What Is BidCoins?

BidCoins is a new cryptocurrency in the making. The developers behind this project believe that $Bid Coin will be the preferred virtual currency for bidding worldwide.

BidCoins operates on the premise that worldwide, auctioning and bidding on government contracts, fine art, e-commerce, jewelry, vehicles, and real estate, take place quite often. However, such activities simply use various forms of fiat or credit as the means for completing payment. BidCoins aims to regularize the bidding and payment services in which a bid is the mechanism for an item, project, or charitable situation to be won.

The aim of BidCoins is to minimize financial costs and the time it takes to auction houses and “for hire contractors” to complete transfers of ownership of physical and digital assets—all on a decentralized blockchain.

BidCoins Use Cases

BidCoins offers opportunities where slightly different rules can work uniquely well for very different auction and bidding forums. The following are principal use cases of BidCoins:

Contract Bidding

With a side-chain DApp running parallel with Stellar.org blockchain, everything will be on a public ledger including contracts, conditions, qualifications, bids received, bids awarded, and future change orders. In the end, there would be near-zero bid rigging, collusion, and coercion.

Fine Art Auctions

BidCoins will utilize blockchain oracles where auction room only allows access to wallet addresses that contain valid information such as age, minimum current art net-worth, and average bank balance. Besides, the addresses must have been verified in the last 60 seconds. The bidder remains anonymous and even on the forum, as the data itself does not include a name or other personally identifiable information. Proofs such as authenticity, origin, ownership, and more can be stored on the blockchain as well. This happens in an encrypted state using the SHA-256 hashing algorithm.

BidCoins believes that client side encryption is an encryption for the end user. With encryption capabilities on the client side, users will be able to encrypt or sign data before they send it to an application’s servers. This is a selling point to any affluent or ultra wealthy bidder to know information is secure.

Additionally, it enables interactions with distributed storage solutions and ledgers. This enables security systems and ledgers such as Stellar blockchain to be reliable and updated.

e-Commerce Auctions

Leave it to the seller; they will get those bids going. The seller never bids. However, there are particular instances where Seller can bid from other accounts, causing price inflation to their benefit. By using blockchain oracles, BidCoins can ensure the user remains anonymous while further preventing the Seller from bidding. The following are the highlights of this feature: