As the crypto market has been suffering from a bearish trend for a while, crypto contributors might be tempted to feel a little disenchanted. Crypto euphoria is over. The hope for quick money and the ‘lambo’ is starting to fade out and the hurt of investing in crypto can seem a little to real. We are now entering a period where former believers who invested in ICOs are starting to feel doubt and resentment. Markets are suffering from a general pessimistic mindset from traders but this will eventually clear out the market for better days. This article is not about all ICO contributors, we want to speak to you, DRT holders, early supporters of the project, later joiners and everyday supporters. You, who are trusting us to carry out the Auctionity project and bring to life our vision of a decentralized blockchain auction platform.So if you ever worry about your decision to trust DomRaider and our capacity to carry out the Auctionity project, here’s something to ease your mind:
Our Experience with Blockchain ⛓
A few months ago, we operated some changes through a rebranding of our activities. DomRaider is historically specialized in drop catching and we have moved towards the blockchain world following on our successful ICO. We sometimes get asked about our legitimacy to move towards this technology. As we have proved by closely following our roadmap and delivering on what we had promised (i.e. launch of Auctionity’s MVP, Block explorer, Open API …), we are definitely qualified to do the job.
Meanwhile, we have endeavored to built a strong and experienced team to raise our skill cap even higher. To be completely honest, the recruiting process was more challenging than expected as it turns out that finding qualified and talented people in the blockchain field is not so easy. One of the main reason for this is that blockchain is quite recent and not widespread among developers. Not yet, at least.
Building up the most efficient team possible is very important to us, so we have made it a priority to find the best and most talented people around. The recruiting process took longer than anticipated, but we are now glad to have hired the experienced, highly-skilled people we needed to move the DomRaider Group into its next phase.
Setting up an international structure 🌎
During the ICO, one of the big challenges was to develop an international team. Not only for translation matters but also because our contributors and supporters came in from many different places. People from117 different countries invested in our ICO!
We have now gathered a multi-cultural team with members coming from different countries. This is absolutely great in terms of cultural diversity and market access but we needed to go further. We are now very close to completing our international team thanks to the arrival of our International Manager, Karin, and also because we are hiring some more people to manage Chinese, South Korean, Japanese and German markets.
Meanwhile, we have advanced significantly in the development of our product and are very happy with the way Auctionity is taking shape.
Getting Auctionity ready 🚀
Auctionity’s MVP is an alpha version, which means it still requires a lot of work, that’s why we are focusing our efforts on a number of key areas.
The auction process is the most important and significant piece of work that is keeping our developers very busy. Our ambition is to run auctions in a decentralized way through blockchain technology in order to get over the following issues:
- Lack of transparency. Blockchain is safe-keeper for trust and prevents any kind of insider buying that might happen with non-blockchain auctions. With regular auctions, bidders have to trust the integrity of the auction house or the auctioneer whereas blockchain guarantees that there will be no leaking of information. Any transaction that happened on the blockchain is 100% verifiable afterwards as information cannot be tampered with.
- Tampering with auctions. Participants have no assurance that bidders are real and the authenticity of all bids is not guaranteed. Our aim is to make sure that it becomes impossible to tamper with auctions or to know the maximum bidding amount of a user (even if it is recorded on the blockchain). Transparency of our blockchain ecosytem will avoir bid rigging.
- Collusion in an auction. Collusion is an illegal secret agreement between people to limit competition. In an auction, bidders can collude by agreeing with each other to not bid agains each other, allowing prices to decrease accordingly. Sellers can also collude by bidding on their own items, or by asking someone else to bid for them, in order to increase price . Even for this last point, blockchain can provide a good solution to limit collusions and limit this price distortion phenomenon.
- No universal web interface or mobile app, each organizer manages their own access
- Lack of complementary service offerings
- No financing and delivery solutions, no provision of expertise on auction
The work that is currently being done on Auctionity involves development of technical aspects of the platform as well as the resolution of complex problematics such as execution speed (under 1s consensus delay) or low transaction cost (mining), transparency, fully-described consensus protocol that we could trust or reactive node able to push new transactions to a socket. These technical aspects are capital as they form the basis on which our ambition of building an international decentralized platform for auctions in real time can thrive, in order to interest all global players in the auction market.
In the meantime, we have also been working on developing partnerships with relevant companies which could implement our auction solution. The success of the project is linked to the successful deployment of the Auctionity platform to guarantee its wider adoption. The next step that the player on the auction market will be accepting is payment guarantee. This will allow the execution of real auctions and will ensure the commercial development everyone is waiting for. Our efforts are all combined towards this objective in order to give even more value to Auctionity, as well to DRT.
When new great exchange? 💰
We have had some questions on Telegram regarding our listing. The DomRaider team appreciates your patience as we work to get our token listed on other exchanges and continue to develop the Blockchain Auctions ecosystem. As you may know, the cryptocurrency environment evolves on a daily basis, and continues to become increasingly complex, having been heavily impacted by the flood of demand and ICO traffic that has exploded over the last few weeks. The current trend of crypto market is ‘wait and see’ as uncertainty remains in Crypto Markets, waiting for a brighter future.
We can’t control the market but we can control hitting our deadlines. It is more important to stick to our roadmap. Keep an eye out for auctionity.com whose roadmap will be updated in the next 2 months as next big thing, Payment Guarantee, should be released by the end of Q2. We have received a lot of positive feedback on Auctionity solutions and are very excited to release our products to the public.
Our ambition is to build a high quality and strong platform, and to grow and preserve the long-term value of the token. While it is a time consuming process, we know that the DRT community will ultimately benefit from the patience necessary to put these partnerships in place.
Auctionity is part of the best blockchain projects to create the next phase of The Web, and fixing its many problems.
DomRaider, DRT, Auctionity and Youdot
DRT is related to the name of DomRaider Group. Historically DomRaider’s activity which was drop catching (practice to detect and snap domain names which registration are lapsing) is now represented by a new brand, Youdot, supported by a full dedicated team to this project. In addition, we unveiled the first version of the blockchain auction solution under the new brand name Auctionity. With this rebranding, our wish was to clarify our activities for a better understanding for each activities and communities. We know we still have some work of communication towards each communities to clear up the last substing interrogations.
For these reasons, plus innovation of ground- breaking technology by blockchain experts and the maturity of an already well– established company and an experienced team, if you have a position in DomRaider, or even if you’re a bit interested in what the DRT or our blockchain project is all about, keep this list handy during the worst times so that you can have reassurance as to what you’ve got a piece of.
We appreciate your continuing support and look forward to getting more details to you very soon. There is still plenty of momentum to come these next weeks!