the Auctionity blockchain.
Payment guarantee counter-party for all auctions.
Auctionity will bring an auction-optimized blockchain technology. For auctions processes to execute faster and in a perfectly transparent way, some specific mechanisms will have to be added to reduce operation costs and increase transaction speed. This will eventually lead to a fully decentralized solution allowing anyone to join the network.
Often the basic auction system is not enough and many serious auctioneers wish to have advanced auction features that give real time updates to bidders. Proxy bidding makes bidding on auctions easier and less time-consuming for buyers once the auction reserve price has been met. Proxy bidding is an implementation of an English second-price auction, in which the winning bidder pays the price of the second-highest bid plus a defined increment.
The first form of auction developed on Auctionity is the English auction, also known as an open ascending price auction. This kind of auction is the most common form of auction in use today. To extend the adoption of Auctionity by more people, other forms of auctions will be developed: Vickrey auctions also known as a sealed-bid second-price auction, and Dutch auctions aka open descending price auction.
Waiting for core v2, Auctionity will allow foreign nodes to participate in the validation consensus and guarantee DRNet decentralization and trust.
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