Decentralized Auction
Utlizing blockchain for an secure and decentralized auction
Created on 21st November 2020
•
Decentralized Auction
Utlizing blockchain for an secure and decentralized auction
The problem Decentralized Auction solves
• Online Auction System was implemented using Matic Blockchain
• Immutability of each bid was being registered
• Tracking and verification of bidding history was easier
• No bid cancellation’ feature was enabled to ensure fraud-free Auction
• Smart contracts (decentralized applications) written in Solidity
• Secured & transparent ledger system to encompass all bidding transactions
• Person who is auctioning the product is ready to accept matic tokens as payment
We made sure the transaction between the accounts to be peer to peer, that is our Dapp should not receive any sort of funds that were used for bidding purposes by other users, as it may lead to gas expense issue for the users who did not win the auction. And another loophole with returning the funds back who did not win the auction. This adds another level of trust and security in terms of user project relations.
Challenges we ran into
We tried Keeping the Daap as much as decentralized as possible. We made sure to not have any sort of extra storage rather than blockchain itself, We made sure the transaction between the accounts to be peer to peer, that is our Dapp should not receive any sort of funds that were used for bidding purposes by other users, as it may lead to gas expense issue for the users who did not win the auction. And another loophole with returning the funds back who did not win the auction. We had meta transaction in our mind, Only the winning bid must be transacted but due to time constraints we were not able to do that, but we came up with the solution created a function that can only be used/triggered by the address of the winning bid on the product auction. Our ledger maintains all bidding info.