The MVP is here, what’s next? (Features are coming)

Auctionity’s MVP is the first answer brought to our ambitious project of a blockchain ecosystem to decentralize and secure auctions on a worldwide scale.

We released our Minimum Viable Product (MVP) on January 31st. With this done, we will now focus on several key features.

Our next development will be about bringing new technical progress, but also listening to our early users and come up with relevant new features.

Payment guarantee (DRT inside)

The main feature implemented in the short term is payment guarantee. We will allow sellers to require a payment guarantee before customers can bid.

For example: The seller starts a new auction at DRT 100. When the customer wants to bid at DRT 200, he will first be asked to deposit this same amount on a LiveNet Smart Contract. This amount will be connected to the Auctionity private blockchain through an oracle. This way, if the customer has already deposited DRT 5000 on the LiveNet Smart Contract, they will be allowed (for example) to bid DRT 2000 on Auction A and DRT 3000 on Auction B. As soon as he loses the auction lead, the sum will be made available once again on LiveNet for another bid. When the auction ends, the seller will be automatically credited with the final buyer’s deposit.

As a first step, payment guarantee will be optional and limited to auctions running in DRT.

 

The possibilities are endless:

• Payment guarantee with other ERC20 cryptocurrencies, with Ether itself, or with other cryptocurrencies.
• Allowing the seller to ask for a fraction of guarantee (ie. I want a 20% payment guarantee).
• Delivery guarantee for digital assets (ERC 721 assets, etc.)…

Improve the MVP

M stands for minimal, meaning that there is still a lot to do.

For instance, we will add features to the auction process such as immediate buying, step auctions or reserve price. We will also introduce new types of auctions, such as Dutch auctions or Vickrey auctions.

We aim to open the blockchain API of Auctionity soon, along with a user-friendly documentation, to allow custom integration of widgets for power users. This will allow people to modify the standard template and have a unique auction widget.

 

What’s more, we would also like to provide non-coders with several templates to allow simple personalization of the widget.

Finally, we most definitely need a block explorer and it should be available soon.

Full decentralization

The Auctionity project will be fully successful once the auctions blockchain is entirely decentralized, allowing anybody to join the network.

DomRaider is going to work with the LIMOS computer science laboratory. LIMOS is a french laboratory under the tutelage of the CNRS (Centre National de la Recherche Scientifique — National Center for Scientific Research). DomRaider and LIMOS will work together to bring a fully secured solution providing a costless and fast decentralized auction-dedicated blockchain.