adrien
10 months ago  Karma: 40
Auction system

Hello,

I'm wondering how practical it would be to develop an english auction system for ERC721 tokens in a Plasma compatible Loom sidechain.

Here's the basic scenario I have in mind:
- To start an auction, a user has to transfer its token to the Auction sidechain
- To be able to make a bid, a user has to lock enough ether on the Auction sidechain.
- At the end of the auction, the ether locked by the highest bidder are transferred to the Seller and he receives the token in exchange.

Thanks

en
plasmachain
#erc721
adrien
10 months ago  Karma: 40
Auction system

Hello,

I'm wondering how practical it would be to develop an english auction system for ERC721 tokens in a Plasma compatible Loom sidechain.

Here's the basic scenario I have in mind:
- To start an auction, a user has to transfer its token to the Auction sidechain
- To be able to make a bid, a user has to lock enough ether on the Auction sidechain.
- At the end of the auction, the ether locked by the highest bidder are transferred to the Seller and he receives the token in exchange.

Thanks

en
plasmachain
#erc721

ONE ANSWER
kaijchang2
10 months ago Karma: 19864

Seems practical and that would be the right way to implement it, but you might not need the Loom sidechain because it might be cheaper just to do it on the mainnet if you expect transfer gateway traffic to be high from people transferring in and out.

Seems practical and that would be the right way to implement it, but you might not need the Loom sidechain because it might be cheaper just to do it on the mainnet if you expect transfer gateway traffic to be high from people transferring in and out.

adrien

Thanks for your answer. I'm not sure english auction (with competing successive bids) are that practical on the main net due to the higher number of potential transactions per auction. That's why cryptokitties and others have chosen descending auctions that are way less common in the real world.

Oct 03 '18 at 2:36 pm
Earn tokens by posting and answering questions about blockchain!
Karma to eth
YOUR ANSWER