Security Analysis of Auctionity: a blockchain based e-auction

Our dev team published a technical paper explaining how they managed to handle ascending auctions on blockchain while ensuring perfect safety for the bidder and the seller.

In November, Jérémy Picot from our dev team was giving a speech and presenting a Security Analysis of Auctionity: a blockchain based e-auction at the 12th international symposium on Foundations & Practice of Security in Toulouse. This was an important moment for Auctionity as it allowed the team to show off their ground-breaking technological advancement in the field of blockchain auctions.

More than blockchain auctions

Auctionity is more than a decentralized auction saleroom for digital assets. It is much more complex than that behind the scenes. To allow for safe, fast and reliable decentralized ascending auctions, our dev team has worked relentlessly to offer you the best product possible.

In order to solidify Auctionity’s blockchain auction technology and its unique application, our dev team wrote a scientific paper introducing all the details behind the work. This paper was written by Pascal Lafourcade, Mike Nopere, Jérémy Picot, Daniela Pizzuti, Etienne Roudeix. This collaborative work explains the process behind blockchain auctions and the technical factors required to make it work.

The diagram below is a simplified version of how Auctionity’s blockchain auctions are made possible. The complete process is explained in the paper:

In the paper, our team describes the different protocols used in Auctionity. We also define the security models used and their associated properties. And finally we formally prove some security properties of this protocol using ProVerif.

But that paper does not mean we are done with developing Auctionity! Further developments will be made to improve decentralization of the Oracle and sidechain while keeping or improving throughput, and allowing usage of tokens from other blockchains than Ethereum.

So, if you are the kind of reader who likes to dig deeper and you wish to know more about what is under the hood, then you can read the whole paper here.