We have just added the ability to create auctions in Syscoin 2.2. This will allow any offer on the Blockmarket platform to be turned into an auction with a fixed countdown time, minimum bid and reserve price. Offers can now be:

Regular Offers

Timed Auctions

Timed Auctions with a “Buy it Now” option

Auctions on the Blockchain

Although the market for retail auctions is dwindling, the need for a decentralized marketplace that can handle retail goods as well as high-value or legal-laden transactions such as Real-Estate is important. Now, one platform can serve the needs for almost any type of e-commerce. Syscoin 2.2 will offer the ability for merchants to set their offers as auctions including the traditional “buy it now” approach. This is similar to eBay auctions except we include an automated, arbiter-based escrow system into each offer.

In our auction system, we allow merchants to configure multiple options. They may require a deposit (this imitates how current Real-Estate transactions work, a deposit is often required to show earnestness), a witness or notary, and a reserve price. The escrow system works in conjunction with the offer and alias identity modules to ensure the correct offer is sold to the winning bidder under authorization of the seller. Because these are smart contracts running through consensus on the blockchain, Syscoin auctions are just as secure as regular Syscoin transactions.

Blockchain Auction Use Cases

Energy Trading

Real-Estate

Domain Names

Retail Goods

Automotive

Liquidation

Supply Chain

Rough Goods

Why Auctions? Because Real-Estate.

One of our research goals is to be able to handle Real-Estate type of deals on our marketplace. Some requirements for Real-Estate transactions are:

Commission

Deposits

Bids

Notarization

We can now implement all these through a witness signature to establish a web-of-trust model allowing for the legal requirements of the transaction. This imitates the current legacy process and brings it into the digital world by establishing digital signatures instead of written signatures on paper which can be easily forged.

Proof of Concept for the Real-Estate Industry